MAS unveils guidelines on AI risk management, draft stablecoin regulatory regime

The Monetary Authority of Singapore has launched moves to develop artificial intelligence in the finance industry and the network of digital assets. This includes future guidelines on AI risk management and drafting laws on a stablecoin regulatory regime. The central bank is also launching a new handbook to detail best practices. MAS managing director Chia Der Jiun said unregulated stablecoins have shown serious weaknesses, which is why the central bank is preparing a new law to ensure stablecoins are properly backed and reliably redeemable. Nasyrah Rohim reports.