The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have established the AI-Driven Cyber and Technology Risk Taskforce (ACT). This industry-wide initiative aims to strengthen the financial sector's collective cyber and technology resilience against emerging risks posed by frontier artificial intelligence models. The taskforce includes members from MAS, ABS, DBS, OCBC, UOB, and the Singapore Exchange (SGX).