MAS launches PathFin.ai knowledge hub to boost industry literacy and innovation in AI
Summary
In a speech by Minister Chee Hong Tat, the Monetary Authority of Singapore (MAS) announced the launch of the PathFin.ai knowledge hub, a strategic initiative to boost AI adoption, literacy, and innovation across Singapore’s financial sector. This launch is part of a two-pronged strategy—upgrading the AI ecosystem and upskilling the workforce—designed to ensure the sector remains competitive amidst global shifts in technology, trade, and climate change. The government confirmed its commitment to ensuring AI augments workers, with the goal of uplifting AI literacy for all employees while providing clarity on supervisory expectations for responsible AI use.
In more detail
Strategic vision and context
- Growth Driver: The financial sector is critical to Singapore’s economy, growing by 6.8% last year, and is essential for creating high-value jobs for locals. AI is identified as a major force capable of adding significant value to the global sector.
- Two Key Pillars: To maintain competitiveness, the sector will focus on:
- Continuously upgrading the AI ecosystem to promote knowledge exchange and innovation;
- Uplifting and upskilling the workforce to be AI-ready.
Pillar 1: Upgrading the AI ccosystem
- PathFin.ai Knowledge Hub: Launched under the existing PathFin.ai program (which involves over 80 FIs), the hub is a new resource for peer learning. It features an initial set of successful AI use cases and learnings curated by industry participants in key areas like sales, risk management, and tech. The goal is to reduce the time and effort required for individual FIs to implement AI solutions by learning from shared experiences.
- Enhancing Supervisory Clarity: MAS plans to boost industry confidence in innovation by clarifying its expectations on AI risk management.
- Building on the FEAT principles (Fairness, Ethics, Accountability, Transparency), MAS will consult the industry later this year on new supervisory guidelines on AI risk management.
- Concurrently, MAS is developing the Project MindForge AI risk management handbook for publication later this year, which will provide practitioners’ perspectives to guide responsible AI deployment.
Pillar 2: Preparing the AI-ready workforce
- Jobs Transformation Map (JTM): MAS and IBF, in partnership with WSG, developed a JTM to study how Generative AI will reshape jobs and skills. Pilot programs with 10 FIs are testing and refining the approach.
- Universal AI Literacy: The core principle is to “leave no one behind” by lifting foundational AI skills for all workers (e.g., prompt design, AI governance). The three local banks have committed to training all 35,000 of their Singapore employees in the next 1–2 years using IBF-accredited programs.
- Augmentation over Replacement: The strategy is to augment employees with role-specific AI tools, streamlining routine tasks to enable them to take on higher-value and more complex work, thereby improving productivity and career progression (e.g., Manulife underwriters, Bank of Singapore RMs).
- Talent Pipeline: IBF is working with Institutes of Higher Learning (IHLs) and FIs (like UBS and UOB) to establish internships and traineeships for young talent to gain practical exposure to AI use cases in finance early in their careers.
Next steps
- MAS Consults on AI Risk Guidelines: MAS will formally consult the industry later this year on new supervisory guidelines for AI risk management.
- Publish Practitioner Handbook: The Project MindForge AI risk management handbook will be published later this year to assist FIs with responsible AI implementation.
- Expand PathFin.ai Hub Content: MAS and industry partners will progressively enhance the PathFin.ai knowledge hub with more peer-validated use cases, resources, and solutions.
- Complete Mass AI Literacy Training: The three local banks are expected to complete the training of their 35,000 employees in foundational AI literacy within the next 1 to 2 years.
- Union and FI Collaboration: FIs and unions are encouraged to utilize platforms like the NTUC Company Training Committee (CTC) grant and roll out IBF-accredited courses to accelerate the upskilling of the financial sector workforce.
The Australian government proposes legislation for crypto platforms
Treasury presented proposals for new rules affecting digital asset platforms (DAPs) and tokenised custody platforms (TCPs) in Australia. The focus of the legislation is on businesses that hold assets on behalf of clients, rather than on the digital assets themselves. It is part of the Government’s commitment in the 2024-2025 budget to modernise Australia’s digital asset regulation.
Background
The draft legislation seeks to capture DAPs and TCPs by introducing each as new financial products. Where digital assets already fall within existing financial product definitions, the proposed laws will largely apply to activities involving those assets in the same way they do now. However, the proposals introduce targeted elements of risk mitigation, regulatory clarity, and “right-sized” obligations – in a way that facilitates innovations without sacrificing consumer protections.
Anyone providing specified services in relation to DAPs or TCPs will be treated as providing a financial service. Providers of financial services will need to hold an Australian Financial Services Licence (AFSL), the same licence required for other financial service providers. Using the existing AFSL framework avoids the need for a new licensing regime. It also reduces complexity and gives industry and consumers the benefit of familiar rules and protections.
Last week, ASIC had proposed extending class relief for intermediaries engaging in the secondary distribution of a second stablecoin issued by an Australian financial services (licenced) issuer. Earlier this month, ASIC granted class relief for intermediaries engaging in the secondary distribution of a stablecoin issued by an AFS licensed issuer. ASIC advised at the time that as and when more issuers of eligible stablecoins obtain an AFS licence, it will consider extending the same relief to intermediaries distributing those stablecoins. ASIC is working closely with Treasury as it looks to implement the Government’s digital assets reforms.
In developing its legislative proposals, Treasury considered the recommendations proposed by the FSB and IOSCO, and have been guided by them in developing the current reforms. These recommendations aim to ensure a level-playing field between traditional and emerging financial intermediaries.
Next steps
Treasury’s consultation closes on 24 October 2025.
South African regulators issue consultation on upcoming cybersecurity & incident reporting standards
Context
The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have issued two key Joint Standards that reshape regulatory expectations for financial institutions:
- Joint Standard 1 of 2023 – IT Governance and Risk Management (effective 15 November 2024)
- Joint Standard 2 of 2024 – Cybersecurity and Cyber Resilience Requirements (effective 1 June 2025)
Together, these standards define notification obligations for material IT and cyber incidents across regulated financial institutions.
Current development, consultation on notification framework
In September 2025, the Authorities released Joint Communication 3 of 2025 for industry consultation, including:
- Annexure A: Draft Determination outlining the formal notification process.
- Annexure B: Draft template for reporting material IT and cyber incidents.
- Annexure C: Comment template for feedback (submissions due 5 October 2025).
Implications
Regulators are tightening expectations around timely and standardized incident reporting.
