The Monetary Authority of Singapore (MAS) announced the launch of the Global Veritas Challenge. As part of the challenge, MAS is inviting fintech firms, solution providers, and financial worldwide to submit innovative solutions to address eight problem statements identified by banks. These problem statements focus on validating the fairness of artificial intelligence (AI) solutions for selected banking use cases in product marketing; risk, compliance, and fraud monitoring; loan origination and know-your-customer (KYC); and credit scoring and profiling. The applications can be submitted by July 30, 2021.
The Global Veritas Challenge, which is supported by Accenture, seeks to accelerate the development of solutions that validate artificial intelligence and data analytics (AIDA) solutions against the fairness, ethics, accountability, and transparency (FEAT) principles, to strengthen trust and promote greater adoption of artificial intelligence solutions in the financial sector. Up to 10 finalists will be shortlisted for a program, wherein they will develop customized prototypes on the API Exchange (APIX) AI Sandbox (known as Veritas), under the guidance of industry leaders. The finalists will be shortlisted by an independent panel of judges to participate in an eight-week program. Finalists will develop and refine their solutions under the guidance of industry coaches. Finalists will also undergo various workshops and gain insights into the key trends from industry leaders. Finalists will be offered an opportunity to pitch their solutions to a panel of judges at the Global Veritas Challenge Demo Day on October 20, 2021. Winners will showcase their projects to a global audience during the Singapore FinTech Festival 2021, which will be held from November 08-12, 2021. The top three solutions will each receive a cash prize.
Keywords: Asia Pacific, Banking, Artificial Intelligence, Global Veritas Challenge, API, Data Analytics, Credit Risk, Loan Origination, Fintech, Regtech, Fraud Detection, KYC, Credit Scoring, MAS
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.
The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.
EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).
The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.