The Monetary Authority of Singapore regulates AI in banking through guidance rather than an AI statute: the 2018 FEAT Principles, information papers on AI model risk management (5 December 2024) and on generative AI and deepfake cyber risks, and proposed Guidelines on AI Risk Management that were put out for consultation on 13 November 2025. The comment period closed on 31 January 2026 and, as of 5 October 2026, MAS has not published final Guidelines, saying on 5 August 2026 that they would be finalised soon; MAS proposes a 12-month transition once issued. The proposed Guidelines would apply to all financial institutions, including banks, proportionately, and cover generative AI and AI agents. MAS has also backed the industry-led MindForge AI Risk Management Toolkit (20 March 2026) and a 2026 series of work on frontier-AI cyber threats.
| Full name | Monetary Authority of Singapore |
| Role | Integrated financial regulator whose AI position is principles, information papers and a draft supervisory guideline rather than an AI statute |
| Force on banks | Supervisory guidance |
| Applies to | Financial institutions in Singapore, including banks. The FEAT Principles, information papers and the MindForge toolkit are voluntary; the proposed Guidelines on AI Risk Management would set supervisory expectations for all FIs, applied proportionately, once finalised |
| Key document | Consultation Paper P017-2025 on proposed Guidelines on Artificial Intelligence Risk Management (13 November 2025; comment period closed 31 January 2026; final not yet issued) |
| Latest move | 28 July 2026: MAS and the Association of Banks in Singapore established the AI-Driven Cyber and Technology Risk Taskforce (ACT) to strengthen resilience against AI-driven cyber threats; on 5 August 2026 a written Parliamentary reply said the AI Risk Management Guidelines would be finalised soon. |
| Documents tracked | 6 · all documents → |
MAS's approach is layered. FEAT (November 2018) set the fairness, ethics, accountability and transparency principles; the Veritas Initiative and Project MindForge turned them into tools; information papers (cyber risks of generative AI, July 2024; AI model risk management, December 2024; deepfakes, September 2025) recorded threats and good practice; and the November 2025 consultation proposes to convert that into supervisory Guidelines on AI Risk Management built on oversight, identification, inventory, risk materiality assessment and lifecycle controls. Existing technology risk, outsourcing and model risk expectations continue to apply alongside.
In 2026 MAS's emphasis broadened to implementation and frontier-AI risk. The MindForge AI Risk Management Toolkit (20 March 2026) gives institutions an operational handbook, a BuildFin.ai workgroup was announced to address newer technologies, and MAS and the Association of Banks in Singapore set up the AI-Driven Cyber and Technology Risk Taskforce in July 2026. In his 28 July 2026 remarks MAS's Managing Director said MAS first issued an advisory in April 2026 on frontier AI cyber threats and would soon issue supervisory expectations for key FIs to submit assessments and action plans against AI-enabled cyber threats.
What has the MAS actually published on AI?
| Date | Document | Status |
|---|---|---|
| Mar 20, 2026 | MAS MindForge AI Risk Management Toolkit — AI Risk Management: Operationalisation Handbook (Project MindForge AI Risk Management Toolkit) | Final |
| Nov 13, 2025 | MAS Consultation Paper P017-2025 (AI Risk Management Guidelines) — Consultation Paper on Guidelines on Artificial Intelligence Risk Management | Proposed · comment period closed |
| Sep 18, 2025 | MAS Circular MAS/TCRS/2025/06 — Cyber Risks Associated with Deepfakes (Information Paper) | In force |
| Dec 5, 2024 | MAS AI Model Risk Management information paper — Artificial Intelligence Model Risk Management: Observations from a Thematic Review (Information Paper) | Final |
| Jul 30, 2024 | MAS Circular MAS/TCRS/2024/05 — Cyber Risks Associated with Generative Artificial Intelligence (Information Paper) | In force |
| Nov 12, 2018 | MAS FEAT Principles — Principles to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of Artificial Intelligence and Data Analytics in Singapore's Financial Sector | In force |
| Date | Type | Document / event |
|---|---|---|
| Aug 5, 2026 | Milestone | Parliamentary reply: AI Risk Management Guidelines to be finalised soon. In a written reply for the 5 August 2026 sitting, MAS said the proposed Guidelines on Artificial Intelligence Risk Management apply to all AI use cases by FIs, including agentic AI, and will be finalised soon, without giving a date. |
| Jul 28, 2026 | Milestone | MAS and ABS establish the AI-Driven Cyber and Technology Risk Taskforce. The ACT taskforce, with MAS, ABS, DBS, OCBC, UOB, SGX, NETS and BCS, focuses on industry collaboration, capability uplift and guidance on controls against AI-enabled cyber threats. |
