Singapore: AI and Quantum Transforming Financial Services
AI and Quantum Computing revolutionise the financial services sector, enhancing efficiency, security, and innovation while positioning Singapore as a global leader in technological adoption.
AI and Quantum Computing revolutionise the financial services sector, enhancing efficiency, security, and innovation while positioning Singapore as a global leader in technological adoption.
CERT-In has partnered with a global financial organisation to significantly enhance cybersecurity in India’s financial sector through joint efforts in incident response, capacity building, and comprehensive information sharing.
MAS and NBC launched the Financial Transparency Corridor, a digital infrastructure aimed at enhancing cross-border trade and financial services for SMEs between the two nations, marking a significant step towards economic cooperation and development.
The Cybersecurity and Infrastructure Security AgencyCISA has launched the Ransomware Vulnerability Warning Pilot (RVWP), which provides risk reduction through Cyber Hygiene Vulnerability Scanning and encourages organisations to take preventive measures for tackling the ransomeware.
MAS introduces COSMIC, a centralised digital platform, to enable financial institutions worldwide to exchange customer information securely, bolstering efforts to combat money laundering and terrorism financing.
AI advancement empowers financial institutions to stay competitive, adjust to dynamic market conditions, and offer personalised and efficient services to their clients.
STRI has deployed Federated Learning to enhance SME finance access in Hong Kong, streamlining processes and supporting economic growth and inclusion initiatives within the region’s financial sector.
The U.S. has marked a collaboration involving experts from academia, industry, and government, addressing challenges in optimisation, machine learning, and stochastic modelling, aiming to redefine the financial landscape and providing new possibilities as the sector navigates increasing complexity and data-driven challenges.
The Bangko Sentral ng Pilipinas boosts financial inclusivity by integrating Non-Bank EMIs into PhilPaSS Plus, facilitating direct access for seamless, secure transactions; showcasing a commitment to diversify and safeguard the national payment system.
Beijing takes strides in financial innovation with a focus on technology, implementing strategies to integrate finance and tech; aligning with a vision to fortify economic development through a dynamic fusion of financial capabilities and technological advancements.
PhilSys’s digital IDs drive financial inclusion, evident in mobile wallet verifications, and contribute to Central Luzon’s robust economic growth, showcasing the profound impact of digital initiatives in the Philippines.
A pivotal gathering converged key stakeholders to strategise against the surge in cyber threats targeting India’s financial sector, emphasising enhanced coordination, innovative strategies, and heightened preparedness to combat digital financial frauds.
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MAS pioneers a comprehensive risk framework for Generative Artificial Intelligence (GenAI) in finance, aiming to guide its responsible integration while ensuring innovation.
Gaining a competitive edge through leveraging data to help unlock new levels of productivity, performance and speed for greater business value.
Gaining a competitive edge through leveraging data to help unlock new levels of productivity, performance and speed for greater business value.
Ravi Menon, Managing Director of the Monetary Authority of Singapore, discusses the significance of trust in the financial sector and highlights the use of AI for surveillance and innovation; introduces updates to the Financial Sector Technology and Innovation Scheme.
The Swiss-funded US$ 5 million technical assistance programme will enhance financial inclusion by improving access to finance for SMEs and encouraging green banking. It will train State Bank of Vietnam staff and offer consulting services to WSMEs.
Thailand adopts digital technology to combat money laundering and financial fraud, enhancing security, transparency, and user convenience while ensuring cost-effective compliance to ensure the safety of its economy and its citizens.
The Philippines’ financial landscape has swiftly transformed because of technological advancements and digital payment options; this evolution has not only expedited financial transactions but has also made financial services more accessible.
(MAS introduces FSTI 3.0, allocating S$150 million over three years to enhance the financial sector’s technological ecosystem and promote innovation through initiatives focused on cutting-edge technologies, ESG solutions, and talent development.
Recognising the importance of reaching the underserved and unbanked populations, the Philippines’ initiative revolves around merging the convenience of digital platforms with the familiarity and trust associated with physical banking services.
The novel license condition to ensure business continuity and robust technology systems in the financial sector, aiming to enhance cyber resilience and protect investors’ interests in New Zealand.
The HKMA and the CBUAE are working to strengthen collaboration, prioritising tech-driven financial services, fostering innovation, and creating opportunities for growth in the digital era of finance.
The e-commerce sector in Indonesia shows its commitment to empowering small and medium enterprises (UMKM) by acknowledging the importance of digital inclusion and harnessing the massive network of traditional stores.
The Financial Services Authority and the Directorate General of Population and Civil Registration collaborate to utilise population data for better financial regulation and inclusion in Indonesia.
Singapore encourages stronger coordination between financial authorities and Cloud Service Providers to increase cloud resilience in the financial industry in efforts to safeguard enterprises and the community at large.
The new Financial Training Lab at Western Sydney University’s School of Business offers cutting-edge facilities for students to develop real-world financial skills, fostering career planning and development in a collaborative environment.
Improved financial knowledge, access to credit and a better understanding of digital platforms can further fortify Indonesia’s economy and help it weather economic resilience in ASEAN.
Singapore’s projected growth in digital financial services requires strong governance and compliance to enhance services, safety and client experience.
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