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Singapore Unveils New AI Framework for Financial Institutions

Regulation Asia reports that the MAS (Monetary Authority of Singapore) has announced the launch of a new collaboration with the financial industry to create an artificial intelligence framework for financial institutions. This comes as the new National Artificial Intelligence strategy was announced by Singapore’s deputy prime minister Heng Swee Keat at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.

The MAS aims to promote the adoption of Artificial Intelligence and Data Analytics (AIDA) as part of its new framework, called Veritas. It will enable financial institutions to evaluate AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT). FEAT was co-created by the MAS with the financial industry last year to strengthen internal governance around the application of AI and data management.

At the same event, it was announced that Enterprise Singapore and the Infocomm Media Development Authority (IMDA) have launched the Open Innovation Network (OIN). This online directory brings together nationwide open innovation challenges across sectors. Aiming to foster innovation through collaboration, the OIN plans to match organisations (including enterprises, government agencies, trade associations and chambers) looking for tech and digital solutions with solution providers such as SMEs and innovative startups.

Read more: Regulation Asia, Smart Nation Singapore and Fintech News Singapore

  • Wednesday, 20 November 2019

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