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MAS releases AI toolkit for financial firms

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The Monetary Authority of Singapore (MAS) has released an open-source toolkit, which it claims will enable the responsible use of AI across the financial industry. The toolkit, which it has named The Veritas Toolkit version 2.0, was developed by an MAS-led consortium of 31 technology and financial firms, including the Bank of China, BNY Mellon, IBM and Microsoft. 

The Veritas Toolkit version 2.0 succeeds version 1.0, released in February 2022, and introduces an updated fairness assessment methodology, as well as additional methodologies for accountability, transparency and ethics.

MAS claims that the toolkit will help financial institutions to “carry out the assessment methodologies for the Fairness, Ethics, Accountability and Transparency (FEAT) principles”. The FEAT principles, introduced by MAS in 2018, provides guidance on the responsible use of AI and data analytics and strengthening internal governance around data management and use. 

Commenting on the release, MAS chief fintech officer, Sopnendu Mohanty [pictured] said: “Given the rapid pace of developments in AI, it is critical that financial institutions have in place robust frameworks for the responsible use of AI”.

“Version 2.0 will enable financial institutions and fintech firms to effectively assess their AI use cases for FEAT principles, and this will help promote a responsible AI ecosystem.”

Full press release available here.

[Image Source: Twitter]