The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have launched a new industry taskforce to address cyber and technology risks linked to advanced AI models.
Called the AI-Driven Cyber and Technology Risk Taskforce (ACT), the initiative is intended to strengthen collective resilience across Singapore’s financial sector.
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Members have been brought together since May 2026.
The move reflects rising concern over how frontier AI is changing the cyber threat landscape.
MAS and ABS said such technologies can identify weaknesses more quickly, exploit vulnerabilities and automate attacks at scale. They said this makes a coordinated sector-wide response increasingly important.
The taskforce brings together expertise from cybersecurity, technology resilience and AI to improve preparedness across the industry.
Its members include MAS, ABS, DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS) and Banking Computer Services (BCS).
ACT will focus on three main areas.
The first is industry collaboration. This includes sharing AI cybersecurity use cases and practical experience across financial services, while also supporting engagement with cybersecurity and AI specialists.
The second is capability uplift. The taskforce will work to strengthen cyber defence knowledge across the industry and run proof-of-concept trials to test advanced AI-enabled tools against emerging threats.
The third is guidance development. This will involve drawing up guidance on new measures, controls and solutions to help financial institutions better detect, prevent and respond to more advanced AI-enabled threats. MAS assistant managing director (Technology) and chief technology officer Vincent Loy said: “Through this Taskforce, MAS will work closely with industry partners to strengthen our collective defences and ensure Singapore’s financial sector remains resilient against AI-enabled risks.”
ABS director Ong-Ang Ai Boon said: “Through close coordination, strong governance and ongoing partnership with regulators and industry stakeholders, Singapore’s financial sector remains vigilant, agile and committed to strengthening cyber and technology resilience in the face of evolving AI-related risks and emerging technologies.”
