Singapore experienced an active year in fintech developments, with key activity coming from its financial regulator zeroing in on stablecoins and AI.

The Monetary Authority of Singapore’s proposed stablecoin framework, for example, would create a dedicated MAS-regulated stablecoin and require issuers to hold reserves at least equal to par.

Non-MAS-regulated stablecoins would be classed as digital payment tokens (DPTs) and fall under existing DPT consumer protection safeguards.

Meanwhile, the MAS’s Guidelines on Artificial Intelligence Risk Management, issued in October, give financial institutions phased deadlines running to 2028. It also clarifies that purchasing AI from a vendor does not remove an institution’s accountability.

Digital banking was one of the biggest highlights. GLDB became the first digital bank here to turn a full-year profit in FY2025, while Trust Bank recorded its first profitable month in March 2026. All five banks are inching closer to reaching S$10 billion in deposits together.

The Singapore Fintech Report 2026 showcases these developments and more in visual detail, including 29 regulatory developments tracked across the year.

MAS issued its Guidelines on AI Risk Management on 7 October 2026, setting out expectations across ten key areas, from board oversight and an inventory of AI use cases to human oversight, fairness, and cyber controls.

The guideline also state that its expectations need to be adhered to in newer developments of AI use, like AI agents.

Firms using AI only for low-impact tasks, such as drafting customer emails or summarising internal documents, may apply basic governance policies.

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