MAS Issues Call for Responsible AI Solutions
The regulator hopes to accelerate the development of solutions that validate artificial intelligence and data analytics (AIDA) solutions against the fairness, ethics, accountability and transparency (FEAT) principles.
The Monetary Authority of Singapore (MAS) is inviting fintech firms, solution providers and financial institutions around the world to submit innovative solutions to address problem statements identified by banks, which focus on validating the fairness of AI solutions for selected banking use cases.
These include (i) product marketing; (ii) risk, compliance and fraud monitoring; (iii) loan origination and know-your-customer (KYC); and (iv) credit scoring and profiling.
Ten finalists of the «Global Veritas Challenge» will be chosen to develop customised prototypes on the API Exchange (APIX) AI sandbox and will pitch their solutions at the upcoming Singapore Fintech Festival in October, where three winners will be selected, each with a S$50,000 cash prize, MAS said in an announcement on Tuesday.
Building Trust
Sopnendu Mohanty, MAS chief fintech officer, said responsible AI solutions strengthen trust in AI technologies among users and the general public.
«This trust underpins all our AI development efforts and is vital to realising Singapore’s ambition as a global hub for AI in the financial sector,» Mohanty said in the announcement.
Applications for the Global Veritas Challenge closes on 30 July 2021.
