The Monetary Authority of Singapore (MAS) has launched the PathFin.ai knowledge hub to accelerate the use of artificial intelligence (AI) in the financial sector.
The hub builds on the existing PathFin.ai programme, which brings together more than 80 financial institutions to share their AI implementation experiences.
It serves as a central repository of successful use cases and insights to promote peer learning and shorten the time financial institutions take to deploy AI solutions.
Chee said the initiative will help deepen understanding of AI applications and reduce implementation time, allowing institutions to learn from one another and shorten the learning curve.
The hub’s first collection includes examples of AI use in sales and marketing, customer operations, risk management, and technology.
MAS will continue working with industry partners to expand it with more peer-reviewed cases and resources.
Financial Sector Moves from AI Pilots to Scaled Workforce Adoption
The launch is part of efforts to keep Singapore’s financial sector competitive amid rapid technological change.
Chee noted that sustained growth depends on adopting AI responsibly, adding that the sector has created over 40,000 jobs in the past decade, with nine in ten going to locals.
MAS will consult the industry later this year on new supervisory guidelines for AI risk management, building on its Fairness, Ethics, Accountability and Transparency (FEAT) principles introduced in 2018.
In parallel, Project MindForge will produce an AI risk management handbook offering practical guidance for financial institutions.
To prepare the workforce for an AI-enabled future, MAS, IBF and Workforce Singapore have developed a Jobs Transformation Map to study how generative AI will reshape roles and skills.
The three local banks, DBS, OCBC and UOB, have committed to training all 35,000 of their employees within the next two years through IBF-accredited programmes.
Chee said AI should augment rather than replace workers, citing Bank of Singapore’s use of AI tools to cut report preparation time from ten days to one hour, enabling employees to focus on higher-value work.
Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik
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