SINGAPORE – The Future of Finance Institute (FFI) began operations on Nov 3 with a focus on AI in finance, the Monetary Authority of Singapore (MAS) said.
It will bring financial institutions together to share practical experience in implementing AI, develop good practices for deploying agentic AI, and strengthen the management of risks from the use of AI, said MAS.
Its managing director Chia Der Jiun said: “(The FFI) will seek to anchor key capabilities in Singapore, and connect the ecosystem to accelerate innovation and support safe adoption of new technologies.”
This comes as banks and regulators become increasingly concerned about the risks that rapid AI adoption may bring to the financial industry.
Alan Lim, head of the financial infrastructure and AI office at MAS, will serve concurrently as the interim CEO of FFI.
He will lead FFI’s strategy and operations as it builds out its programmes and deepens partnerships in the financial and technology ecosystems, MAS said.
The FFI was first announced in June, with the aim to accelerate the adoption of new financial technologies and catalyse innovation in the financial sector.
To start, it will home in on three pillars: PathFin.ai, BuildFin.ai and SafeFin.ai.
To share AI knowledge across the sector, it will build on the PathFin.ai programme and broaden the range of solutions available through its knowledge hub.
FFI will also bring together financial industry practitioners to discuss common challenges and practical approaches in the adoption of AI.
Under BuildFin.ai, FFI will work with industry players to develop guidance, good practices, industry standards, and common tools and infrastructure for deploying AI, with a focus on the safe use of AI agents in financial services.
FFI will also focus on promoting sound AI risk management practices under SafeFin.ai.
It will progressively expand into other areas of financial innovation, including tokenisation, MAS said. THE BUSINESS TIMES
