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The Infocomm Media Development Authority (IMDA) and AI Verify Foundation have announced the draft Model AI Governance Framework for Generative AI (Framework), which adopts a systematic and balanced approach to addressing concerns posed by generative AI (GenAI) while continuing to facilitate innovation. The Framework expands on the Model AI Governance Framework that covered traditional AI, which was last updated in 2020.

On 9 January 2024, the Parliament of Singapore passed the Significant Investments Review Bill (“Bill”).
This Bill strengthens the Singapore government’s regulatory toolkit for investments in local and foreign entities that are significant to Singapore’s national security interests and ensures greater regulatory flexibility in safeguarding Singapore’s evolving national security interests. At the same time, the Bill has been designed to align with international norms and preserve Singapore’s open and investment-friendly economy.

On 12 December 2023, the Monetary Authority of Singapore announced that it will proceed with the proposal to require financial institutions to conduct and respond to reference checks. The reference check requirements have been introduced following the MAS’ June 2021 public consultation on proposals to mandate reference checks.

The Singapore government has once again recognized the importance of AI in the healthcare industry, outlining a three-pronged approach on how to harness the potential of AI in the industry.
In the long-run, the increasing use of AI would serve to deliver better diagnosis and treatment; early detection, prevention and prediction of diseases; faster drug development; and better understand the risks around intervention and how to stratify it. In the shorter term, the use of AI may help to enhance clinical decision support; increase productivity of healthcare teams; and support individuals.

The Therapeutic Products Branch of the Health Sciences Authority has provided an interim update on the progress of the eCTD implementation in Singapore following an industry consultation held between 2 May 2023 to 12 June 2023. The eCTD is a standard structured format for companies to transfer regulatory information related to therapeutic products to facilitate dossier submissions. The implementation was envisaged to take place in phases, and adoption by the industry will be on a voluntary basis during the initial roll-out.

The Advertising Standards Authority of Singapore (ASAS), Singapore’s advertising standards watchdog, has found an electronics company in breach of the Singapore Code of Advertising Practice (SCAP) for greenwashing or marketing that exaggerates the sustainability of a product.
This is the ASAS’ first finding of a breach of the SCAP as a result of greenwashing. The advertising standards watchdog has previously received one other complaint about greenwashing since 2020, but the advertisement in that case was found not to have breached the SCAP.

The Ministry of Health (MOH) is conducting a public consultation from 11 December 2023 to 11 January 2024 on the proposed Health Information Bill (HIB). Through the HIB, the MOH intends to establish a framework governing the safe collection, use and sharing of health information across Singapore’s healthcare ecosystem to facilitate better continuity and seamless transition of care.