Artificial Intelligence in the financial and banking sector: experience of Singapore

• Goryan E.V.

  E.V. Gorian. Vladivostok State University of Economics and Service. Vladivostok. Russia

The object of the research is the peculiarities of use of artificial intelligence in the financial and banking sector of Singapore. Relevant government initiatives and regulatory instruments are characterized. The role of the financial regulator in the deployment of digital technologies
is  determined.  A  case  of  the  largest  financial  operator  of  Singapore  on  deployment  of  AI technologies in light of methods and principles promoted by the financial regulator is being studied. In order to obtain the most reliable scientific results, a number of general scientific
(system-structural,  formal-logical  and  hermeneutic  methods)  and  special  legal  methods  of cognition (comparative legal and formal-legal methods) will be used. The regulation of artificial intelligence in Singapore is fragmented: existing regulations apply to different aspects of
technology use, and there is no specific legal instrument. Numerous projects and government initiatives  are  aimed  at  self-regulation  of  processes  through  the  broad  involvement  of  all stakeholders (both from private and public sectors). Singapore’s leadership in the develop-
ment of the globally recognized Model AI Governance Framework and its application across sectors of the economy fosters experience and leadership in maintaining standards. The participation of the financial regulator in these processes is of a coordinating and integrating na-
ture, which makes it possible to use the ideas of all participants in the financial and banking sector and leads to unification of methods and standards. The flexibility and lability of Monetary Authority of Singapore regulatory instrument allows, on the one hand, to standardize
processes, and on the other hand, to ensure the rights of consumers of financial and banking services. The experience of DBS Bank, the largest Singaporean bank in Southeast Asia, proves the validity of the governmental strategy to stimulate the comprehensive deployment of arti-
ficial intelligence in the financial and banking sector.
Keywords:  artificial intelligence, data analytics,  financial  sector,  fintech,  financial  regulator,
Singapore.