Schemes and Initiatives
Published Date: 26 October 2023

Veritas Initiative

What It Is

Veritas aims to enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT) that MAS co-created with the financial industry in late 2018 to strengthen internal governance around the application of AI and the management and use of data.

The Veritas is part of Singapore National AI Strategy. It was highlighted by Mr Heng Swee Keat, Deputy Prime Minister of Singapore, in his speech at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019 and 2020.

Veritas is a multi-phased collaborative project with financial industry. The project concluded its third phase on 26 June 2023. The latest Veritas Toolkit can be found at https://github.com/veritas-toolkit/ .

Project Phases


Phase 1
MAS first announced on 13 November 2019 that it had partnered the financial industry to create a framework for responsible use of AI. MAS later announced on 28 May 2020 the scope of Veritas Phase 1 and the consortium members.

The Phase 1 consortium includes the following organisations:

  • Amazon Web Services
  • AXA
  • Bank of China
  • BAFT (Bankers Association for Finance & Trade)
  • BNP Paribas
  • BNY Mellon
  • CFA Society Singapore
  • Citi Singapore
  • DBS Bank
  • Element AI
  • EY
  • IAG Firemark Labs & Gradient Institute
  • Goldman Sachs
  • HSBC
  • Industrial and Commercial Bank of China Limited
  • Microsoft
  • Monetary Authority of Singapore
  • MUFG Bank, Ltd
  • Ping An of China
  • Prudential Assurance Company Singapore
  • SGInnovate
  • Standard Chartered Bank
  • Swiss Re
  • Unionbank of the Philippines
  • United Overseas Bank Limited

Two core teams within the Veritas consortium were formed to develop the fairness metrics and assessment methodology for two banking use cases:

  • UOB and Element AI focused on credit risk scoring.
  • HSBC, IAG Firemark Labs and Gradient Institute focused on customer marketing.

Phase 1 successfully concluded on 06 January 2021 and produced two white papers:

Open source code for two use cases was also published on GitHub.

Phase 2
Veritas Phase 2 developed the full FEAT assessment methodology and Veritas Toolkit version 1.

The Phase 2 consortium includes the following organisations:

  • Accenture
  • Amazon Web Services
  • AXA
  • Bank of China
  • Bank of Singapore
  • BAFT (Bankers Association for Finance & Trade)
  • BNP Paribas
  • BNY Mellon
  • CFA Society Singapore
  • Citi Singapore
  • DBS Bank
  • Google Cloud
  • Goldman Sachs
  • HSBC
  • IBM
  • Industrial and Commercial Bank of China Limited
  • Microsoft
  • Monetary Authority of Singapore
  • MUFG Bank, Ltd
  • OCBC Bank
  • Ping An of China
  • Prudential Assurance Company Singapore
  • Standard Chartered Bank
  • Swiss Re
  • Truera
  • Unionbank of the Philippines
  • United Overseas Bank Limited

Four core teams within the Veritas consortium were formed to develop the methodologies, toolkit and business use case studies in the banking and insurance sectors:

  • Swiss Re and Accenture developed the fairness assessment methodology for insurance predictive underwriting
  • UOB, AXA and Accenture developed the ethics and accountability assessment methodology for customer marketing and insurance fraud detection
  • SCB, HSBC and Truera developed Transparency assessment methodology for credit risk scoring and customer marketing
  • Accenture and Bank of China developed Veritas Toolkit version one with the support from BNY Mellon, HSBC, SCB and UOB.
MAS announced the conclusion of Veritas Phase 2 on 4 February 2022. Five white papers and open source Veritas Toolkit were published.

Veritas Toolkit version one is available at https://github.com/veritas-toolkit/ .

Phase 3
Veritas Phase 3 worked on the three main areas:
  • Accenture and Bank of China enhanced the Veritas Toolkit to provide a full FEAT assessment functionality.
  • Seven FIs (BNY Mellon, DBS, HSBC, OCBC, Singapore Life Ltd (Singlife), Standard Chartered Bank and UOB) piloted the integration of FEAT/Veritas with their existing governance framework.
  • Swiss Re conducted a transparency assessment for its predictive AI-based underwriting use case, and Google applied the FEAT Assessment Methodologies to Google Pay's detection of fraudulent payments in India.

The consortium in Phase 3 includes the following organisations:

  • Accenture
  • Amazon Web Services
  • AXA
  • Bank of China
  • Bank of Singapore
  • BAFT (Bankers Association for Finance & Trade)
  • BNP Paribas
  • BNY Mellon
  • CFA Society Singapore
  • Citi Singapore
  • DBS Bank
  • Google Cloud
  • Goldman Sachs
  • HSBC
  • IBM
  • Industrial and Commercial Bank of China Limited
  • Microsoft
  • Monetary Authority of Singapore
  • Munich Re
  • MUFG Bank, Ltd
  • OCBC Bank
  • Ping An of China
  • Prudential Assurance Company Singapore
  • SGX
  • Singlife
  • Singapore FinTech Association
  • Standard Chartered Bank
  • Swiss Re
  • Truera
  • Unionbank of the Philippines
  • United Overseas Bank Limited
  • Visa

Phase 3 was concluded on 26 June 2023 and released Veritas Toolkit version 2 and two white papers.

In the coming years, the consortium will focus on training in the area of responsible AI and facilitate more FIs' adoption of the Veritas Methodologies and Toolkit, MAS has also worked with some AI solution providers, such as IBM and SAS, to integrate the Veritas Toolkit with their AI solutions so that they can better serve their financial sector customers. The consortium will work closely with these industry players to build the Veritas open-sourced developer community and train more responsible AI talents.