SINGAPORE - The Monetary Authority of Singapore will be working with financial industry partners on an initiative known as Veritas - a framework for financial institutions to promote the responsible adoption of artificial intelligence and data analytics.
"AI has the potential to transform financial services, but must be used in a safe and responsible manner," he told the audience. Veritas aims to provide financial institutions with a verifiable way to incorporate the FEAT principles into their AI and data analytics solutions. It will comprise open source tools that can be applied to different business lines, such as retail banking and corporate finance, and in different markets.
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