Thursday, May 24

Singapore’s central bank writing the rulebook on AI governance in finance

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The Monetary Authority of Singapore is working with the financial industry to develop an AI and data analytics guide.

The guide will set out principles and best practices for the use of AI and data analytics, helping financial institutions to strengthen internal governance and reduce risks of data misuse.

The guide is targeted for completion by the end of the year. It will cover all segments of the financial sector including FinTech firms.

Co-creating the guide will be FEAT (Fairness, Ethics, Accountability and Transparency), a committee of experts in the financial sector. And the Infocomm Media Development Authority is being brought in to coordinate a broader understanding of AI governance across sectors.

Hsieh Fu Hua, former chairman of UOB group, and co-chair of the FEAT committee, said in a statement “As the industry increasingly adopts AI and data analytics to serve their customers, they must also play their part to ensure that these technologies are used in a responsible manner.”

David Hardoon, chief data officer of MAS and co-chair of the committee, said, “AI and data analytics have huge potential to transform the financial industry for the better. But these technologies can also potentially be misused.”

“MAS looks forward to working with the industry to encourage innovative uses of these technologies while putting in place the right conditions for their ethical use based on the principles of fairness, accountability, and good governance,” he added.

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