MAS launches framework to promote AI and data analytics adoption

It will enable financial institutions to evaluate their AIDA-driven solutions against FEAT principles.

The Monetary Authority of Singapore (MAS) has joined a consortium of financial industry partners to create Veritas, a framework that will promote the adoption of Artificial Intelligence and Data Analytics (AIDA)-driven solutions, the authority announced.

This framework will reportedly enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT), said MAS.

Veritas will comprise of open source tools that can be applied to different business lines, such as retail banking and corporate finance, and in different markets. Veritas will first focus on use cases in three areas: customer marketing, risk scoring, and fraud detection.

The Veritas consortium is currently made up of 17 members, comprising MAS, SGInnovate, EY and 14 other financial institutions. The consortium will reportedly produce a report on its findings and conclusions in the second half of 2020.

The FEAT principles and Veritas are both part of Singapore’s National AI Strategy.

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