SINGAPORE (Nov 18): At last year’s Singapore FinTech Festival (SFF), the Monetary Authority of Singapore (MAS) released a paper outlining a set of principles in the use of artificial intelligence (AI) and data analytics in Singapore’s financial sector. These principles are known collectively as FEAT (or fairness, ethics, accountability and transparency).

While FEAT was conceptually defined and developed by MAS with various industry players, how these principles were applied in practice was not immediately clear. Moreover, what constituted the minimum threshold to achieve FEAT as well as the evaluation and verification mechanisms were similarly not defined.

This is where Veritas comes into the picture. It is a framework that enables financial institutions to come together to figure out ways to implement and evaluate their AI and data analytics solutions against FEAT in a verifiable manner. It is also a platform to share open source tools, ­particularly coding.

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