Reported by: banking|Updated: November 14, 2019
The Monetary Authority of Singapore (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). The framework, to be called Veritas, will enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT) that MAS has co-created with the financial industry last year to strengthen internal governance around the application of AI and the management and use of data.
Heng Swee Keat, deputy prime minister of Singapore, highlighted the importance of the Veritas framework at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.
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 AI adoption within the financial sector. The Veritas consortium is currently made up of 17 members, comprising MAS, SGInnovate, EY and 14 financial institutions.