MAS steers debate on ethics of AI, Big Data; kicks off industry consult

Singapore

THE Monetary Authority of Singapore (MAS) is seeking intel from the financial industry on potential ethical pitfalls in the use of artificial intelligence (AI) and data analytics - with such consultation likely to lead to regulatory guidelines in this nascent space, The Business Times has learnt.

This comes amid an increasing use of AI and machine learning by financial institutions that promises stronger compliance standards as well as more efficient sales targeting, but also carries a danger that the use of predictive analytics can be predatory, or create financial exclusion.