dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Lah!
  • Technology

MAS To Create ‘Fairness Metrics’ For AI, Analytics Adoption In Financial Services

  • June 4, 2020
Total
0
Shares
0
0
0

The Monetary Authority of Singapore (MAS) will be developing “fairness metrics” in credit risk scoring and customer marketing as part of the first phase of its Veritas initiative.

Veritas is a framework for financial institutions to promote the responsible adoption of artificial intelligence (AI) and data analytics.

Veritas consortium members United Overseas Bank and Element AI will develop the metrics on credit risk scoring, which assesses the creditworthiness of borrowers. 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,” MAS said.

Meanwhile, HSBC, together with IAG Firemark Labs and Gradient Institute, will develop the metrics on customer marketing, which has been identified as an area with significant potential for AI adoption. There is increasing scope to use AI tools to analyse customer data and match products and services to customers, the statement added.

The “fairness metrics” will allow financial institutions to validate the fairness of their AI and data analytics solutions in the two areas. More use cases will be identified in subsequent phases of the initiative, MAS said.

HSBC group chief data officer Rakshit Kapoor said: “Through the Veritas partnership with MAS and other constituents, we would like to further develop and embed practical implementation of AI principles into our global data strategy, in particular around good data governance and accountability.”

MAS chief fintech officer Sopnendu Mohanty said the responsible use of AI is a prerequisite for the greater adoption of AI in the financial sector.

“Veritas is the first industry-wide collaboration to provide a mathematical way to validate AI and data analytics 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,” Mr Mohanty added.

Amol Gupte, Asean head and Citi country officer for Singapore, said: “While artificial intelligence brings significant benefits to the financial sector, maximising its potential will require the financial ecosystem to concurrently advance the responsible use of this technology.”

The consortium – which currently has 25 members – will publish a white paper documenting the metrics and also release an open-source code to enable financial institutions to adopt the fairness metrics in credit risk scoring and customer marketing by the end of 2020.

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

The Veritas consortium currently comprises MAS, SGInnovate, EY, CFA Society Singapore, the Bankers Association for Finance & Trade, tech giants Amazon Web Services and Microsoft, IAG Firemark Labs and Gradient Institute, Element AI, and 16 financial institutions.

Original article: The Business Times

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Artificial Intelligence
  • Finance
  • Monetary Authority of Singapore
  • SGInnovate
dotlah.com

Previous Article
  • Lah!
  • Technology

SMU Launches The Lee Kuan Yew Global Business Plan Competition Lite Edition To Inspire Creative Solutions for New Normal

  • June 4, 2020
View Post
Next Article
  • People

US Law Has Long Seen People Of African Descent As Fugitives

  • June 4, 2020
View Post
You May Also Like
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Technology

Apple services deliver powerful features and intelligent updates to users this autumn

  • Dean Marc
  • June 12, 2025
View Post
  • Artificial Intelligence
  • Machine Learning
  • Technology

Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design

  • Dean Marc
  • June 11, 2025
View Post
  • Technology
  • Working Life

It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society

  • dotlah.com
  • June 8, 2025
oracle-ibm
View Post
  • Artificial Intelligence
  • Technology

IBM and Oracle Expand Partnership to Advance Agentic AI and Hybrid Cloud

  • Dean Marc
  • May 6, 2025
View Post
  • Software
  • Technology

Canonical Releases Ubuntu 25.04 Plucky Puffin

  • Dean Marc
  • April 17, 2025
View Post
  • Artificial Intelligence
  • Technology

Tokyo Electron and IBM Renew Collaboration for Advanced Semiconductor Technology

  • Dean Marc
  • April 2, 2025
View Post
  • Lah!

Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them

  • John Francis
  • March 25, 2025


Trending
  • united-nations-covid-19-response-avt0TnE_NS0-unsplash 1
    • People
    Watch: Simple Test Shows Masks Reduce Droplet Spray
    • March 5, 2021
  • Moving Truck in San Francisco 2
    • Cities
    • Environment
    How To Survive A Move To The City
    • April 4, 2022
  • 3
    • Lah!
    Singapore Tops World Competitiveness Ranking For 2020
    • June 25, 2020
  • 4
    • Lah!
    • Technology
    Connecting Our Content Creators To Global Media Players And Audiences Singapore Media Festival 2021: Connecting Our Content Creators To Global Media Players And Audiences
    • October 27, 2021
  • 5
    • Technology
    Total, ETH Zurich Join Forces To Convert CO2 And Hydrogen Into Methanol
    • August 16, 2019
  • 6
    • Cities
    UOB And Getz Collaboration Dishes Up Lower Food Delivery Costs For F&B Businesses And Helps Them Build Their Online Storefronts Quickly
    • July 18, 2020
  • 7
    • Cities
    • Society
    Coronavirus: Could The World Have Prepared Better For A Pandemic?
    • May 11, 2020
  • 8
    • Cities
    • Technology
    EU Sets Global Standards With First Major AI Regulations: Here’s What You Need To Know
    • December 30, 2023
  • 9
    • Cities
    How City Streets Are Being Transformed During COVID-19 Lockdown
    • May 28, 2020
  • 10
    • Lah!
    KPMG Partners With NParks To Develop A First-Of-Its-Kind Multigenerational Wellness Garden At East Coast Park
    • November 27, 2021
  • 11
    • Technology
    A Clue To Stopping Coronavirus: Knowing How Viruses Adapt From Animals To Humans
    • February 5, 2020
  • 12
    • Technology
    Singapore To Invest S$50 Million Over Next Five Years To Bolster Digital Trust Capabilities
    • July 17, 2021
Trending
  • 1
    Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore
    • June 20, 2025
  • 2
    A Father’s Day Gift for Every Pop and Papa
    • June 14, 2025
  • 3
    Apple services deliver powerful features and intelligent updates to users this autumn
    • June 12, 2025
  • 4
    Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design
    • June 11, 2025
  • 5
    It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society
    • June 8, 2025
  • 6
    PBBM asks Singapore to invest more in PH renewable energy projects
    • June 6, 2025
  • 7
    Singapore PM Wong arrives in Malacañang
    • June 4, 2025
  • 8
    Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong
    • June 4, 2025
  • 9
    Singapore businesses eye more investments in PH, says PM Wong
    • June 4, 2025
  • 10
    The Summer Adventures : Hiking and Nature Walks Essentials
    • June 3, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.