The taskforce brings together members from DBS, OCBC, UOB, NETS, and the SGX, amongst others. 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). The taskforce brings together members from MAS, the ABS, DBS, OCBC, UOB, the Singapore Exchange, Network for Electronic Transfers (NETS), and Banking Computer Services (BCS), amongst other leaders in cybersecurity, technology resilience, and AI to enhance sector-wide preparedness. Frontier AI technology has the ability to rapidly identify, exploit vulnerabilities, and automate attacks at scale, according to MAS and the ABS. The taskforce focuses on facilitating industry collaboration, such as sharing AI cybersecurity use cases and experiences.