Last week, the Monetary Authority of Singapore (MAS) announced that the Future of Finance Institute (FFI) has commenced operations, with an initial focus on accelerating AI adoption, advancing industry capabilities, and strengthening AI risk management across the financial sector.
“FFI is a public-private platform for MAS, financial institutions, technology firms and the research community to pool expertise and collaborate in fast-moving technology areas such as AI,” said Chia Der Jiun, Managing Director of MAS. “It will seek to anchor key capabilities in Singapore and connect the ecosystem to accelerate innovation and support safe adoption of new technologies.”
FFI will organize its initial work around three initiatives: PathFin.ai, BuildFin.ai, and SafeFin.ai. PathFin.ai will facilitate knowledge sharing among financial institutions through a Knowledge Hub and practitioner communities spanning banking, insurance, capital markets, financial advisory, and payments. BuildFin.ai will bring together financial institutions, technology companies, and researchers to develop guidance, industry standards, and shared tools for AI deployment. Building on the recently released Safeguards for Agentic Finance at Runtime (SAFR) framework, it will prioritize practices and tools for the safe use of agentic AI in financial services.
SafeFin.ai will focus on translating MAS’ Guidelines on AI Risk Management into practical implementation resources, including for agentic AI. It will also expand the MindForge AI Risk Management Toolkit to address use case risk assessments, testing and assurance, and risks associated with third-party AI systems.
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