Project MindForge looks into the risks and opportunities of GenAI for the financial sector. It aims to develop a clear and concise framework on the responsible use of GenAI in the financial industry as well as to catalyse GenAI-powered innovation to solve common industry wide challenges and enhance risk management.
The Monetary Authority of Singapore (MAS) has announced the successful conclusion of phase one of Project MindForge, which seeks to develop a risk framework for the use of generative artificial intelligence (GenAI) for the financial sector.
The project was first announced by deputy prime minister and coordinating minister for economic policies Heng Swee Keat at the Point Zero Forum on June 26. A whitepaper detailing the risk framework will be published in January 2024.
