As a global team, we pay attention to financial regulatory and fintech events happening around the world. In that spirit, we are reporting on some intriguing new regulatory initiatives that were announced at the Singapore FinTech Festival in relation to artificial intelligence (AI) and the intersection of sustainability, finance, and technology. Regulation will underpin many of these initiatives and it will be key for government to work with business and lawyers to ensure the law is robust, is fit for purpose, and can keep pace with the raft of proposals.
Singapore Deputy Prime Minister and Minister for Finance Heng Swee Keat announced several new projects to help his nation remain current with technology as a way to assist the economy and improve Singapore citizens’ lives. The projects—all part of Singapore’s new “National AI Strategy”—include the development of a chatbot to allow Singaporeans to report municipal issues, including subject matter details, and receive identification of the appropriate government agency to resolve the matter. The Monetary Authority of Singapore (MAS) reported improving linkage and collaboration with French and Canadian markets.