Singapore’s Monetary Authority is testing cross-bank artificial intelligence systems to detect scam accounts in near real-time by tracking suspicious payment chains across multiple financial institutions. Managing Director Chia Der Jiun announced the experimental program at the Global FinTech Fest, noting that traditional fraud controls only see transaction fragments within individual banks, allowing scam proceeds to slip through undetected as they move across institutions.
The trial involves collaboration between MAS, participating banks, and law enforcement agencies using shared datasets to identify suspicious account relationships earlier in the fraud chain. MAS has not disclosed which banks are involved or specific deployment criteria. The regulator is simultaneously expanding PathFin.ai, a matching platform connecting over 300 financial institutions with validated AI fraud solutions.
This initiative aligns with regional regulatory efforts, including Hong Kong’s mandate for banks to deploy AI network analytics and Australia’s removal of nearly 12,000 scam websites this year.
FXnCO Insight
Financial institutions operating in Asia should prepare compliance frameworks for potential cross-bank data sharing requirements as Singapore’s pilot could establish regional fraud detection standards.
Source: Finance Magnates