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
  • Technology

ESWIN Computing launches the EBC77 Series Single Board Computer with Ubuntu

  • dotlah.com
  • July 17, 2025
View Post
  • Gears
  • Technology

Samsung Galaxy Z Fold7: Raising the Bar for Smartphones

  • Dean Marc
  • July 9, 2025
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


Trending
  • 1
    • Lah!
    Sunseap Receives S$50 Million Funding From ABC World Asia And Temasek
    • January 31, 2020
  • 2
    • Cities
    Smashing The Urban Myths: How Clean Energy Builds New Cities
    • August 29, 2019
  • 3
    • Environment
    • People
    • World Events
    The Flu Pandemic Of 1918: Modern Parallels From A Century-Old Pandemic
    • March 23, 2020
  • 4
    • Lah!
    • Society
    What Is Essential Is Invisible To The Eye
    • September 17, 2021
  • Space 5
    • People
    • Technology
    UK Space Agency adds three more stops to Space for Everyone tour
    • August 10, 2023
  • 6
    • Lah!
    NUS Researchers Uncover Anti-Cancer Properties In Plants
    • July 9, 2019
  • 7
    • Cities
    • People
    • Politics
    • World Events
    The Design Of Dissent: How City Public Spaces Can Make Or Break A Civil Protest
    • June 10, 2020
  • 8
    • Lah!
    Two Historic Shipwrecks Discovered In Singapore Territorial Waters, Maritime Archaeological Research Ongoing
    • June 18, 2021
  • 9
    • Technology
    M1 And SUTD Unveil Joint Research To Advance 5G Robotics Technology And Innovation
    • July 27, 2019
  • 10
    • Society
    Five Reasons English Speakers Struggle To Learn Foreign Languages
    • July 30, 2019
  • 11
    • Technology
    NUS, Keppel and SLNG Join Forces to Develop New Energy-Efficient Cooling Technology for Data Centres
    • October 24, 2019
  • Hellen Keller 12
    • Features
    • People
    Light In Darkness. Remembering Helen Keller, A Testament to the Unconquerable Spirit.
    • June 27, 2023
Trending
  • 1
    Press Start (Or Hit Enter)! Your Go-To Loadout for Streamers and Gamers.
    • July 19, 2025
  • 2
    ESWIN Computing launches the EBC77 Series Single Board Computer with Ubuntu
    • July 17, 2025
  • 3
    Samsung Galaxy Z Fold7: Raising the Bar for Smartphones
    • July 9, 2025
  • Camping 4
    The Summer Adventures : Camping Essentials
    • June 28, 2025
  • 5
    Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore
    • June 20, 2025
  • 6
    A Father’s Day Gift for Every Pop and Papa
    • June 14, 2025
  • 7
    Apple services deliver powerful features and intelligent updates to users this autumn
    • June 12, 2025
  • 8
    Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design
    • June 11, 2025
  • 9
    It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society
    • June 8, 2025
  • 10
    PBBM asks Singapore to invest more in PH renewable energy projects
    • June 6, 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.