Singapore Launches Institute to Drive AI Financial Innovation

The Monetary Authority of Singapore (MAS) on Thursday announced the establishment of the Future of Finance Institute (FFI) to accelerate the adoption of new financial technologies and drive innovation across the financial sector. The institute will initially focus on artificial intelligence (AI) and tokenisation, acting as a platform to connect financial institutions, technology firms, and researchers whilst providing shared resources and expertise, MAS said in a statement. Noting that the FFI evolved from existing public-private collaborations in AI and tokenisation, MAS said the institute would consolidate these efforts under a single coordinating body. MAS will continue to oversee the policy and regulatory framework, whilst the institute will work directly with industry players. FFI’s activities will centre on four areas: a knowledge hub providing use cases and guidance, an innovation hub to coordinate industry collaboration, a sandbox environment to test new technologies, and implementation toolkits, including resources for programmable compliance and AI risk management. The institute will be governed by a board comprising representatives from MAS, financial institutions, technology companies, and academia.