The Monetary Authority of Singapore (MAS) has launched the PathFin.ai knowledge hub to boost the use of artificial intelligence (AI) in the financial sector.

Chee Hong Tat, Minister for National Development, and Deputy Chairman of MAS, said in a speech on last Thursday that to expand their efforts to facilitate peer learning and help Singapore financial institutions (FIs) improve their AI implementation, they have launched of the PathFin.ai knowledge hub that is developed under PathFin.ai program.

MAS had earlier launched the PathFin.ai program, which now brings together over 80 FIs to share their AI implementation experiences.

“The knowledge hub features an initial set of successful use cases, curated by industry participants in key areas like sales and marketing, customer operations, risk management, and engineering and tech,

“It also features learnings from pathfinder FIs that have successfully deployed AI in these areas,” Chee said.

He said MAS will collaborate with industry partners to progressively enhance the knowledge hub with more peer-validated use cases, resources and solutions.

“This will help to deepen FIs’ understanding of how AI can be applied and reduce the time taken by individual FIs when they implement AI solutions,

“So, all of us don’t have to start from scratch; we can learn from one another to shorten the learning curve,” he said.

To ensure Singapore’s financial sector stays competitive and continues to create good jobs for Singaporeans, he emphasized that the country must enable its FIs – both big and small – to adopt AI efficiently, effectively and responsibly.

To do this, he sees the need to continuously upgrade the country’s AI ecosystem to promote knowledge exchange and encourage innovation, and to uplift and upskill its workforce to be AI-ready.

Beyond peer learning, he said MAS will also enhance the clarity of our supervisory expectations on AI risk management, so that the FIs will have the confidence to experiment and innovate with AI.

“Last year, we published an information paper setting out good practices for AI model risk management,

“Building on this, we plan to consult the industry on a set of supervisory guidelines on AI risk management later this year,” he said.

In parallel, through Project MindForge, MAS is also working with the industry to develop an AI risk management handbook that is targeted to be published later this year as well.

The handbook will guide FIs’ implementation of the upcoming supervisory guidelines, by providing practitioners’ perspectives on sound practices for deploying AI responsibly.

To help workforce seize the AI opportunities, MAS and IBF have also partnered ten pilot FIs to unpack what AI adoption means for specific job roles, and to testbed and refine their approach to support the workforce.

To support more FIs, he said the PathFin.ai knowledge hub will also feature resources on workforce planning and case studies of successful role redesign.

“Over 70 countries have adopted national AI strategies and policies- Singapore is one of them. While AI will become more mainstream over time, the countries that can harness its potential early will stand to reap the greatest benefits,” he said.

Singapore launches Pathfinder program to help financial institutions adopt AI