MAS is using artificial intelligence tools for risk detection and market surveillance, while also working to strengthen protections against cyber risk, data breaches and AI-based discrimination.
The FSC has approved eight more fintech services for the regulatory sandbox, bringing the total number of approved companies to 26.
HKMA and BOT have agreed to collaborate on fintech innovation, including through a joint research project on the development of a central bank digital currency.
Mutual funds will have to report on their use of AI and ML to facilitate investing, trading, dissemination of investment strategies and advice, compliance, operations and other activities.
Banks have not invested sufficiently in modernising their core internal systems due to a stronger focus on customer-facing applications, says Synpulse partner Salomon Wettstein.
Ant Financial, Tencent, ICBC Asia, HKEX, Xiaomi and Ping An are among the backers of the four licence recipients, bringing the total number of virtual banks in Hong Kong to eight.
The FSA is looking to conduct an experiment to explore the use of AI to read and analyse the data in annual securities reports published by listed companies.
The regulator says it is engaging relevant stakeholders to ascertain the unique value that such virtual bank entrants could bring to Singapore's banking landscape.
Working with bank stakeholders, Bursa Malaysia is developing Southeast Asia's first blockchain proof-of-concept for securities borrowing and lending.