MAS completes first phase of AI ethics initiative

‘Veritas’ aims to tackle bias in AI-driven financial services

Artificial intelligence

The Monetary Authority of Singapore says it has successfully completed the first phase of its ‘Veritas’ initiative, which is seeking to tackle biases in artificial intelligence-driven financial services.

Alongside an industry consortium – including banks, insurers, and tech firms such as Amazon and Google – the MAS has developed a method of validating the fairness, ethics, accountability and transparency (Feat) of AI-driven credit risk scoring and customer marketing. The group has released open

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