A new initiative is under way to help financial institutions promote the responsible adoption of artificial intelligence and data analytics.
Veritas aims to provide financial institutions with a verifiable way to incorporate the principles into their AI and data analytics solutions. He said at the event:"AI has the potential to transform financial services, but must be used in a safe and responsible manner."It will report on its findings and conclusions later next year.With Veritas, financial institutions will have the guideposts and toolkit to institute sound AI governance practices. This will pave the way for a vibrant and responsible AI-driven financial centre in Singapore. Interested organisations are welcome to participate in the consortium.
"With the BIS innovation hub centre here, I think it's a wonderful opportunity to see how this... can dovetail with the work that the centre will be doing." This is a"foundational public good" to bring about inclusive financial services through digital means, BIS said in a joint statement with MAS.