# How does the IMDA Singapore regulate AI in banking?

Source: https://www.bankingnewsai.com/ai-regulation/imda
Last updated: Oct 24, 2026

IMDA does not regulate banks, but it writes Singapore's cross-sector AI governance playbooks that banks are pointed to: the Model AI Governance Framework for Generative AI (30 May 2024, with the AI Verify Foundation), the Model AI Governance Framework for Agentic AI (22 January 2026, updated 20 May 2026) and the AI Verify testing framework (open-sourced 7 June 2023). All are voluntary. MAS's Guidelines on AI Risk Management (7 October 2026) invite financial institutions to refer to IMDA's frameworks, the AI Verify Foundation's initiatives, IMDA's agentic AI framework and its LLM testing starter kit, so for banks they are the recommended implementation references beneath MAS's supervisory expectations.

## At a glance

| Field | Value |
| --- | --- |
| Full name | Infocomm Media Development Authority (Singapore), with the AI Verify Foundation |
| Jurisdiction | Singapore (cross-sector digital and AI governance; not a financial regulator) |
| Role | Cross-sector AI governance body that publishes Singapore's voluntary model AI governance frameworks and the AI Verify testing framework |
| How binding | Voluntary framework |
| Applies to | Organisations in any sector that develop or deploy AI, including banks. IMDA's frameworks and testing tools are voluntary; for banks they work as references that MAS's Guidelines on AI Risk Management point to, not as requirements |
| Key document | Model AI Governance Framework for Agentic AI (launched 22 January 2026; version 1.5 published 20 May 2026) |
| Latest move | 20 May 2026: IMDA updated the Model AI Governance Framework for Agentic AI to version 1.5, adding case studies and guidance on multi-agent systems, third-party agents and automation bias. |

## Overview

IMDA's frameworks build on the Model AI Governance Framework the PDPC released in 2019 and 2020. The 2024 generative AI framework sets nine dimensions from accountability and data to incident reporting, testing and assurance, security and content provenance; AI Verify turns governance principles into 11 testable principles with process checks and technical tests mapped to NIST and ISO/IEC 42001; and the 2026 agentic AI framework sets four dimensions — bound the risks, keep humans meaningfully accountable, apply technical controls through the lifecycle, and enable end users.

Banks feature as contributors rather than addressees: DBS was a founding general member of the AI Verify Foundation and gave feedback on the agentic framework, and OCBC's Bank of Singapore supplied a case study on bounding agent autonomy in source-of-wealth analysis. MAS's AI Guidelines also cite IMDA's Starter Kit for Testing LLM-Based Applications and its Transparency Guidelines for Generative AI Chatbots.

## Documents (3)

- Jan 22, 2026 — [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 (In force)
- May 30, 2024 — [IMDA Model AI Governance Framework for Generative AI](https://www.bankingnewsai.com/ai-regulation/documents/imda-model-ai-governance-framework-generative-ai-2024): Model AI Governance Framework for Generative AI: Fostering a Trusted Ecosystem (In force)
- Jun 7, 2023 — [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) (In force)

## Timeline

- Jan 22, 2026 — [IMDA Model AI Governance Framework for Agentic AI](https://www.bankingnewsai.com/ai-regulation/documents/imda-model-ai-governance-framework-agentic-ai-2026): IMDA Model AI Governance Framework for Agentic AI — Model AI Governance Framework for Agentic AI — IMDA launched the Model AI Governance Framework for Agentic AI at the World Economic Forum on 22 January 2026 and updated it on 20 May 2026 (version 1.5) with feedback from over 60 organisations, including DBS, and more than ten case studies.
- May 30, 2024 — [IMDA Model AI Governance Framework for Generative AI](https://www.bankingnewsai.com/ai-regulation/documents/imda-model-ai-governance-framework-generative-ai-2024): IMDA Model AI Governance Framework for Generative AI — Model AI Governance Framework for Generative AI: Fostering a Trusted Ecosystem — 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.
- Jun 7, 2023 — [AI Verify Testing Framework](https://www.bankingnewsai.com/ai-regulation/documents/imda-ai-verify-testing-framework): AI Verify Testing Framework — AI Verify Testing Framework and Toolkit (AI Verify Foundation) — AI Verify is Singapore's AI governance testing framework and software toolkit, first developed by IMDA, launched as a minimum viable product for international pilot in 2022 and opened to the global community with the launch of the AI Verify Foundation on 7 June 2023.

## What to watch next

- IMDA's guidelines for testing agentic AI applications, which it said in January 2026 it is developing on top of the LLM testing starter kit.
- Further versions of the agentic AI framework as IMDA collects feedback and case studies, including from banks.
- Updates to the AI Verify testing framework and toolkit and its mappings to international standards.

## FAQ

### Does IMDA regulate AI in Singapore banks?

No. MAS supervises banks. IMDA publishes voluntary, cross-sector AI governance frameworks and the AI Verify testing framework, and MAS's Guidelines on AI Risk Management invite financial institutions to refer to them.

### Which IMDA documents matter most for banks?

The Model AI Governance Framework for Agentic AI, which MAS's Guidelines cite for agentic-AI governance; the Model AI Governance Framework for Generative AI; AI Verify for testing and documenting AI systems; and IMDA's Starter Kit for Testing LLM-Based Applications, which MAS cites for generative AI testing.

Related authorities: [MAS](https://www.bankingnewsai.com/ai-regulation/mas), [PDPC Singapore](https://www.bankingnewsai.com/ai-regulation/pdpc), [NIST](https://www.bankingnewsai.com/ai-regulation/nist), [EU AI Act](https://www.bankingnewsai.com/ai-regulation/eu-ai-act).

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