Singapore is ramping up efforts to use AI to maintain its edge as a financial hub, according to Minister for Digital Development and Information Josephine Teo.

Teo said AI adoption is growing in the sector, but highlighted the government’s focus on improving safeguards to manage risks like errors and bias.

She pointed to frameworks and toolkits, such as Project Moonshot and the Model Governance Framework for Generative AI, to help companies address safety, security, and transparency concerns.

Teo also noted that over 50 AI centres of excellence have been established in Singapore, with more than 30 financial institutions running AI teams.

🔗 Source: The Straits Times