SINGAPORE Law and Practice Contributed by: Simon Goh and Wang Ying Shuang, Rajah & Tann Singapore LLP
As mentioned in 10.2 Regulatory Response , the MAS issued a consultation paper on proposed guidelines on AI risk management for financial institutions. The proposed guidelines aim to establish a set of expec- tations relating to AI risk management in the financial sector. The consultation will close in January 2026.
Government Technology Agency and those that are not for the conduct of financial business, depending on whether or not the service provider handles the financial institution’s confidential or customer informa- tion) and to amend expectations relating to business continuity management. The MAS’ Guidelines to MAS Notice 134 on Recovery and Resolution Planning (“Recovery and Resolution Planning Guidelines”) took effect on 1 January 2025 and provide further guidance and elaboration on the requirements under MAS Notice 134 on Recovery and Resolution Planning, with which notified insurers and notified designated financial holding companies (licensed insurers) have to comply in their recovery and resolution planning. Such planning aims to reduce the risks posed by these insurers to the stability of financial system, ensure the continuity of functions that are critical to the economy and enable a dis- tressed insurer to be restructured or to exit from the market in an orderly manner.
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