For responsible use of Artificial Intelligence (AI) and data analytics in the field of finance, the Monetary Authority of Singapore (MAS) introduced new FEAT principles today at the ongoing Singapore Fintech Festival today.
Making the announcement today, Ravi Menon, Managing Director of MAS, said, “We are pleased to release today a set of principles to promote Fairness, Ethics, Accountability & Transparency, or FEAT, in the use of AI and data analytics.”
“I’m told this is the first of its kind in the world – where the regulator and industry have come together to set guidelines on the responsible use of AI and data analytics. And I am sure this is a living document that will be continually updated as we learn more,” he added.
Notably, FEAT principles provide guidance to firms offering financial products and services on the responsible use of AI and data analytics, to strengthen internal governance around data management and use. This will foster greater confidence and trust in the use of AI and data analytics, as firms increasingly adopt technology tools and solutions to support business strategies and in risk management.
MAS has been actively working with the industry to develop principles to guide the responsible use of data in financial services. It has worked closely with a group of senior industry partners through a FEAT Committee in developing the Principles.
The principles also incorporates views and feedback from financial institutions, industry associations, FinTech firms, technology providers and academia.
The Committee is co-chaired by MAS Chief Data Officer, Dr David Hardoon, and Hsieh Fu Hua, Co-Founder and Advisor, PrimePartners.
Dr David Hardoon said, “The FEAT Principles lay the foundation for a thriving AI and data analytics ecosystem. As the financial industry harnesses the potential of AI and data analytics on an increasing scale, we need to be cognisant of using these technologies in a responsible and ethical manner. The FEAT Principles are a significant first step that MAS has taken with the industry. I would also thank the FEAT committee members for their invaluable contribution towards this process.”
Hsieh Fu Hua said, “The FEAT Principles will be very useful as the financial industry continues to innovate. It is important to have a common set of principles to refer to as an industry benchmark and guide when thinking about how to use AI and data analytics in a responsible and ethical way. I am confident that the industry will endeavour to put these Principles into practice when developing or implementing internal governance around the use of these technologies.”
