MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA). This framework, known as Veritas, will enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability, and transparency (FEAT) that MAS co-created with the financial industry last year to strengthen internal governance around the application of artificial intelligence, or AI, and the management and use of data. The Veritas consortium will produce a report on its findings and conclusions in the second half of 2020.
Veritas aims to provide financial institutions with a verifiable way to incorporate the FEAT principles into their AIDA solutions. It will comprise open source tools that can be applied to different business lines, such as retail banking and corporate finance, and in different markets. For a start, Veritas will focus on use cases in three areas: customer marketing, risk scoring, and fraud detection. The FEAT principles and Veritas are part of Singapore’s National AI Strategy and help to build a progressive and trusted environment for adoption of artificial intelligence in the financial sector.
The Veritas consortium is made up of 17 members, comprising MAS, SGInnovate, EY, and 14 financial institutions. MAS welcomes other interested organizations to participate in the consortium. Proper governance of the use of AIDA is critical to fostering trust and confidence in AIDA-driven decisions and financial services. Dr David Hardoon, Special Advisor (Artificial Intelligence), MAS, said, “With FEAT and Veritas, financial institutions will have the guideposts and toolkit to institute sound AI governance practices. This will pave the way for a vibrant and responsible AI-driven financial center in Singapore.”
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Fintech, Veritas, Artificial Intelligence, Data Analytics, Veritas Consortium, MAS
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