The Monetary Authority of Singapore (MAS) opened the Future of Finance Institute on Tuesday to help financial institutions use artificial intelligence and develop shared approaches to deployment and risk management.
MAS said the institute will bring institutions together to exchange practical experience. It will also work on practices for deploying AI agents safely as the financial sector makes wider use of the technology. MAS Managing Director Chia Der Jiun said the institute would help establish key capabilities in Singapore and link the broader ecosystem in support of innovation and safe technology adoption.
The institute will start with three pillars: PathFin.ai, BuildFin.ai and SafeFin.ai. Through PathFin.ai, it will widen the set of solutions in its AI knowledge hub and convene practitioners to discuss shared challenges in adopting the technology.
Under BuildFin.ai, the institute will work with industry on guidance, standards and sound practices for AI deployment. That work will also cover shared tools and infrastructure, including safeguards for AI agents used in financial services. SafeFin.ai will focus on practices for managing AI risks.
MAS said Alan Lim, who heads its financial infrastructure and AI office, will serve concurrently as interim CEO. MAS said he will lead the institute's strategy and operations as it develops programs and builds partnerships across the financial and technology ecosystems.
MAS first announced the institute in June to encourage the adoption of financial technology and innovation in the sector. Its initial focus is AI, with work in other areas of financial innovation, including tokenization, planned for later.
