The Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, and the Association of Banks in Singapore (ABS), an industry body for banks in Singapore, have set up the AI-Driven Cyber and Technology Risk Taskforce, or ACT.

The taskforce aims to strengthen the financial sector’s cyber and technology resilience against risks from frontier AI models.

Members include MAS, ABS, DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS), and Banking Computer Services (BCS).

The taskforce has brought members together since May 2026.

Its work focuses on industry collaboration, capability building, and guidance development.

This includes proof-of-concept trials to test advanced AI-enabled tools, and guidance on new measures, controls, and solutions.

MAS said frontier AI can rapidly identify and exploit vulnerabilities, and automate attacks at scale.

That could increase the severity, scale, and sophistication of cyber threats facing the financial sector.

ACT adds to MAS’ broader AI oversight. In March 2026, MAS said it was reviewing feedback on proposed AI risk management guidelines that would apply to all financial institutions.

It also had released a toolkit that would be updated to reflect supervisory expectations.

The move also comes as the European Systemic Risk Board (ESRB) warned that frontier AI could strain cyber resilience in the financial system.

🔗 Source: Monetary Authority of Singapore (MAS)

Recent Monetary Authority of Singapore developments