MAS launches global challenge to promote AI adoption in financial sector

THE Monetary Authority of Singapore (MAS) has launched the Global Veritas Challenge to promote the adoption of artificial intelligence (AI) solutions in the financial sector, it said on Monday in a statement.

The challenge aims to accelerate the development of AI and data analytics solutions which match the fairness, ethics, accountability and transparency (Feat) principles, under the Veritas framework. The Feat principles were created by MAS and the financial industry in 2018 to strengthen internal governance around the application of AI and the management and use of data.

AI solutions that are validated against the Feat principles strengthen trust in AI technologies among users and the general public, said chief fintech officer of MAS Sopnendu Mohanty. "This trust underpins all our AI development efforts and is vital to realising Singapore's ambition as a global hub for AI in the financial sector," he added.

The challenge, supported by Accenture, invites fintech companies, solution providers and financial institutions worldwide to submit solutions for problem statements focused on validating the fairness of AI solutions. These statements, identified by banks, include cases in product marketing, risk, compliance and fraud monitoring, loan origination and know-your-customer, and credit scoring and profiling.

Lee Joon Seong, managing director of Accenture's applied intelligence lead for South-east Asia, said that while many C-suite executives believe that AI is a key leverage to achieve growth objectives, "leaders must also understand the potential ethical and socio-technical implications and take steps to mitigate the risks and challenges that may arise" when incorporating AI into their business.

Up to 10 finalists will be shortlisted for a programme to develop customised prototypes on the API exchange AI Sandbox, known as Veritas, and pitch their solutions during the Global Veritas Challenge Demo Day on Oct 20 as part of the Singapore FinTech Festival (SFF).

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Of the finalists, up to three winners will be selected to each win a cash prize of S$50,000, and a chance to showcase their projects to a global audience during the SFF from Nov 8 to 12.

Interested applicants are encouraged to submit their applications for the challenge by July 30.