NovA! is an industry-wide AIDA technical platform to generate insights that address common challenges in the financial sector. The first use case focuses on Sustainability Linked Loans for Singapore's Real-Estate Sector.
Under the , a joint effort by MAS and the Smart Nation and Digital Government Group (SNDGG), we aim to develop Singapore into a global hub for Financial Institutions to research, develop, and deploy AIDA solutions to enhance productivity, Innovation and Job creation, and improve societal acceptance of AIDA due to better governance.
Industry-wide projects and utilities aim to provide FIs with AI-driven tools for insight generation.
The Veritas framework promotes the responsible use of AIDA. It aims to enable Financial Institutions to evaluate their AIDA-driven solutions against the principles of Fairness, Ethics, Accountability, and Transparency (FEAT). The FEAT principles were co-created with the financial industry in late 2018 to strengthen internal governance around AIDA application.
Veritas is a multi-phased project currently in it's second phase
MAS initiatives designed to promote AIDA adoption
The AIDA Grant aims to promote AIDA adoption through supporting Singapore-based Financial Institutions in their AIDA projects, with the specific objectives to improve decision making and/ or insight generation. It is part of the Financial Sector Technology and Innovation (FSTI) scheme under the Financial Sector Development Fund (FSDF).
MAS is committed to increasing the competitiveness of Singapore's financial sector and supporting long-term sustainable growth for the industry. Supporting AIDA adoption is one of our key strategies to help Financial Institutions evolve and gain an edge. Building a strong AIDA ecosystem will also help to propagate the development of in-demand technical skills amongst the local workforce, and boost Singapore's standing as a leading global financial hub.
- Sopnendhu Mohanty, Chief FinTech Officer, MAS
MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA). The framework, known as Veritas, will enable financial institutions to evaluate AIDA-driven solutions against the FEAT principles.
Ms Loo Siew Yee, AMD(PPF), spoke on the fundamentals of AML/CFT programmes, MAS' risk-targeted supervision and surveillance, financial institutions’ use of data analytics, and the upcoming supervision of virtual asset service providers.
Dr David Hardoon, Chief Data Officer, MAS spoke at the Asia-Pacific Risk Management Council Q2 Meeting. In his speech, he touched on whether FinTech and digital innovations could provide an ultimate solution for risk management.
Mrs Josephine Teo, Minister for Manpower, spoke on the joint IBF-MAS study on the impact of data analytics and automation on financial sector manpower. Minister also launched the Technology in Finance Immersion Programme, for mid-career professionals to take up tech jobs in the financial sector.
Mr Ravi Menon, Managing Director, MAS, launched the joint IBF-MAS study on “The Impact of Wider Integration of Data Analytics and Automation on Manpower in the Singapore Financial Services Sector”.