AI News
MAS Signs MoU with Banks and Tech Partners to Bolster Quantum Computing Security Against Emerging Threats
On 14 August 2024, the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MoU) with major banks and financial institutions to reinforce the country’s financial sector against potential cybersecurity threats from quantum computing. This MoU, which involves collaboration with major banks like DBS, HSBC, OCBC, UOB, and technology partners SPTel and SpeQtral. The companies involved in this initiative represent a cross-section of Singapore's financial and technological leadership. DBS, HSBC, OCBC, and UOB are among the largest and most influential banks in the region, while SPTel and SpeQtral bring cutting-edge technological expertise to the table. The initiative follows the announcement of the National Quantum Strategy by Deputy Prime Minister Heng Swee Keat on 30 May 2024 and builds on MAS’s commitment, announced on 18 July 2024, to allocate an additional S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support the...
Elon Musk Unveils World’s Most Powerful AI Training Cluster
Elon Musk’s venture, xAI, has commenced training its large language model (LLM), Grok, on what he claims is the world's most powerful AI training cluster. On July 22, 2024, Musk announced that the Memphis Supercluster, located in Memphis, Tennessee, is equipped with 100,000 Nvidia H100 AI chips and has begun its training operations. Musk made this announcement on X (formerly Twitter), his other company. “Nice work by @xAI team, @X team, @Nvidia & supporting companies getting Memphis Supercluster training started at ~4:20am local time,” he posted. The Memphis Supercluster is designed to develop Grok, an AI system that can understand and respond to human language in highly advanced ways. This project aims to create what Musk calls "the world’s most powerful AI" by December 2024. The supercomputer's size and power are unprecedented, boasting more GPUs than some of the world's leading supercomputers, such as the Frontier supercomputer and Microsoft’s Eagle. Musk’s company, xAI, is...
MAS Commits Up to S$100 Million to Boost Quantum and AI Capabilities in Financial Sector
The Monetary Authority of Singapore (MAS) announced on 18 July 2024 a substantial commitment of S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to enhance quantum and artificial intelligence (AI) capabilities within the financial sector. This initiative aims to advance innovation and adoption of quantum and AI technologies, providing significant support to financial institutions. Quantum technology, a rapidly advancing field with transformative potential, is poised to revolutionize the financial industry. Following the National Quantum Strategy announced by Deputy Prime Minister Heng Swee Keat in May 2024, MAS will establish a dedicated Quantum track under FSTI 3.0. This track will offer various grants to support financial institutions in developing quantum capabilities in Singapore. The Quantum track includes the Technology Centres Grant, providing funding up to 50% for establishing quantum computing and security innovation functions,...
Important
This website and the information contained herein is not intended to be a source of advice or credit analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.
Cryptocurrency markets are highly volatile and speculative in nature. The value of cryptocurrencies can fluctuate greatly within a short period of time. Investing in cryptocurrencies carries significant risks of loss. You should only invest what you are prepared to lose.
The content on this website is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our website constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any cryptocurrencies, securities, or other financial instruments.
We do not guarantee or warrant the accuracy, completeness, or usefulness of any information on this site. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to this website, or by anyone who may be informed of any of its contents.
Your use of this website and your reliance on any information on the site is solely at your own risk. Under no circumstances shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the website or reliance on any information provided on the website. Your use of the website and your reliance on any information on the site is governed by this disclaimer and our terms of use.