MAS managing director Ravi Menon announced the release of the Fairness, Ethics, Accountability & Transparency, or FEAT, Principles at the Singapore Fintech Festival.
MAS (the Monetary Authority of Singapore) has issued a set of principles to promote the responsible use of artificial intelligence (AI) and data analytics in finance.
“We are pleased to release today a set of principles to promote Fairness, Ethics, Accountability & Transparency, or FEAT, in the use of AI and data analytics,” said MAS managing director Ravi Menon in a 12 November speech at the Singapore Fintech Festival.
“I’m told this is the first of its kind in the world – where the regulator and industry have come together to set guidance on the responsible use of AI and data analytics,” he added. “This will be a living document that will be continually updated as we learn more.”
The document, available here, incorporated views and feedback from financial institutions, industry associations, FinTech firms, technology providers and academia. The Principles provide guidance to firms offering financial products and services to strengthen internal governance around data management and the use of AI and data analytics.
“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,” said MAS in a statement.
MAS had announced in April it would develop the Principles in collaboration with senior industry partners through a FEAT Committee, co-chaired by MAS chief data officer David Hardoon and PrimePartners co-founder and advisor Hsieh Fu Hua. Other members included SGX (Singapore Exchange), OCBC Bank, UOB, StanChart and DBS Bank.
“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,” said Hardoon.
“The FEAT Principles are a significant first step that MAS has taken with the industry. I would also thank the FEAT committee members for their invaluable contribution towards this process.”
