SINGAPORE - The Monetary Authority of Singapore (MAS) is partnering Google Cloud to advance its capabilities in generative artificial intelligence (AI) technology that is grounded on responsible practices.
Through the initiative, the central bank hopes to encourage wider use of responsible generative AI by Singapore’s financial industry.
Generative AI is a branch of AI technology that has the capacity to produce new content, including text, synthetic data and images.
MAS announced on Wednesday it signed a memorandum of understanding (MOU) with Google Cloud to explore technology opportunities to advance the development and use of responsible generative AI applications within MAS, as well as imbue its technologists with deep AI skillsets.
The announcement is part of a new partnership between Google Cloud and the Government to provide AI tools to the public sector, such as analytical software and generative AI models. These also power Google’s chatbot Bard. Announced on Wednesday, these services will be available to government agencies in June.
The MOU will provide a framework for the MAS and Google Cloud to identify potential use cases, conduct technical pilots, and co-create solutions in responsible generative AI for MAS’ internal and industry-facing digital services.
MAS and Google Cloud will also work together to develop responsible generative AI technology applications, and test-bed cutting-edge AI products for business functions and operations.
Mr Vincent Loy, MAS assistant managing director for technology, said: “This collaboration allows us to explore potential use cases in our functions and operations that could harness generative AI, while prioritising information security as well as data and AI model governance. Through this, we hope to inspire greater adoption of responsible generative AI in the financial sector.”
MAS will explore tools, including apps for research and analytics, as generative AI can ease the load for staff by consolidating information scattered across the Internet and its databases. It will test integrating publicly available data with Google’s AI models, Mr Loy told The Straits Times.
The generative AI will also be tested on whether it is able to provide timely and accurate information, Mr Loy told The Straits Times, addressing concerns on misinformation dreamt up by AI bots like ChatGPT.
“There are concerns internationally regarding AI safety, so we need to test this first-hand in a safe environment to understand the risks, whether the tools can meet our standards and how to build from there,” said Mr Loy.
Google Cloud said the partnership with the authorities will also provide a library of AI of pre-trained generative AI models that agencies can use to build new digital tools under the newly launched AI Government Cloud Cluster. These include conversational AI models and image, code and audio generators.
The Smart Nation and Digital Government Office, which is among the cluster’s first users, will use Google’s AI models to test its upcoming chatbot, Pair, which will assist civil servants with research and writing while keeping sensitive government information safe.
Ms Sherie Ng, Google Cloud’s country director for Singapore, said building on Google Cloud’s experience in delivering AI solutions that the financial sector is already using, the company is now providing even more tools and services, including refreshed training programmes and high-performance infrastructure.
She added that such tools will help financial institutions deploy generative AI with ease and speed, while protecting their data, applications and users.
“We look forward to working with MAS to strengthen Singapore’s position as a leading financial hub and customise our foundation models for its internal use,” Ms Ng added.
“Our partnership will enable MAS and spur the broader financial sector to unlock new possibilities that could benefit consumers and businesses.”
