Singapore's central bank wants every artificial intelligence use case in the financial technology sector to be subject to independent review. The requirement would cover the island nation's entire financial industry, including AI systems built in-house and those supplied by outside vendors.
The central bank has made clear that failures of third-party services will not be accepted as an excuse. Financial firms remain accountable for the outcomes of AI even when the technology comes from an external provider. That puts the onus on banks and FinTech companies to scrutinise and monitor the systems they rely on.
The move signals stricter AI governance in a major financial hub. If implemented, it would push firms to build independent assessment into their AI workflows, from development to deployment. It also raises the stakes for AI vendors, whose customers will need to demonstrate that their systems have been properly vetted.