The Monetary Authority of Singapore (MAS) and Google Cloud have signed a Memorandum of Understanding (MoU) to collaborate on generative artificial intelligence (AI) solutions that are grounded on responsible AI practices.
The partnership will explore technology opportunities to advance the development and use of responsible generative AI applications within MAS as well as cultivate technologists with deep AI skill sets.
The MoU provides a framework for cooperation in technology and industry best practices in three areas:
- Identifying potential use cases, conducting technical pilots, and co-creating solutions
- Cooperating on responsible generative AI technology application development
- Supporting the technical competency development
Vincent Loy, Assistant Managing Director (Technology), MAS, said: “Through this, we hope to inspire greater adoption of responsible generative AI in the financial sector.”
Sherie Ng, Country Director, Singapore, Google Cloud, said: “We look forward to working with MAS to strengthen Singapore’s position as a leading financial hub and customize our foundation models for its internal use. Our partnership will enable MAS and spur the broader financial sector to unlock new possibilities that could benefit consumers and businesses.”
