The Monetary Authority of Singapore and the Association of Banks in Singapore (ABS) have established a task force to combat emerging threats from frontier AI models, according to a statement on Tuesday.

The AI-Driven Cyber and Technology Risk Taskforce (ACT) brings together leaders from MAS, ABS, major banks DBS Group (SGX:D05), OCBC (SGX:O39), and UOB (SGX:U11).

Other members include the Singapore Exchange (SGX:S68), Network for Electronic Transfers or NETS, and Banking Computer Services or BCS.

The task force will facilitate industry-wide sharing of AI cybersecurity use cases, conduct proof-of-concept trials for advanced AI-enabled defense tools, and develop guidance to help financial institutions better detect and prevent AI threats.