Singapore releases AI agent framework, India still examining one
Singapore has published a framework for AI agents in finance, while India's payments body is still examining similar protocols. The linkage of the two countries' payment systems highlights the need for common rules.
Singapore's central bank has released a framework for AI agents in finance, while India's payments body stated at the same conference that it is still examining one. Chia Der Jiun, Managing Director of the Monetary Authority of Singapore (MAS), announced the publication of Safeguards for Agentic Finance at Runtime (SAFR) in July. The framework outlines runtime safeguards, including establishing an agent's identity and authority, evaluating actions before execution, and maintaining clear audit records.
This development comes as the National Payments Corporation of India (NPCI) is reportedly examining protocols to identify and authorize digital agents on the Unified Payments Interface (UPI). While Singapore now has a published artifact for industry to build upon, India's approach is currently spread across various statements and draft documents.
The gap is significant given that India and Singapore are linking their payment systems through the UPI-PayNow linkage, India's first cross-border real-time payments link. This raises questions about which country's authorization rules would apply to an AI agent-initiated payment that crosses between them and who would be accountable for any losses.
MAS clarified that SAFR is not a binding regulation but a voluntary reference developed with the industry. India's Reserve Bank of India (RBI) has released draft guidance on AI risk management, and MAS has commended the RBI's FREE-AI framework for its focus on accountability and trust. Both countries are also founding members of Nexus, a multilateral initiative for payment system connectivity.
The announcement also touched upon cybersecurity, with Chia noting a sixfold increase in high-severity vulnerabilities and an 89% rise in AI-enabled cyberattacks. While successful breaches have not risen at the same rate, he attributed this to existing safeguards rather than a solved problem. MediaNama has submitted inquiries to NPCI, RBI, and MAS regarding the publication of their agent protocols, alignment with SAFR, and the governance of cross-border agent payments.