The Monetary Authority of Singapore outlined stronger supervisory measures for financial institutions against AI-enabled cyber threats and quantum-computing risks in its annual report update. It will soon require key financial institutions to submit comprehensive risk assessments and action plans covering vulnerability detection and patching, system-change testing, and recovery of critical services. Later in 2026, it will issue expectations, milestones and timelines for migration to quantum-resilient systems, with the sector expected to achieve quantum resilience before the end of the decade. The measures build on a July 1 requirement for key financial institutions to conduct AI-assisted red teaming of critical internet-facing systems. MAS also formed an industry task force to test AI-enabled cybersecurity tools and develop guidance, and is working with public agencies and five banks to assess whether pooled data and AI can improve scam detection, with findings expected in 2027. Separately, the Future of Finance Institute will become operational in the next few months, while the removal of the 5% cap on physical investment precious metals under tax incentive schemes for eligible funds and family offices will take effect on Aug. 1, 2026. MAS reviewed its April monetary policy tightening and subsequent July adjustment, which together increased the Singapore dollar's rate of appreciation as inflation is projected to average 1.5% to 2.5% in 2026. Updated stress tests found the domestic financial system broadly resilient, although highly leveraged households and companies in energy-intensive sectors remain vulnerable. MAS recorded a net profit of SGD 20 billion for the financial year ended March 31, 2026, reflecting SGD 39.8 billion of investment gains partly offset by SGD 16.4 billion of negative currency translation effects.
Monetary Authority of Singapore2026-07-28
Monetary Authority of Singapore steps up AI cyber requirements and targets quantum resilience before decade-end
The Monetary Authority of Singapore will require key financial institutions to assess and strengthen their defenses against AI-enabled cyber threats and will issue a roadmap for achieving quantum resilience before the end of the decade. The measures build on mandatory AI-assisted red teaming introduced on July 1 and include industry work on AI-based scam detection. MAS also reported that the financial system remains broadly resilient and recorded a SGD 20 billion net profit for the 2025/2026 financial year.