Move aligns with efforts to promote AI adoption, workforce retraining
PUBLISHED : 13 Nov 2025 at 15:24
SINGAPORE — Singapore’s central bank has proposed a set of guidelines that will hold the board and senior management of financial institutions responsible for risks that arise from their use of artificial intelligence (AI).
The board or a committee delegated by it will be responsible to ensure, among other things, that “AI risks, where material, are explicitly addressed within the FI’s risk appetite framework,” according to the consultation paper published by the Monetary Authority of Singapore (MAS) on Thursday.
Senior management will be in charge of ensuring the effective roll-out of AI-related risk management policies and procedures, as well as to guarantee the necessary competence of personnel.
The proposal comes as the city-state pushes companies to invest more in workers’ training and join their global peers in adopting AI. The three Singaporean banks, for example, are currently retraining all 35,000 of their local employees over the next one to two years to prepare for AI-triggered changes.
Still, some companies often prioritise other matters with more immediate benefits, MAS Chairman Gan Kim Yong said this week during the Singapore FinTech Festival.
“It is important for us to understand that the job will change and it’s very hard to keep the same job relevant for a long period of time,” he said, as reported by finews.asia. As jobs evolve, “we have to keep the people relevant.” Gan is also Singapore’s deputy prime minister and trade minister.
MAS also acknowledged that the use of local English — popularly known as Singlish — poses a separate kind of issue for AI adoption in Singapore. “It turns out Singlish presents a level of complexity that existing LLMs are not fully ready to take on,” Managing Director Chia Der Jiun said at the same event on Thursday, referring to large language models.
A government agency will partner with financial institutions to develop a model, and to transcribe conversations in Singlish as well as a mix of the city-state’s commonly spoken languages and dialects, Chia added.
According to global tech research firm Gartner Inc, AI accounts for just 1% of job losses worldwide at present, with minimal overall impact expected by 2028.Please credit and share this article with others using this link: . View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Bangkok Post PCL. All rights reserved.