SINGAPORE (Nov 13): The Monetary Authority of Singapore (MAS) announced Wednesday it is working with financial industry partners to co-create a framework for the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).

This framework, known as Veritas, will enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT).

The Veritas framework was highlighted by Deputy Prime Minister Heng Swee Keat in his speech laying out Singapore’s National AI Strategy at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019 on Wednesday.

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