Singapore’s Central Bank Partners With Google to Explore AI for Internal Use

The Central Bank of Singapore is partnering with Google’s cloud unit to explore potential internal use cases of the burgeoning artificial intelligence (AI) space and advance the development of innovative technologies in the Asian hub, Nikkei reported on Wednesday.

MAS Taps Google to Equip Staff With AI Skillsets

The Monetary Authority of Singapore (MAS), the central banking authority of the Southeast Asian city-state, is teaming up with Google’s cloud division to develop AI projects for internal use and equip its employees with deep AI skillsets.

According to Nikkei’s report, the MAS will collaborate with Google Cloud on generative AI initiatives to facilitate the use of internal applications in a manner that is “grounded on responsible AI practices.” The move comes after large language models (LLMs) and other generative AI products like OpenAI’s ChatGPT took the world by storm with their abilities to produce impressive text and media content.

In addition, it also represents a part of the MAS’s broader strategy to streamline the development of state-of-the-art technologies in Singapore.

“MAS has been committed to leveraging technology and innovation to their fullest potential. This collaboration allows us to explore potential use cases in our functions and operations that could harness generative AI while prioritizing information security as well as data and AI model governance.”

– said Vincent Loy, an assitant managing director for technology at MAS.

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Google Doubles Down on AI

The MAS did not specify how to implement Google’s AI technology. However, it explained the partnership would establish a framework for determining “potential use cases, conducting technical pilots, and co-creating solutions” for the central bank’s digital services.

Google, one of the biggest tech companies in the world, has been developing artificial intelligence (AI) products and services for several years, pouring significant capital into its research and development. In 2014, the company acquired DeepMind Technologies, a leading AI startup known for its breakthroughs in deep reinforcement learning.

Over recent years, the tech behemoth has made significant progress in AI by developing advanced models like AlphaGo, AlphaZero, and BERT. Moreover, to support AI research and innovation, the company has also launched several AI-related tools and frameworks, such as TensorFlow – an open-source machine learning and AI library widely adopted by researchers and developers worldwide.

Most recently, Google released ‘Google Bard,’ a conversational chatbot launched just a few months after ChatGPT, whose success left many tech giants scrambling to focus on AI, including Microsoft and Baidu.

In your opinion, which company will be at the forefront of the AI industry over the next decade? Let us know in the comments below.