SINGAPORE (Apr 2): The Monetary Authority of Singapore (MAS) is working with key stakeholders in the financial industry to develop a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions.

The industry is increasingly adopting AI and data analytics to better serve customers. But despite its potential to transform the financial industry for the better, these technologies can also potentially be misused, says MAS.

The regulator says the guide will set out key principles and best practices for the use of AI and data analytics, helping financial institutions to strengthen internal governance and reduce risks of data misuse.

Targeted for completion by the end of 2018, the guide will cover all segments of the financial sector including fintech firms.

The guide will be created by a group of thought leaders and practitioners in data analytics in the financial sector.

MAS will also be engaging the industry to obtain views and feedback on the proposed guide in 2Q18, while also working with the Infocomm Media Development Authority (IMDA) to coordinate a broader understanding of AI governance across sectors.

David Hardoon, chief data officer of MAS and co-chair of the committee, says, “MAS looks forward to working with the industry to encourage innovative uses of these technologies while putting in place the right conditions for their ethical use based on the principles of fairness, accountability, and good governance.”