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Matthias Knab, Opalesque for New Managers: Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS, clarified in a written reply how Singapore is using artificial intelligence at the moment.
The Prime Minister was asked to specifically clarify, (a) how has the Monetary Authority of Singapore used artificial intelligence (AI) in its supervision of financial institutions; (b) whether this has resulted in positive outcomes; and (c) what is the long-term role of AI in its regulatory framework.
Mr Lawrence Wong explained that the Monetary Authority of Singapore (MAS) has made significant strides in harnessing the power of Artificial Intelligence (AI) for the supervision of financial institutions, resulting in improved efficiency and more effective risk targeting. He added the following details:
1. The AI-Driven Shift in Financial Supervision
The crux of financial supervision revolves around data. MAS adopts a focused, risk-based strategy, channeling more resources towards the supervision of financial institutions that pose higher risks, as indicated by its extensive data-driven frameworks.
2. The Power of Advanced Data Analytics
Emerging data analytics capabilities, especially artificial intelligence and machine learning (AIML), have amplified the tools available to MAS. With these advanced techniques, MAS can now make more infor...................... To view our full article Click here
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