Compliance

Singapore Pushes For Responsible Data, AI Use In Finance

Editorial Staff 13 November 2018

Singapore Pushes For Responsible Data, AI Use In Finance

Data analytics and artificial intelligence are two big forces changing banking. Singapore's regulator wants to ensure customers and practitioners act responsibly, and avoid new problems.

Singapore’s principal regulator has set out principles to ensure that artificial intelligence and data analytics – fast-growing areas – are used in finance responsibly. Organisations such as the Monetary Authority of Singapore are wrestling with how these technologies can benefit customers without causing new risks.

The document has minted yet another acronym for compliance and industry figures to think about: FEAT – Fairness, Ethics, Accountability and Transparency. 

The MAS document guides firms offering financial products and services on how to use data analytics and AI responsibly. “This will foster greater confidence and trust in the use of AI and data analytics, as firms increasingly adopt technology tools and solutions to support business strategies and in risk management,” the watchdog said.

“The FEAT Principles lay the foundation for a thriving AI and data analytics ecosystem. 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,” MAS chief data officer, Dr David Hardoon, said.

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