As part of these efforts, MAS has launched the Pathfinder programme, or Pathfin.ai, to support financial institutions in the early stages of their artificial intelligence (AI) journey.
Singapore's financial services sector expanded by a robust 6.8% in 2024, significantly outpacing the 3.1% growth recorded the previous year. However, the Monetary Authority of Singapore (MAS) signalled that such momentum is unlikely to continue.
“Looking ahead, we do not expect financial sector growth to continue at the pace of the last few years. Amidst prevailing global uncertainties, MAS will continue to strengthen the competitiveness and capabilities of our financial sector...[by] fostering responsible AI adoption in the [industry as well as]... enhancing the resilience and security of digital financial services,” says MAS managing director Chia Der Jiun at a July 15 media briefing.
