The Monetary Authority of Singapore (MAS) has unveiled an open-source toolkit meant to guide the country’s financial sector towards the responsible use of artificial intelligence.

The toolkit was developed in association with 31 industry players and aims to assist financial institutions in implementing assessment methodologies for the Fairness, Ethics, Accountability, and Transparency (FEAT) framework.

According to a report from SBR, this toolkit – named Veritas Toolkit version 2.01 – follows the first iteration 1.0 released in February 2022. This previous version was only focused on fairness, compared to the current one which added methodologies for ethics, accountability, and transparency.

The toolkit’s development was led by Accenture and Bank of China and pilot tested by several other banking institutions. Seven financial institutions across different sectors also contributed insights to the toolkit’s white paper, including BNY Mellon, DBS Bank, HSBC, OCBC Bank, Singlife, Standard Chartered Bank, and United Overseas Bank (UOB).

Some of the key lessons gleaned from the collaboration include:

• establishing a consistent and robust responsible AI framework across different regions
• adopting a risk-based approach to determine the necessary governance for AI use cases
• promoting responsible AI practices
• providing training for the emerging generation of AI professionals in the financial sector

Elsewhere in the country, Singlife head of sustainability Chia Ko Wen recently spoke to Insurance Business Asia about the firm’s ESG strategies and his thoughts on the recent departures from the Net-Zero Insurance Alliance.

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