Latest news with #MAS
Straits Times
13 hours ago
- Business
- Straits Times
DBS expects economic value from its use of AI to exceed $1 billion in 2025
Since DBS began focusing on AI, the bank has created more than 350 use cases and has 1,500 models in production PHOTO: ST FILE DBS expects economic value from its use of AI to exceed $1 billion in 2025 SINGAPORE - Banks are ramping up their use of artificial intelligence (AI), and DBS – which has earned $750 million through its use of the technology – estimates that its economic value could surpass $1 billion in 2025. Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500 models in production, said Rajeev Hassamal, DBS' head of generative AI and flow of work, at SuperAI Singapore, a two-day conference held at Sands Expo and Convention Centre. The conference participants at the event discussed, however, the challenges in striking a balance between innovation and responsible use of AI when developing AI models. 'Finding that sweet spot is very hard,' said Mr Hassamal. Speaking at a panel discussion on the integration between AI and finance, he emphasised the importance of equipping employees, regardless of role, with an understanding of how the technology works. 'We need to ensure people understand how to use this technology,' said Mr Hassamal, who showcased DBS' internal generative AI chatbot, DBS-GPT, which helps its employees with content generation and writing tasks, all within a secure environment. Speaking at a separate panel, Sambit Sahu, vice-president of applied research at Capital One, noted that the AI and machine-learning space has completely changed over the past five years. Large language models have progressed from doing simple tasks, to taking a more agentic approach, he noted. One use case of AI, he suggested, is in mimicking employees' tasks, but it does it more efficiently. '(Banks) deal with huge amounts of data, text, images, audio and also visuals,' he added. Sigrid Rouam, chief AI officer at EFG Bank, pointed out that generative AI can also be put to work on compliance-related tasks, such as checking the source of money from a bank's clients. AI can also assist with non-advisory related tasks – those that take up 70 per cent of relationship managers' time, she said. 'All of this should be completely automated and streamlined.' The Monetary Authority of Singapore (MAS) warned that guardrails need to be in place amid the race to implement AI in the financial sector. Kenneth Gay, MAS' chief fintech officer, said that the central bank takes regulation very seriously, given that the regard for regulation is a competitive advantage for Singapore. Project MindForge, an initiative by MAS in 2023, examined the risks and opportunities of generative AI for banks. Mr Gay said that since financial institutions are at the stage of building and deploying generative AI applications, they are seeking more clarity from the government about the sort of specific features that should be included. He added that MAS intends to release a playbook this year that will give institutions from across the segments of the financial sectors, including banking and insurance, more clarity regarding the key risk considerations across AI's key use cases. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
18 hours ago
- Business
- CNA
CNA Explains: Singapore's tightened crypto licensing rules – 'closing the door' or 'raising the bar'?
SINGAPORE: The Monetary Authority of Singapore (MAS) has moved to tighten its regulation of unlicensed cryptocurrency firms operating in the country. Digital token service providers based in Singapore that only serve overseas markets will need to be licensed by Jun 30 – or they'll have to suspend or cease their unregulated activities here. Why is MAS doing this? Experts told CNA the authority was closing a loophole in the industry. 'It's a step towards consistency,' said intergovernmental blockchain advisor Anndy Lian, adding that ensuring digital token service providers meet the same standards could bolster trust. Prior to the regulation, providers targeting overseas markets could sidestep licensing requirements and exploit 'lighter oversight' while operating from Singapore, he noted. 'This move levels the playing field and likely reflects pressure to align with global anti-money laundering efforts,' said Mr Lian. Mr Adrian Ang, a partner at Allen & Gledhill's financial services department, added that it was necessary to support standards set by the global money laundering and terrorist financing watchdog, the Financial Action Task Force. 'Without regulation, the anonymity, speed and cross-border nature of their activities make this sector highly vulnerable to criminal abuse,' he said. How will firms be affected? As of Jun 19, MAS has granted digital payment token licences to 33 institutions, including major players like Coinbase and OKX. While unlicensed digital payment token services can still apply for a local license, MAS has said that it has 'set the bar high' and will 'generally not issue" one. Bitget and Bybit are among the top ten exchange operators by volume that do not have a Singapore licence. A Bloomberg report said Bitget will relocate staff to jurisdictions such as Dubai and Hong Kong, and that Bybit has plans to follow suit. But experts pointed out that it is the smaller firms that will feel the heat. While larger firms have in-house legal and compliance departments and experience in dealing with licensing frameworks, smaller and mid-sized players face an 'uphill task,' said Mr Mike Chiam, a fintech lawyer at Foxtail LLC. 'Many of them relied on operating from Singapore under a 'non-retail, overseas-only' assumption. That assumption no longer holds,' he said. For these firms – which include unlicensed crypto exchanges, over-the-counter brokers and decentralised finance projects targeting overseas markets – compliance costs, legal restructuring or a complete shutdown are on the table, he added. Mr Lian, who knows of many small firms trying to shift out of Singapore since early June, agreed that added compliance costs and processes weigh heavily on these. 