The Monetary Authority of Singapore (MAS) is granting us a rather quiet end to the year. There were no major regulatory updates in November 2025. That said, the MAS has recently published multiple updates regarding cyber risk. Financial institutions, including external asset managers (EAMs) should be alert to the respective risks.

On 13 November 2025, the MAS also published a Consultation Paper on Proposed Guidelines on Artificial Intelligence Risk Management for Financial Institutions. As artificial intelligence (AI) is increasingly inserted into the tools used by EAMs, and EAMs directly use AI, this paper helps you explore the risks of AI and evaluate appropriate risk management. We may assume that the MAS will publish the proposed Guidelines on AI Risk Management eventually.

As the first submission of the Full QDC is drawing nearer, fund management companies, including EAMs, managing a fund or a segregated mandate with assets under management of SGD 500m or more are strongly recommended to participate in the ongoing trials of the Full QDC. Beginning in 2026, the MAS expects them to submit the Full QDC timely and without errors.

Finally, financial institutions should note that the MAS is now making its circulars available in MAS-Tx, rather than in MASNET.