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Strategy announced to promote responsible AI Adoption in financial services

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The Monetary Authority of Singapore announced the first phase of the Veritas initiative – a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).

Veritas, a part of Singapore’s National AI Strategy, aims to provide financial institutions with a verifiable way to incorporate the FEAT (Fairness, Ethics, Accountability and Transparency) principles into their AIDA solutions.

Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The responsible use of AI is a prerequisite for the greater adoption of AI in the financial sector. Veritas is the first industrywide collaboration to provide a mathematical way to validate AIDA solutions against the principles of Fairness, Ethics, Accountability and Transparency. We hope Veritas will speed up the adoption of AI in financial services in the right direction.”

Fairness metrics in credit risk scoring and customer marketing

The first phase will commence with the development of fairness metrics in credit risk scoring and customer marketing. These metrics will help financial institutions validate the fairness of their AIDA solutions in the two use cases. More use cases will be identified in subsequent phases of the initiative.

Credit risk scoring to assess the credit worthiness of borrowers is a critical function of the financial services industry and impacts most customers of financial institutions. Given the large amount of customer data to analyse, financial institutions are increasingly employing AI tools for this purpose. It is crucial that AI-driven decisions do not systematically disadvantage any particular individuals or groups when determining the credit risk scoring.

Customer marketing is another area with significant potential for AI adoption. As marketing processes become increasingly digitalised and automated, there is increasing scope to use AI tools to analyse customer data and match products or services to customers. Hence, it is important that such AI solutions recommend the right product to the right customer at the right time.

Two core teams within the Veritas consortium will be taking on the development of the fairness metrics: UOB and Element AI will develop the metrics on credit risk scoring, HSBC, IAG Firemark Labs and Gradient Institute will develop the metrics on customer marketing.

The consortium will publish a white paper documenting the metrics and release an open-source code to enable financial institutions to adopt the fairness metrics in these two areas by the end of this year.

Financial institutions can integrate the open-source code into their own IT environment to validate the fairness of their AI solutions.

The open-source code will also be deployed as a service on the APIX2 platform. This will allow financial institutions and FinTechs to have access to the service and technology providers on the platform who are able to validate their AI solutions.

Since the announcement of the project in November 2019, 8 new members have joined the Veritas consortium. This brings the current membership to 25 members.

PARTNER

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.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

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 www.planview.com.

SUPPORTING ORGANISATION

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.

PARTNER

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. 

PARTNER

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.

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