MAS and Google Cloud Partner on Generative AI for Financial Sectorby Fintech News Singapore June 1, 2023
In a collaborative move aimed at harnessing the power of generative AI, the Monetary Authority of Singapore (MAS) and Google Cloud have entered into a Memorandum of Understanding (MoU). The focus is on developing responsible solutions and upskilling technologists in this emerging technology.
The MoU outlines a cooperative framework centered on three key areas: identifying use cases and co-developing solutions for MAS’ digital services; applying generative AI technology in alignment with MAS’ technology strategies; and fostering deep AI expertise among MAS technologists.
Vincent Loy, Assistant Managing Director (Technology), MAS, emphasized the significance of the collaboration, stating,
“This collaboration allows us to explore potential use cases in our functions and operations that could harness generative AI, while prioritising information security as well as data and AI model governance. Through this, we hope to inspire greater adoption of responsible generative AI in the financial sector.”
Google Cloud’s Singapore Country Director, Sherie Ng, also highlighted the benefits of the partnership, asserting,
“Building on our deep experience in delivering enterprise-grade AI solutions that the financial sector is already using to tackle everyday business problems, we’re now providing refreshed skilling programs, high-performance infrastructure, large language models, and other tools to help financial institutions deploy generative AI with ease and speed, while protecting their data, applications, and users. ”