The Monetary Authority of Singapore has announced a collaborative initiative with the country’s banking sector, the Government Technology Agency of Singapore, and the Singapore Police Force to strengthen defences against financial crime through artificial intelligence and machine learning (AI/ML).
The regulator is conducting a Proof-of-Value (POV) exercise focused on pre-emptive scam detection, drawing on data pooled from five banks to develop more robust AI/ML models capable of identifying higher-risk transactions and accounts. The aim is to enable faster assessment and intervention that could reduce losses suffered by customers targeted by scams.
To underpin the POV, MAS has established a secure data-sharing environment governed by policies and protocols designed to protect customer information. A dedicated framework has been put in place to ensure data is handled responsibly among all participating institutions.
Information used in the exercise will remain confidential and protected using cryptographic techniques, while bank account numbers will be hashed so that only the contributing institution can identify the actual accounts. Access to data will be restricted to authorised personnel operating within a controlled and continuously monitored environment, and all data will be deleted once the POV concludes.
MAS has indicated that the current exercise is intended to lay the foundation for deeper, industry-wide collaboration. Depending on the outcomes and lessons drawn from the POV, the regulator may look to expand the scope of the initiative — incorporating wider datasets and a broader range of use cases — to further strengthen the financial system’s resilience against criminal activity.
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