The UK’s monetary watchdog has launched a partnership with its Singaporean equal centered on supporting accountable AI innovation in finance.
The Monetary Conduct Authority (FCA) introduced the brand new partnership with the Financial Authority of Singapore (MAS) on Wednesday on the Singapore Fintech Competition.
Alongside a remit of enabling revolutionary companies within the UK and Singapore to scale and function throughout each markets, the nearer ties can even see the FCA set up a presence within the Asian nation with the appointment of an FCA Monetary Providers Attaché based mostly on the British Excessive Fee.
“Via our partnership with the Financial Authority of Singapore, we’ll be championing secure and accountable AI innovation throughout UK and Singapore markets,” mentioned Jessica Rusu, chief information, info and intelligence officer on the FCA.
“I’m trying ahead to seeing the way it permits companies in each international locations to develop by collaboration, gauge new cross-border alternatives, and form the way forward for accountable AI innovation in finance.
“Our appointment to Singapore helps us increase our community of monetary providers attachés all over the world, strengthen our regulatory relationship with MAS and promote the UK as a worldwide hub for monetary providers.”
As a part of the partnership, the regulators will conduct joint exams of AI options and change regulatory insights.
