MAS forms financial sector group to set rules for responsible use of AI, data

The Monetary Authority of Singapore is aiming to complete the guide by the end of the year, and will be engaging the industry in the second quarter of 2018.
The Monetary Authority of Singapore is aiming to complete the guide by the end of the year, and will be engaging the industry in the second quarter of 2018. PHOTO: ST FILE

SINGAPORE - The Monetary Authority of Singapore (MAS) has assembled a group of industry players to help the financial sector regulator 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, the MAS said in a statement on Monday (April 2).

Also on the committee 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 MAS is aiming to complete the guide by the end of the year, and will be engaging the industry in the second quarter of 2018.

The guide 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", the MAS said in a statement.

The MAS is also working with Singapore's Infocomm Media Development Authority on developing a broader understanding of artificial intelligence governance across sectors.