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.

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Disclaimer: While every effort has been made to ensure that the information contained in this article is accurate, neither its authors nor Squire Patton Boggs accepts responsibility for any errors or omissions. The content of this article is for general information only, and is not intended to constitute or be relied upon as legal advice.

[1] https://www.mas.gov.sg/news/media-releases/2023/mas-partners-google-cloud-to-advance-capabilities-in-generative-ai-technology