'I've seen startups struggle with similar red tape elsewhere, and it risks pushing innovation to less regulated regions if not handled carefully,' he said. What about employees? Mr Chiam said a common question he's had to deal with relates to whether employees whose job scope involves dealing with digital tokens must relocate. Based on his law firm's understanding from employees' enquiries, it has found that such workers are generally not affected by MAS' stricter rules, he said. Practically speaking, employees working for digital token firms do not have to relocate - or at least, that is not the legislative intention, Mr Chiam added. 'On a positive note, employees appear to be interested in knowing how to better comply with regulations and keep abreast of such updates – overall a heightened awareness of the regulatory stance,' he said. An employee from MEXC, who requested anonymity, observed that other centralised exchanges have introduced additional know your customer (KYC) checks and anti-money laundering (AML) frameworks. These policies verify customers' identities, to prevent illicit activity and to comply with global regulations. Although MEXC does not have a local licence, the employee said his colleagues in Singapore have not been significantly affected. 'There are some observed changes within the compliance and legal teams, but for the most part, it is still business as usual,' he said. An employee from Bitget, who also requested anonymity, claimed that about ten members of the customer service team were laid off earlier in June. What does it mean for the industry here? Ms Angela Ang, who heads Asia Pacific's policy and strategic partnerships at blockchain intelligence company TRM Labs, said that while Singapore's approach to crypto may not resonate with everyone, it has been 'very consistent'. 'Firms that are not operating this specific kind of business model should not be unduly alarmed. Crypto businesses can still obtain licences here if they are prepared to have a substantive presence, including servicing Singapore customers,' said Ms Ang. She added that the industry has had 'significant runway' to make preparations since the Financial Services and Markets Act was passed in April 2022. In a media release on Jun 6, MAS also said its position has been 'consistently communicated' for a few years since its first response to public consultation issued in February 2022. It added that based on available information, it was aware of a 'very small number' of providers affected. Allen & Gledhill's Mr Ang agreed that most crypto firms here should have already undertaken licensing considerations prior to commencing their business, as licensing requirements have been 'in force for many years.' Ultimately, the move should not be misread as Singapore turning hostile to digital assets, Mr Chiam said. 'Instead, the law is making it clear: If your fintech wants to use Singapore's framework and reputation, you must meet Singapore's standards,' he said. 'In that sense, Singapore isn't closing the door – it's raising the bar."
Business Times
a day ago
- Business
- Business Times
DBS expects economic value from its use of AI to exceed S$1 billion in 2025
[SINGAPORE] Banks are ramping up their use of artificial intelligence (AI), and DBS – which has earned S$750 million through its use of the technology – estimates that its economic value could surpass S$1 billion this year. Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500 models in production, said Rajeev Hassamal, DBS' head of generative AI and flow of work, at SuperAI Singapore, a two-day conference being held at Sands Expo and Convention Centre. The conference participants at the event discussed, however, the challenges in striking a balance between innovation and responsible use of AI when developing AI models. 'Finding that sweet spot is very hard,' said Hassamal. Speaking at a panel discussion on the integration between AI and finance, he emphasised the importance of equipping employees, regardless of role, with an understanding of how the technology works. 'We need to ensure people understand how to use this technology,' said Hassamal, who showcased DBS' internal generative AI chatbot, DBS-GPT, which helps its employees with content generation and writing tasks, all within a secure environment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Speaking at a separate panel, Sambit Sahu, vice-president of applied research at Capital One, noted that the AI and machine-learning space has completely changed over the past five years. Large language models have progressed from doing simple tasks, to taking a more agentic approach, he noted. One use case of AI, he suggested, is in mimicking employees' tasks, but it does it more efficiently. '(Banks) deal with huge amounts of data, text, images, audio and also visuals,' he added. Sigrid Rouam, chief AI officer at EFG Bank, pointed out that generative AI can also be put to work on compliance-related tasks, such as checking the source of money from a bank's clients. AI can also assist with non-advisory related tasks – those that take up 70 per cent of relationship managers' time, she said. 'All of this should be completely automated and streamlined.' The Monetary Authority of Singapore (MAS) warned that guardrails need to be in place amid the race to implement AI in the financial sector. Kenneth Gay, MAS' chief fintech officer, said that the central bank takes regulation very seriously, given that the regard for regulation is a competitive advantage for Singapore. Project MindForge, an initiative by MAS in 2023, examined the risks and opportunities of generative AI for banks. Gay said that since financial institutions are at the stage of building and deploying generative AI applications, they are seeking more clarity from the government about the sort of specific features that should be included. He added that MAS intends to release a playbook this year that will give institutions from across the segments of the financial sectors, including banking and insurance, more clarity regarding the key risk considerations across AI's key use cases.
