sustainabilityrelated regulations and standards, and perform sustainability - related data gathering and analysis work to better take on new sustainable finance - related businesses. mas and the institute of banking and finance ( ibf ) will continue to roll out programmes to support professionals in the finance sector to upskill to take on these new sustainable finance opportunities. artificial intelligence ( ai ) let me now turn to how we intend to harness fast developing technologies in ai and quantum computing. financial institutions are no strangers to ai and have deployed machine learning for many years. with genai, fis globally have started piloting the technology across a range of use cases, albeit cautiously in middle office or backend functions. in singapore, we observe a wide spectrum of fis with varying degrees of ai readiness and in different stages of ai adoption. the pace of adoption is expected to pick up with better understanding of its opportunities and risks. we see the potential for singapore to anchor key capabilities to develop and deploy ai solutions in financial services. to achieve this, mas aims to focus on three key areas – talent ; trust ; and technology centres of excellence. talent first, we need to build a financial sector talent pool with strong ai competencies. the roles and activities undertaken by many finance professionals will change with the adoption of genai, enabling them to spend less time on collecting and processing information, and instead take on higher value work such as analysing insights from ai generated outputs. new job roles will also be created, for example, in – data management, prompt engineering and ai governance – as fis scale up their adoption of genai. mas and ibf have commissioned a detailed study of how genai will change jobs in the sector, and identify the new skillsets needed to perform these changing or new job roles. this enables us to take active steps to equip the financial sector workforce with the right skillsets to capture the opportunities the genai brings. 9 / 12 bis - central bankers'speeches we expect to publish the findings and recommendations early next year. trust second, there must be trust and confidence in financial services powered by ai. a strong foundation of governance is essential so that ai is used responsibly and meets high standards. in 2018, mas released the feat ( fairness, ethics, accountability, transparency ) principles, which were co - created with the financial industry. the veritas industry consortium, led by mas, subsequently developed an assessment methodology and toolkit to help fis assess whether their use of ai solutions is aligned with

banking, insurance, asset management, private equity etc, with the knowledge and capabilities to operate effectively across diverse business, regulatory and legal environments. 11. third, retention of skilled and trained professionals in the industry. mas has been working closely with financial institutions to ensure fair and equitable treatment for all employees. for example : • we work with financial institutions to ensure hr policies are non - discriminatory, regardless of gender, race, or age • while we provide for specialist skills in areas of need, professionals will also need sufficient breadth of skills to be flexible and resilient in times of change. this means pre - emptively identifying the key jobs that are evolving, and developing structured training pathways. we must also identify new cross - functional competencies that are needed across different areas of finance, such as data analytics and digital banking. these initiatives will help to facilitate more seamless transitions within their organization. with these structured training pathways in place, professionals amongst us, particularly females who may need to take time out from work, can reskill and re - enter the workforce more seamlessly. • we also want to partner with financial institutions to create a working environment that is conducive to accommodate changes, be it in life - cycles or lifestyles, so that employees can manage demands better, both at work and from home. it is heartening to note that many financial institutions are offering flexible work arrangements, including flexible working hours, telecommuting and teleconferencing, as well as mentors, who can lend a helping hand, providing that needed uplift and moral support. these are done under the finance associate management scheme ( fams ) and the international postings programme ( ipost ). bis central bankers ’ speeches 12. our collaborative efforts in developing talent in the financial sector will allow individuals opportunities to continually develop themselves and chart their own career progression, from students to mid - career professionals to leaders within the sector. working hand - in - hand with fwa 13. our efforts will be more effective and achieve greater success with the help of industry professionals like yourselves. given the strong network fwa has established, you are well placed to play an important role in ensuring equal opportunity for all. i would like to touch on three areas in which i see tremendous potential to harness the collective experience and wisdom of the fwa. 14. my views are also shaped by personal experiences building my career in mas, the challenges and trade - offs that i have had to