Embracing Innovation and Technology
Open-source toolkit to enable the responsible use of AI
26 June 2023
MAS released an open-source toolkit to enable the responsible use of AI in the financial industry. The Veritas Toolkit version 2.0, developed by an MAS-led consortium of 31 industry players, will help financial institutions carry out the assessment methodologies for the Fairness, Ethics, Accountability and Transparency (FEAT) principles.
Online nomination of insurance beneficiaries
26 July 2023
MAS announced that insurance policy owners will have new online options to nominate their beneficiaries. Starting 2 January 2024, amendments have been made to the Insurance (Nomination of Beneficiaries) Regulations 2009, allowing insurers to offer policyholders options to nominate beneficiaries remotely. Both online witnessing and online attestation options can now be made available.
Renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0)
7 August 2023
MAS will commit up to S$150 million over three years under the renewed FSTI 3.0 which seeks to support innovative financial sector technology projects, and promote a vibrant technology ecosystem for the financial sector.
Record turnout at the Singapore FinTech Festival (SFF) 2023
14 to 17 November 2023
The eighth edition of SFF, with the theme ‘The Applications of Artificial Intelligence (AI) in Financial Services’, attracted more than 66,000 participants from over 150 countries, making it the largest SFF gathering since the inaugural edition in 2016. SFF 2023 featured more than 970 speakers from private and public sectors who participated in plenary sessions, industry panels and roundtables.
Generative AI risk framework for the financial sector
15 November 2023
MAS announced the successful conclusion of phase one of Project MindForge which seeks to develop a risk framework on the responsible use of generative AI in the financial industry.
MAS and Singapore FinTech Association (SFA) announced award winners at Singapore FinTech Festival (SFF) 2023
16 November 2023
MAS and SFA announced the winners of the Global FinTech Hackcelerator and the SFF Global FinTech Awards, at SFF. The eighth edition of the Global FinTech Hackcelerator competition, themed “Artificial Intelligence (AI) in Finance Global Challenge”, was launched on 12 June 2023 and conducted in partnership with AI Singapore and powered by Oliver Wyman. The winners, comprising FIs, FinTechs and solution providers, were recognised for their ground-breaking solutions that sought to address challenges faced by the financial services industry.