Cylynx, Visa, and TruEra & Demyst Data emerged as the three winners of the inaugural Global Veritas Challenge 2021 at the Singapore Fintech Festival, one of the world’s largest fintech events. The winners, selected from a pool of ten finalists, successfully addressed key challenges in validating the fairness of artificial intelligence (AI) solutions for specific banking use cases, stated the Monetary Authority of Singapore (MAS).
Each winner received a cash prize of S$50,000.
This year’s challenge focused on four use cases: product marketing; risk, compliance and fraud monitoring; loan origination and KYC; and credit scoring and profiling.
The finalists came from six countries in Asia, North America and Europe and were shortlisted from 74 submissions.
Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “We are very encouraged by the creative solutions of the winners and finalists of this year’s Global Veritas Challenge. Responsible AI is essential to fostering trust among relevant stakeholders including users of AI solutions and recipients of AI-driven decisions. The solutions allow financial institutions to harness the tremendous benefits of AI in their operations while guarding against its risks.”
