Mirror, mirror on the wall, is Singapore’s AI fairest of them all?
The Monetary Authority of Singapore (MAS) has released a set of principles as it seeks to promote fairness, ethics, accountability and transparency (FEAT) in the use of artificial intelligence (AI) and data analytics in finance.
Known as the FEAT Principles, MAS says the document provides guidance to firms offering financial products and services on the responsible use of AI and data analytics, to strengthen internal governance around data management and use.
MAS Chief Data Officer, Dr David Hardoon, says: “As the financial industry harnesses the potential of AI and data analytics on an increasing scale, we need to be cognisant of using these technologies in a responsible and ethical manner. The FEAT Principles are a significant first step that MAS has taken with the industry.”
It’s a noble plan and MAS, which has a good track record of being open and innovative, wants to foster “greater confidence and trust”.
MAS worked closely with a group of industry partners through a FEAT committee in developing the principles. The latter incorporate views and feedback from financial institutions, industry associations, fintech firms, technology providers and academia.
The full document is here.