| Jul 3, 2026 | Milestone | MAS releases SAFR white paper on safeguards for AI agents. MAS announced a white paper on Safeguards for Agentic Finance at Runtime (SAFR), developed with financial institutions and fintechs under BuildFin.ai, describing governance checkpoints that verify and record an AI agent's proposed actions before execution. |
| Apr 2026 | Milestone | MAS advisory to FIs on frontier AI cyber threats. According to MAS's Managing Director's remarks of 28 July 2026, MAS first issued an advisory in April 2026 calling on FIs to strengthen cyber defences, including shorter patching timelines and more use of AI in cybersecurity functions. |
| Mar 20, 2026 | Framework | MAS MindForge AI Risk Management Toolkit — AI Risk Management: Operationalisation Handbook (Project MindForge AI Risk Management Toolkit). The Project MindForge AI Risk Management Toolkit was announced by MAS on 20 March 2026 as the outcome of phase two of Project MindForge, developed with 24 financial institutions. source ↗ |
| Jan 31, 2026 | Milestone | Consultation on proposed AI Risk Management Guidelines closes. The comment period for Consultation Paper P017-2025 closed on 31 January 2026; MAS proposed a 12-month transition after the final Guidelines are issued. |
| Nov 13, 2025 | Consultation | MAS Consultation Paper P017-2025 (AI Risk Management Guidelines) — Consultation Paper on Guidelines on Artificial Intelligence Risk Management. MAS Consultation Paper P017-2025, issued on 13 November 2025, proposes Guidelines on Artificial Intelligence Risk Management that would apply to all financial institutions in Singapore, including banks, in a proportionate manner. source ↗ |
| Sep 18, 2025 | Circular | MAS Circular MAS/TCRS/2025/06 — Cyber Risks Associated with Deepfakes (Information Paper). MAS circular MAS/TCRS/2025/06, an information paper dated September 2025 and issued on 18 September 2025, examines how deepfakes threaten financial institutions and what mitigating measures they can take. source ↗ |
| Dec 5, 2024 | Report | MAS AI Model Risk Management information paper — Artificial Intelligence Model Risk Management: Observations from a Thematic Review (Information Paper). MAS published this information paper on 5 December 2024 after a thematic review, conducted in mid-2024, of selected banks' AI and generative AI model risk management. source ↗ |
| Jul 30, 2024 | Circular | MAS Circular MAS/TCRS/2024/05 — Cyber Risks Associated with Generative Artificial Intelligence (Information Paper). MAS circular MAS/TCRS/2024/05, published on 30 July 2024, is an information paper that gives financial institutions an overview of cyber threats arising from generative AI, the risk implications and mitigation measures. source ↗ |
| Nov 12, 2018 | Framework | MAS FEAT Principles — Principles to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of Artificial Intelligence and Data Analytics in Singapore's Financial Sector. The FEAT Principles, published by the Monetary Authority of Singapore on 12 November 2018, are 14 principles on Fairness, Ethics, Accountability and Transparency for firms using artificial intelligence and data analytics (AIDA) in decision-making about financial products and services. source ↗ |
- Final Guidelines on AI Risk Management and MAS's response to feedback; the proposed transition period is 12 months from issue.
- MAS supervisory expectations for key FIs to submit assessments and action plans against AI-enabled cyber threats, announced as coming soon on 28 July 2026.
- Outputs of the BuildFin.ai AI risk management workgroup, the ABS-ACT taskforce and further work on agentic AI such as SAFR.
- Updates to the MindForge toolkit with new playbooks, guardrails, control libraries and templates.
Does Singapore have an AI law for banks?
No AI-specific statute applies to banks. MAS relies on principles (FEAT, 2018), information papers and proposed Guidelines on AI Risk Management, alongside existing technology risk, outsourcing and model risk expectations.
Are the MAS AI Risk Management Guidelines final?
Not as of 5 October 2026 on the MAS pages checked. The consultation closed on 31 January 2026 and a written Parliamentary reply on 5 August 2026 said the Guidelines would be finalised soon; MAS proposed a 12-month transition after issue.
What has MAS published on generative AI?
A July 2024 information paper on cyber risks associated with generative AI (MAS/TCRS/2024/05), good practices on AI model risk management including generative AI (5 December 2024), the Project MindForge generative AI risk work (November 2023) and the 2026 AI Risk Management Toolkit, with agentic AI work (SAFR) in July 2026.
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