The Monetary Authority of Singapore (MAS) has assembled a group of industry players to help develop a guide on the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions.

The 10-member Fairness, Ethics, Accountability and Transparency (Feat) Committee will be co-chaired by MAS chief data officer David Hardoon and PrimePartners co-founder Hsieh Fu Hua, MAS said yesterday.

Its members are Senior Counsel V. K. Rajah, Singtel non-executive independent director Teo Swee Lian, Allianz chief data scientist Raymond Au, DBS chief data and transformation officer Paul Cobban, Standard Chartered Bank chief data officer Shameek Kundu, United Overseas Bank chief data officer Richard Lowe, OCBC Bank head of group customer analytics and decisioning Donald MacDonald, and Singapore Exchange head of fintech and data Kelvin Tan.

The guide, which MAS aims to complete by the year end, will "set out key principles and best practices for the use of artificial intelligence and data analytics, helping financial institutions to strengthen internal governance and reduce risks of data misuse", MAS said in a statement.

Mr Hardoon said that while AI and data analytics have huge potential to transform the financial industry, they 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.