SINGAPORE – The Singapore Monetary Authority (MAS) issued a set of principles to promote equity, ethics, accountability and transparency (FEAT) in the use of artificial intelligence (AI) and data analysis in finance.
Known as FEAT Principles, the document provides guidance for companies that offer financial products and services on the responsible use of IA and data analysis, to strengthen internal governance around the management and use of data.
The MAS said that it is intended to foster greater confidence and confidence in the use of AI and data analytics, as companies increasingly adopt technology tools and solutions to support business strategies and risk management. The document is available here.
MAS has worked in close collaboration with a group of senior members of the industry through a commission FEAT in the development of the principles. The committee is co-chaired by MAS's Data Director, David Hardoon, and the co-founder and adviser of PrimePartners, Hsieh Fu Hua. The principles also incorporate opinions and comments from financial institutions, industrial associations, fintech companies, technology providers and academia.
Dr Hardoon said: "As the financial industry takes advantage of the AI's potential and data analytics at an increasing rate, we need to be aware of the use of these technologies in a responsible and ethical manner. The FEAT Principles are a significant first step that MAS has taken with the industry ".
Hsieh said: "It is important to have a common set of principles to refer to as a reference and industry guide when thinking about using AI and data analysis in a responsible and ethical manner. I am sure that the industry will try to put these principles in practice when developing or implementing internal governance around the use of these technologies. "