MAS introduces new FEAT Principles to promote responsible use of AI and data analytics
Singapore, 12 November 2018… The Monetary Authority of Singapore (MAS) has released a set of principles to promote fairness, ethics, accountability and transparency (FEAT) in the use of artificial intelligence (AI) and data analytics in finance.
2Known as the FEAT Principles, the document provides guidance to firms offering financial products and services on the responsible use of AI and data analytics, to strengthen internal governance around data management and use. This will foster greater confidence and trust in the use of AI and data analytics, as firms increasingly adopt technology tools and solutions to support business strategies and in risk management. The summary of the Principles is available in Annex A. The full document is available on MAS website.
3MAS has worked closely with a group of senior industry partners through a FEAT CommitteeMedia release in developing the Principles. The Principles also incorporates views and feedback from financial institutions, industry associations, FinTech firms, technology providers and academia. The Committee is co-chaired by MAS Chief Data Officer, Dr David Hardoon, and Mr Hsieh Fu Hua, Co-Founder and Advisor, PrimePartners.
4Dr David Hardoon said, “The FEAT Principles lay the foundation for a thriving AI and data analytics ecosystem. As the financial industry harnesses the potential of AI and data analytics on an increasing scale, we need to be cognisant of using these technologies in a responsible and ethical manner. The FEAT Principles are a significant first step that MAS has taken with the industry. I would also thank the FEAT committee members for their invaluable contribution towards this process.”
5Mr Hsieh Fu Hua said, “The FEAT Principles will be very useful as the financial industry continues to innovate. It is important to have a common set of principles to refer to as an industry benchmark and guide when thinking about how to use AI and data analytics in a responsible and ethical way. I am confident that the industry will endeavour to put these Principles into practice when developing or implementing internal governance around the use of these technologies.”