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    MAS Launches Challenge to Develop Artificial Intelligence Solutions

    July 12, 2021

    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

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