The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are bringing financial institutions and payment infrastructure providers together to address cyber risks linked to frontier AI.
The AI-Driven Cyber and Technology Risk Taskforce, known as ACT, has brought together members since May 2026.
Its members include MAS, ABS, DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS) and Banking Computer Services (BCS).
The multidisciplinary taskforce brings together leaders in cybersecurity, technology resilience and AI.
It was formed as frontier AI models make it easier for attackers to rapidly identify and exploit vulnerabilities and automate attacks at scale.
ACT will support the sharing of AI cybersecurity use cases and experience across the financial services industry, while encouraging engagement with cybersecurity and AI experts.
It will also conduct proof-of-concept trials to test and validate advanced AI-enabled tools against evolving threats.
The taskforce will develop guidance on measures, controls and solutions that financial institutions can use to detect, prevent and respond to more sophisticated AI-driven threats.
Vincent Loy, Assistant Managing Director (Technology) and Chief Technology Officer, MAS, said,
“Frontier AI is increasing the severity, scale and sophistication of cyber threats. The financial sector must respond with urgency and through strong collaboration.
Through this taskforce, MAS will work closely with industry partners to strengthen our collective defences and ensure Singapore’s financial sector remains resilient against AI enabled risks.”
Ong-Ang Ai Boon, Director, ABS, said,
“Through close coordination, strong governance and ongoing partnership with regulators and industry stakeholders, Singapore’s financial sector remains vigilant, agile and committed to strengthening cyber and technology resilience in the face of evolving AI-related risks and emerging technologies.”
Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific
