Element AI Announces Collaboration with Veritas Consortium led by Monetary Authority of Singapore (MAS) to Support Development of Framework for Responsible Use of AI in the Financial Industry
Element AI, a global developer of artificial intelligence-powered (AI) solutions and software, today announced a new collaborative relationship with the Veritas Consortium led by Monetary Authority of Singapore (MAS), to assist with developing a framework for driving the responsible adoption of AI in the financial services industry. The consortium has an overarching mandate to implement the FEAT principles (Fairness, Ethics, Accountability, Transparency) as critical considerations for the deployment of Artificial Intelligence and Data Analytics (AIDA) technologies within financial institutions.
The FEAT principles and the Veritas initiative are part of Singapore’s National AI Strategy, aimed at building a vibrant and responsible environment for AI adoption within the financial sector. As one of the AI technology providers to the consortium, Element AI’s involvement aims to include a range of research and development activities in support of this mandate. One of the first initiatives being undertaken is in collaboration with United Overseas Bank (UOB), one of the lead consortium members. Together they will develop a set of quantifiable metrics for financial institutions to assess the extent to which data and the algorithms or models used to evaluate credit scoring for unsecured lending meet the principles of Fairness.
The consortium’s goal is to publish a research report on the project and to open-source the code for the metrics for AI practitioners to review and to eventually use within their own organizations. The report is expected to be published in the second half of 2020.
Johnson Poh, Head of Group Enterprise AI and Data Science, Data Management Office, UOB, said, “At UOB, we uphold the highest standards in safeguarding and using data appropriately for our customers and have in place a governance framework to ensure the ethical use of data within the Bank. As a founding member of the Veritas initiative and through our collaboration with Element AI, we aim to develop a set of metrics which could be used as an industry benchmark that upholds the Fairness principle in the area of credit scoring for unsecured lending.”
“The Veritas initiative perfectly demonstrates why Singapore continues to be a global leader in applied AI,” said Jean-François (JF) Gagné, CEO and Founder of Element AI. “The MAS approach to nurturing innovation and partnering with industry, whilst setting the standards and principles required for the responsible deployment of technology, is aspirational. Element AI is honoured to act as an advisor to the MAS and as a partner to UOB on this important initiative of global significance,” added Gagné.
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