Singapore MAS and ABS Jointly Establish ACT Working Group to Address AI-Driven Cyber Threats

TechFlow News, July 29, according to e27, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) jointly established the "AI-Driven Cyber and Technology Risk Taskforce" (ACT) in May 2026, with members including major financial institutions such as DBS, OCBC, UOB, Singapore Exchange, NETS, and BCS. The taskforce focuses on three key areas: first, promoting the sharing of AI cybersecurity expertise across the industry; second, conducting proof-of-concept tests for AI defense tools to enhance institutions' practical capabilities; and third, formulating security controls and response guidelines against AI threats. MAS Assistant Managing Director Vincent Loy pointed out that cutting-edge AI is increasing the severity, scale, and complexity of cyber attacks, and the financial industry must respond with a high sense of urgency and strong collaboration.