AI models still misinterpret Singlish so the Monetary Authority of Singapore (MAS) and A*STAR will build a voice-to-text system that can handle the mix of languages and dialects used in local conversations.
MAS Managing Director Chia Der Jiun said existing tools struggle with the code-switching common in local speech, creating accuracy gaps in financial interactions that rely on transcription.
The project is the first major workstream under BuildFin.ai, MAS’ new initiative bringing financial institutions, research groups and technology providers together to tackle shared AI challenges.
Chia said pooling data and expertise can improve accuracy and cut duplicated effort as AI becomes more embedded across the industry.
Singapore’s Broader AI and Digital Asset Work
MAS is expanding its AI infrastructure. More than 30 financial institutions have set up AI competency centres here, and the PathFin.ai platform has grown from 20 participants at launch to more than 100 firms sharing validated use cases and implementation lessons.
MAS will also publish its principles-based Guidelines on AI Risk Management for consultation, supported by an Executive Handbook from the Project MindForge consortium that provides practical guidance for firms deploying AI.
Workforce preparation continues through the GenAI Jobs Transformation Map and training initiatives with the Institute of Banking and Finance.
Chia also outlined MAS’ ongoing work in tokenisation, saying standardised assets and interoperable networks are needed to avoid fragmented liquidity.
MAS has published frameworks for funds, bonds and FX under Project Guardian and is advancing interoperability through the Global Layer One initiative, which includes a market infrastructure toolkit with 108 controls drawn from established regulatory and market principles.
The regulator is testing different settlement assets as activity moves on chain.
DBS, OCBC and UOB recently completed Singapore’s first live wholesale CBDC settlement for overnight interbank lending, and teh regulator will next trial tokenised MAS Bills settled with CBDC.
The authority is also exploring tokenised bank liabilities and regulated stablecoins as potential settlement options.
Chia added that MAS is strengthening infrastructure resilience, with the newest financial institution innovation centre focusing on quantum-safe encryption in partnership with academic and industry groups.
He said these efforts in AI, tokenisation and governance aim to build stronger foundations for large-scale adoption across the financial sector, and the Singlish voice-to-text initiative illustrates how targeted collaboration can solve practical industry problems.