The Sun
a day ago
- Politics
- The Sun
Shahidan retains MAS presidency uncontested
DATUK Seri Shahidan Kassim will continue to lead Malaysia Aquatics (MAS) as president for the 2025–2027 term after winning the position uncontested in the swimming federation's elections ahead of its annual general meeting on June 27. This was confirmed by MAS secretary-general Andy Low, who said that no challengers submitted nominations for the post by the closing date on June 13 (Friday). In addition to Shahidan, he said Marilyn Chua Yu Ching (deputy president), Anthony Ang Kang Keam (vice-president) and Nurul Huda Abdullah (assistant secretary) also won their respective positions uncontested. 'The only positions to be contested at the upcoming AGM are for the MAS committee members. 'We received six nominations, but only five committee members are required,' he told a press conference here today. Shahidan, who is also Arau MP, has held the position of MAS president since 1995, when the national governing body for swimming was known as the Amateur Swimming Union of Malaysia (ASUM).
Business Times
a day ago
- Business
- Business Times
DBS expects the economic value from its use of AI to exceed S$1 billion in 2025
[SINGAPORE] Banks are ramping up their use of artificial intelligence (AI), and DBS – which has earned S$750 million through its use of the technology – estimates that its economic value could surpass S$1 billion this year. Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500 models in production, said Rajeev Hassamal, DBS' head of generative AI and flow of work, at SuperAI Singapore, a two-day conference being held at Sands Expo and Convention Centre. The conference participants at the event discussed, however, the challenges in striking a balance between innovation and responsible use of AI when developing AI models. 'Finding that sweet spot is very hard,' said Hassamal. Speaking at a panel discussion on the integration between AI and finance, he emphasised the importance of equipping employees, regardless of role, with an understanding of how the technology works. 'We need to ensure people understand how to use this technology,' said Hassamal, who showcased DBS' internal generative AI chatbot, DBS-GPT, which helps its employees with content generation and writing tasks, all within a secure environment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Speaking at a separate panel, Sambit Sahu, vice-president of applied research at Capital One, noted that the AI and machine-learning space has completely changed over the past five years. Large language models have progressed from doing simple tasks, to taking a more agentic approach, he said. One use case of AI, he suggested, is in mimicking employees' tasks, but it does it more efficiently. '(Banks) deal with huge amounts of data, text, images, audio and also visuals,' he noted. Sigrid Rouam, chief AI officer at EFG Bank, pointed out that generative AI can also be put to work on compliance-related tasks, such as checking the source of money from a bank's clients. AI can also assist with non-advisory related tasks – those that take up 70 per cent of relationship managers' time, she said. 'All of this should be completely automated and streamlined.' The Monetary Authority of Singapore (MAS) warned that guardrails need to be in place amid the race to implement AI in the financial sector. Kenneth Gay, MAS' chief fintech officer, said the central bank takes regulation very seriously, given that the regard for regulation is a competitive advantage for Singapore. Project MindForge, an initiative by the MAS in 2023, examined the risks and opportunities of generative AI for banks. Gay said that since financial institutions are at the stage of building and deploying generative AI applications, they are seeking more clarity from the government about the sort of specific features that should be included. He said MAS intends to release a playbook this year that will give institutions from across the segments of the financial sectors, including banking and insurance, more clarity regarding the key risk considerations across AI's key use cases.
