On 31 May 2023, the Monetary Authority of Singapore (MAS) and Google Cloud signed a memorandum of understanding[1] to collaborate on generative artificial intelligence (AI) solutions that are rooted in responsible AI practices.

The goal of this tie-up is to promote the use of responsible generative AI applications within MAS, which is Singapore’s central bank, by:

  • Identifying potential use cases, conducting technical pilots and creating responsible generative AI solutions for MAS’ internal and industry-facing digital services
  • Developing responsible AI applications, by test-bedding these for business functions and operations
  • Developing technical competencies and deep AI skillsets for technologists working with MAS


This effort is geared towards strengthening Singapore’s position as a leading financial and technology hub. The partnership will encourage and help more of the financial sector to adopt responsible AI, which could unlock a greater array of benefits for both businesses as well as consumers at large.