The Monetary Authority of Singapore (MAS) has announced that it is working with key industry stakeholders to develop a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions.
The guide will set out key principles and best practices for the use of AI and data analytics, helping financial institutions to strengthen internal governance and reduce risks of data misuse. The guide is targeted for completion by the end of the year. It will cover all segments of the financial sector including FinTech firms.
MAS has brought together a group of thought leaders and practitioners in data analytics in the financial sector to co-create the guide. The full list of members of the Fairness, Ethics, Accountability and Transparency (FEAT) Committee, is at Annex A.
MAS will be engaging the industry to obtain views and feedback on the proposed guide in Q2 2018. MAS is also working closely with the Infocomm Media Development Authority to co-ordinate a broader understanding of AI governance across sectors.
Mr Hsieh Fu Hua, former chairman of UOB group, and co-chair of the FEAT committee, said:
The guide would be very useful for the financial industry. As the industry increasingly adopts AI and data analytics to serve their customers, they must also play their part to ensure that these technologies are used in a responsible manner.
Dr David Hardoon, Chief Data Officer of MAS and co-chair of the committee, added:
AI and data analytics have huge potential to transform the financial industry for the better. But these technologies can also potentially be misused. MAS looks forward to working with the industry to encourage innovative uses of these technologies while putting in place the right conditions for their ethical use based on the principles of fairness, accountability, and good governance.