Artificial Intelligence Model Risk Management
The New Southeast Asia Economic Hub: Johor-Singapore Special Economic Zone (JS-SEZ)
Introduction The Johor-Singapore Special Economic Zone (“JS-SEZ“) represents a strategic initiative aimed at transforming the border region between Malaysia’s Johor state and Singapore into a premier economic hub. Announced with the objective of fostering deeper economic integration and regional development, the JS-SEZ is poised to play a pivotal role in boosting trade, investment, and […]
Enhancing Online Safety in Singapore: Public Consultation on Measures to Provide Redress and Increase Accountability
Introduction The Ministry of Law (“MinLaw“) and the Ministry of Digital Development and Information (“MDDI“) are seeking feedback to address the growing concerns regarding online harms with proposed measures to bolster the existing legal and regulatory regime in order to empower individuals to seek relief from harmful online content and hold responsible parties accountable. Existing […]
MAS and IMDA Set Out Duties and Liability of Financial Institutions and Telcos in Mitigating Digital Scams
Introduction With the rapid ascent of digital payments and transactions in Singapore, one of the key concerns has been the persistent threat of digitally-enabled scams. Not only are such scams becoming more prevalent, but their methodologies are also constantly evolving. It is thus of vital importance that individuals and enterprises take appropriate and adequate measures […]
Upcoming Launch of GenAI Sandbox 2.0 for SMEs
The Infocomm Media Development Authority (“IMDA“) has announced that the second iteration of the Generative Artificial Intelligence Sandbox for SMEs (“GenAI Sandbox 2.0“) will be launched on 2 December 2024. The GenAI Sandbox 2.0 aims to help small and medium-sized enterprises (“SMEs“) experiment, innovate and adopt generative artificial intelligence (“GenAI“) tools in new business areas. […]
Establishment of Global Finance & Technology Network to Enhance FinTech Growth in Singapore
On 30 October 2024, the Monetary Authority of Singapore (“MAS“) announced the launch of the Global Finance & Technology Network (“GFTN“) to reinforce Singapore’s position as a leading global FinTech hub and boost international connectivity for impactful financial services innovation. GFTN will take over the role of Elevandi, previously established by MAS to connect people, […]
New Measures against Digitally Manipulated Content and Deepfakes during Elections
Introduction The Elections (Integrity of Online Advertising) (Amendment) Bill (“Bill“), which was introduced in Parliament on 9 September 2024, was passed on 15 October 2024. The Bill introduces new measures against digitally manipulated content during elections, including artificial intelligence (“AI“)-generated misinformation (aka deepfakes). The rapid advancement of AI technology has led to the […]
MAS Consults on Proposed Regulations, AML/CFT Notice and Guidelines, for Regulatory Framework for Virtual Asset Service Providers under FSMA
Executive Summary The Monetary Authority of Singapore (“MAS“) is consulting (until 4 November 2024) on proposed: (i) Financial Services and Markets Regulations (“FSM Regulations“); (ii) notices, including on anti-money laundering and countering the financing of terrorism (“AML/CFT“); and (iii) other applicable guidelines, for the regulatory framework for virtual asset service providers (“VASPs“) under Part 9 of […]
Introduction of AI Playbook for Small States: Best Practices, Governance, and Social Impact
Introduction The recent advent of generative artificial intelligence (“AI“) and large language models have led to groundbreaking opportunities for all parts of society. However, its adoption may be uneven across states. Small states, in particular, face challenges such as: access to resources and funding; limitations of small domestic markets and the resulting difficulty […]
Singapore Endorses Shared Global Approach Towards Security and Resilience of Undersea Cable Infrastructure
Connectivity is a vital element in commerce and digital growth, leading to an increased reliance on undersea cable infrastructure, which can present major national and economic security risks. The security, resilience, and integrity of undersea cables is thus critical. On 27 September 2024, the Ministry of Foreign Affairs (“MFA“) announced that Singapore had endorsed […]