# IMDA Model AI Governance Framework for Generative AI: Model AI Governance Framework for Generative AI: Fostering a Trusted Ecosystem

Source: https://www.bankingnewsai.com/ai-regulation/documents/imda-model-ai-governance-framework-generative-ai-2024
Last updated: Oct 24, 2026

The Model AI Governance Framework for Generative AI, released by IMDA and the AI Verify Foundation on 30 May 2024 after a draft of 16 January 2024, sets out nine dimensions for a trusted generative AI ecosystem: accountability, data, trusted development and deployment, incident reporting, testing and assurance, security, content provenance, safety and alignment R&D, and AI for public good. It is voluntary and aimed at the whole ecosystem rather than banks specifically. For banks its practical weight comes through MAS: the Guidelines on AI Risk Management (7 October 2026) invite institutions to refer to IMDA's Model AI Governance Framework and AI Verify Foundation initiatives.

## At a glance

| Field | Value |
| --- | --- |
| Authority | [IMDA Singapore](https://www.bankingnewsai.com/ai-regulation/imda) |
| Type | Framework |
| Status | In force |
| Published | May 30, 2024 |
| Applies to | Policymakers, model developers, application deployers and other participants in the generative AI ecosystem, including banks that build or deploy generative AI; a voluntary framework from IMDA and the AI Verify Foundation, not a binding rule |
| Official text | https://aiverifyfoundation.sg/resources/mgf-gen-ai/ |

## Key points

- Nine dimensions: accountability, data, trusted development and deployment, incident reporting, testing and assurance, security, content provenance, safety and alignment research and development, and AI for public good.
- Accountability: responsibility should be allocated along a layered development chain, drawing parallels with 'today’s cloud and software development stacks' — relevant to banks relying on foundation-model vendors.
- Trusted development and deployment calls for industry best practice in development and evaluation and 'food label'-type transparency and disclosure.
- Incident reporting: 'no software we use today is completely foolproof'; the framework calls for structures to monitor and report AI incidents, noting incident reporting is established practice in critical domains such as finance.
- Testing and assurance: third-party testing plays a complementary role, as it does today 'in many domains, such as finance and healthcare'.
- Security: generative AI 'introduces the potential for new threat vectors against the models themselves', so existing information-security frameworks need adapting.
- It builds on the 2020 Model AI Governance Framework for traditional AI, whose guidance is incorporated under the trusted development and deployment dimension.
- MAS's Guidelines on AI Risk Management also point banks to IMDA's Starter Kit for Testing LLM-Based Applications for Safety and Reliability and its Transparency Guidelines for Generative AI Chatbots.

## What changed for banks

The 2020 framework addressed organisations deploying traditional, predictive AI; the 2024 framework widened the lens to foundation models and the ecosystem around them, adding incident reporting, content provenance and third-party testing. Banks are not its primary audience, but MAS's AI Guidelines direct institutions to IMDA's frameworks and testing resources as complements to MAS's own expectations.

## Use cases it governs

- [Generative & agentic AI](https://www.bankingnewsai.com/ai-regulation/by-use-case#generative-agentic-ai)
- [AI governance (general)](https://www.bankingnewsai.com/ai-regulation/by-use-case#governance-general)
- [Cybersecurity](https://www.bankingnewsai.com/ai-regulation/by-use-case#cybersecurity)
- [Third-party & vendor AI](https://www.bankingnewsai.com/ai-regulation/by-use-case#third-party-vendors)
- [Customer-facing chatbots](https://www.bankingnewsai.com/ai-regulation/by-use-case#customer-chatbots)

## FAQ

### Is the Model AI Governance Framework for Generative AI binding on banks?

No. It is voluntary guidance from IMDA and the AI Verify Foundation. Banks in Singapore are supervised against MAS's Guidelines on AI Risk Management, which invite institutions to refer to IMDA's Model AI Governance Framework and AI Verify Foundation initiatives as national-level resources.

### What are the nine dimensions of Singapore's generative AI framework?

Accountability, data, trusted development and deployment, incident reporting, testing and assurance, security, content provenance, safety and alignment R&D, and AI for public good.

## Related documents

- [IMDA Model AI Governance Framework for Agentic AI](https://www.bankingnewsai.com/ai-regulation/documents/imda-model-ai-governance-framework-agentic-ai-2026) — Model AI Governance Framework for Agentic AI (Jan 22, 2026)
- [AI Verify Testing Framework](https://www.bankingnewsai.com/ai-regulation/documents/imda-ai-verify-testing-framework) — AI Verify Testing Framework and Toolkit (AI Verify Foundation) (Jun 7, 2023)
- [FSB AI sound practices (final report, Oct 2026)](https://www.bankingnewsai.com/ai-regulation/documents/fsb-ai-sound-practices-2026) — Sound Practices for Responsible Adoption of Artificial Intelligence (AI): Final report (Oct 15, 2026)
- [HKMA "ART" Framework / AI supervisory guidance](https://www.bankingnewsai.com/ai-regulation/documents/hkma-art-framework-ai-guidance-2026) — "ART" Framework and Updated Supervisory Guidance for Responsible Adoption of Artificial Intelligence (Oct 15, 2026)
- [MAS Guidelines on Artificial Intelligence Risk Management](https://www.bankingnewsai.com/ai-regulation/documents/mas-guidelines-ai-risk-management-2026) — Guidelines on Artificial Intelligence Risk Management for Financial Institutions (Oct 7, 2026)
- [Bailey: Frontier AI and the Question of Governance (Sep 2026)](https://www.bankingnewsai.com/ai-regulation/documents/boe-bailey-frontier-ai-governance-2026) — Frontier AI and the Question of Governance — Governor Andrew Bailey (Sep 30, 2026)
- [Atkins remarks at Investor Advisory Committee (Sep 2026)](https://www.bankingnewsai.com/ai-regulation/documents/sec-atkins-iac-ai-disclosure-remarks-2026-09) — Remarks at the SEC Investor Advisory Committee Meeting on AI Technologies and the Public Markets Information Ecosystem (Sep 10, 2026)
- [FIN-2026-Alert005 (Digital Asset Investment Scam Centers)](https://www.bankingnewsai.com/ai-regulation/documents/fincen-alert-2026-scam-centers) — FinCEN Alert on Money Laundering Activity Associated with Digital Asset Investment Scam Centers (Sep 3, 2026)

Last reviewed Oct 24, 2026. Cite the official text (https://aiverifyfoundation.sg/resources/mgf-gen-ai/) for the rule and this page for the summary and dates.

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