On 13 November 2025, the Monetary Authority of Singapore (“MAS“) announced that Phase 1 of Project MindForge was concluded. Announced on 22 June 2023, Project MindForge is driven by the Veritas Initiative. The aims of Project MindForge are to:
- Examine the risks and opportunities of Generative Artificial Intelligence (“Gen AI“) technology for financial services.
- Develop a clear and concise framework on the responsible use of Gen AI within the financial industry.
- Catalyse Gen AI-powered innovation to solve common industry wide challenges and enhance risk management.
The initiative is conducted in phases, and we discuss them in turn.
Phase 1: Developed a comprehensive Gen AI risk framework. The framework will enable financial institutions to use Gen AI in a responsible manner. A platform-agnostic Gen AI reference architecture was also developed, providing a list of the building blocks and components that organisations can use to create robust enterprise-level Gen AI technology capabilities.
For details, please refer to the whitepaper outlining the risk framework. An Executive Summary of this whitepaper can be found here.
The consortium which worked on Project MindForge Phase 1 includes DBS Bank, OCBC Bank, United Overseas Bank Limited, Standard Chartered Bank, Citi Singapore, HSBC, Google Cloud, Microsoft, MAS, Accenture, and the Association of Banks in Singapore (“ABS“).
Phase 2: Expanded scope beyond banking to include insurance and asset management sectors. The scope broadened from Gen AI to additionally cover traditional AI and Agentic AI technologies.
Phase 2 consortium members include:
- Banks: Citi, DBS, GXS, HSBC, Julius Baer, Maybank, MUFG Bank, OCBC, SMBC, Standard Chartered Bank, UBS, and UOB.
- Insurers: AIA, Great Eastern Life, HSBC Life, Income Insurance, Manulife, MSIG, Munich Re, and Prudential.
- Capital market firms: BlackRock, Eastspring Investments, GIC, and State Street.
- Industry associations: ABS, General Insurance Association of Singapore (GIA), Investment Management Association of Singapore (IMAS), Life Insurance Association Singapore (LIA), and Singapore FinTech Association (SFA).
- Technology and consulting partners: Accenture, Amazon Web Services (AWS), Google Cloud and Microsoft.
For details of Phase Two, please refer to the handbooks which are companion guides for financial institutions implementing AI Risk Management in their organisation and will be updated according to relevant MAS’ guidelines.
- AI Risk Management Executive Handbook: Strategic considerations and implementation practices (released in Nov 2025)
- AI Risk Management Operationalisation Handbook: Detailed operational guidance and examples (to be released)
- AI Risk Management Implementation Examples: Case studies from financial institutions (to be released)
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