Project MindForge is a collaborative industry initiative led by the Monetary Authority of Singapore (MAS) and delivered cooperatively by a consortium of FIs across the banking, insurance and capital market sectors, supported by consulting and technology partners and industry associations.

Phase 1 

In phase one, the consortium has developed a Gen AI risk framework. The framework will enable financial institutions to use Gen AI in a responsible manner. A platform-agnostic Gen AI reference architecture was also developed, providing a list of the building blocks and components that organisations can use to create robust enterprise-level Gen AI technology capabilities. 

The MindForge Phase 1 consortium members include:

• Banks: DBS Bank, OCBC Bank, United Overseas Bank Limited, Standard Chartered Bank, Citi Singapore and HSBC
• Industry associations: ABS
• Technology and consulting partners: Accenture, Google Cloud and Microsoft

In Phase 1, the consortium produced a whitepaper outlining the risk framework:

1. The executive summary (1.58 MB) of this whitepaper was released on 15 November 2023.
2. The full white paper can be found by this link: Emerging Risks and Opportunities of Generative AI for Banks (1.21 MB).

Phase 2

Project MindForge phase two’s scope expanded beyond banking to include insurance and asset management sectors. The scope broadened from Generative AI to cover traditional AI, Generative AI, and Agentic AI technologies.

The MindForge Phase 2 consortium members include:

• Banks: Citi, DBS, GXS, HSBC, Julius Baer, Maybank, MUFG Bank, OCBC, SMBC, Standard Chartered Bank, UBS, and UOB
• Insurers: AIA, Great Eastern Life, HSBC Life, Income Insurance, Manulife, MSIG, Munich Re, and Prudential
• Capital market firms: BlackRock, Eastspring Investments, GIC, and State Street
• Industry associations: ABS, GIA, IMAS, LIA, and SFA
• Technology and consulting partners: Accenture, AWS, Google Cloud, Microsoft and Nvidia