SINGAPORE — The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have established an industry-wide taskforce to strengthen the financial sector’s cyber resilience against the growing threats posed by frontier artificial intelligence (AI).

Known as the AI-Driven Cyber and Technology Risk Taskforce (ACT), the initiative brings together regulators, banks and financial infrastructure providers to coordinate the sector’s response to increasingly sophisticated AI-enabled cyberattacks. Although members have been working together since May 2026, the taskforce was officially announced on Tuesday.

MAS said advances in frontier AI have transformed the cyber threat landscape, enabling attackers to identify vulnerabilities more quickly, automate attacks at scale and carry out increasingly complex cyber operations. The regulator said these developments require coordinated action across the financial sector to strengthen collective defenses.

The taskforce adopts a multidisciplinary approach, bringing together experts in cybersecurity, technology resilience and artificial intelligence. Members include MAS, ABS, DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS) and Banking Computer Services (BCS).

ACT will focus on three key areas. First, it will promote industry collaboration by facilitating the sharing of AI cybersecurity use cases, best practices and experiences, while strengthening engagement with cybersecurity and AI specialists.

Second, it will build industry capabilities by enhancing cyber defense knowledge and conducting proof-of-concept trials to assess advanced AI-enabled security tools against evolving threats.

Third, it will develop guidance to help financial institutions strengthen their cybersecurity posture through new controls, measures and solutions to detect, prevent and respond to sophisticated AI-driven attacks.

Vincent Loy, Assistant Managing Director (Technology) and Chief Technology Officer at MAS, said frontier AI is increasing the severity, scale and sophistication of cyber threats, making stronger collaboration across the financial sector essential.

“The financial sector must respond with urgency and through strong collaboration,” Loy said. “Through this Taskforce, MAS will work closely with industry partners to strengthen our collective defenses and ensure Singapore’s financial sector remains resilient against AI-enabled risks.”

ABS Director Ong-Ang Ai Boon said AI is reshaping the cyber threat landscape, adding that continued coordination between financial institutions, regulators and industry stakeholders will be critical to maintaining resilience as AI technologies continue to evolve.

The launch of ACT underscores Singapore’s efforts to stay ahead of emerging AI-related cyber risks while reinforcing the resilience of its financial sector through collective action, innovation and shared expertise.