Close this search box.

We are creating some awesome events for you. Kindly bear with us.

MAS developing guide for responsible and ethical use of AI and data analytics by financial institutions

MAS developing guide for responsible and ethical use of AI and data analytics by financial institutions

Singapore’s central bank and financial regulatory authority,
the Monetary Authority of Singapore (MAS) 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

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 Fairness, Ethics, Accountability and Transparency (FEAT) Committee, has the
following members:

  1. David Hardoon (Co-Chair), Chief Data Officer, MAS
  2. Hsieh Fu Hua (Co-Chair), Co-Founder and Advisor,
  3. V K Rajah (Special Advisor), Senior Counsel and Member of
    Essex Court Chambers Duxton (Singapore Group Practice)
  4. Teo Swee Lian (Advisor), Non-executive Independent Director,
    SingTel and Non-executive Independent Director, Avanda Investment Management
  5. Raymond Au, Chief Data Scientist and Head of Asia Lab,
  6. Paul Cobban, Chief Data & Transformation Officer, DBS
  7. Shameek Kundu, Chief Data Officer, Standard Chartered Bank
  8. Richard Lowe, Chief Data Officer, UOB
  9. Donald MacDonald, Head of Group Customer Analytics &
    Decisioning, OCBC Bank
  10. Kelvin Tan, Head of FinTech & Data, SGX

MAS will engage with the industry to obtain views and
feedback on the proposed guide during the second quarter of 2018. MAS is also
working closely with the Infocomm Media Development Authority (IMDA) to
co-ordinate a broader understanding of AI governance across different 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, said, “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.”

Dr David Hardoon as appointed as the Chief Data Officer and
Head of the new Data Analytics Group (DAG) at MAS. The DAG was set up last year
as part of MAS’ efforts to position itself and the financial sector for the
digital economy of the future. The Group leads the regulator’s efforts to
leverage data analytics and unlock insights, enhance the supervision of
financial institutions, make regulatory compliance more efficient for financial
institutions, and improve work efficiency across the organisation.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.