MAS says Veritas initiative to start work

The Monetary Authority of Singapore said the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing. Veritas is a part of Singapore’s National AI Strategy and aims to provide financial institutions with a verifiable way to incorporate the FEAT (Fairness, Ethics, Accountability and Transparency) principles into their Artificial Intelligence and Data Analytics (AIDA) solutions. The metrics will help financial institutions validate the fairness of their AIDA solutions in the two use cases. More use cases will be identified in subsequent phases of the initiative. Sopnendu Mohanty, chief fintech officer, MAS, 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 AIDA solutions against the principles of Fairness, Ethics, Accountability and Transparency. Two core teams within the Veritas consortium will be taking on the development of the fairness metrics. UOB and Element AI will develop the metrics on credit risk scoring, whereas HSBC, IAG Firemark Labs and Gradient Institute will develop the metrics on customer marketing.