MAS sets AI-driven cyber taskforce with major banks

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has established an AI-Driven Cyber and Technology Risk Taskforce with major local banks and technology firms to strengthen cyber and technology resilience against frontier artificial intelligence models.

Participants include MAS, the Association of Banks in Singapore (ABS), DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS) and Banking Computer Services (BCS). Firms from retail and wholesale banking, market infrastructure and payments are taking part.

Members will share AI-related cybersecurity use cases and run proof-of-concept trials to evaluate advanced AI-enabled defensive tools. Workstreams will focus on practical trials and knowledge sharing so firms can assess how new tools perform before wider deployment across the financial sector.

MAS said the taskforce will test and validate solutions that detect, deter and respond to attacks that leverage powerful AI capabilities. The authority will coordinate activities and provide a forum for testing, while individual firms keep responsibility for implementing validated solutions within their own systems.

Vincent Loy, assistant managing director and chief technology officer at MAS, warned that “Frontier AI is increasing the severity, scale and sophistication of cyber threats. The financial sector must respond with urgency and through strong collaboration. Through this Taskforce, MAS will work closely with industry partners to strengthen our collective defences and ensure Singapore’s financial sector remains resilient against AI-enabled risks.”

The initiative follows concerns at financial institutions that rapidly advancing AI models can be misused to automate reconnaissance, create more convincing social-engineering attacks and scale exploit attempts. The taskforce is designed to align technical and operational approaches across multiple parts of the financial system through joint trials and shared lessons.