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ProgrammeFinanceSingaporeReported

MAS and banks publish a generative AI risk framework from Project MindForge

See how this story connects

Source: Allen & GledhillAlso reported by Fintech News Singapore

The Monetary Authority of Singapore said on 15 November 2023 that the first phase of Project MindForge had produced a risk framework for generative AI in finance and a platform-agnostic reference architecture. The consortium included DBS, OCBC, UOB, Standard Chartered, Citi Singapore, HSBC, Google Cloud, Microsoft and Accenture. The framework covers seven risk dimensions, from accountability and governance to cyber and data security, and the next phase was to add insurers and asset managers.

Why it matters

Singapore’s largest banks and cloud providers agreed with the regulator on a shared list of generative AI risks before MAS wrote formal AI rules for the sector.

When
15 Nov 2023
ID
WTA-N-2023-0114
Who
Monetary Authority of Singapore, DBS, OCBC, UOB, Standard Chartered, Citi, HSBC, Google Cloud, Microsoft, Accenture
Rules involved

Summary by wheresthe.ai, from Allen & Gledhill and the reporting credited above. We could not open the primary document, so it is marked Reported. Checked against the source on 9 Oct 2026.

Read the original at Allen & Gledhill

Source copy: download the page as saved on 18 Oct 2026 (PDF). Document the source offers: document 1 (PDF). Also held by the Internet Archive.

Next stop on this Storyline: What happened nextMAS issues final AI risk management guidelines for Singapore’s financial institutions

Cite this story

WTA-N-2023-0114: “MAS and banks publish a generative AI risk framework from Project MindForge.” wheresthe.ai, 15 Nov 2023. https://wheresthe.ai/d/sg-mas-project-mindforge-genai-risk-framework-2023-11/ (source: Allen & Gledhill).

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