MAS writes guide for financial institutions' ethical AI use

The guide is targeted for completion by the end of 2018.

The Monetary Authority of Singapore (MAS) is developing a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions (FI).

According to an announcement, the guide will set out key principles and best practices for the use of AI and data analytics and help FIs to strengthen internal governance and reduce risks of data misuse. “The guide is targeted for completion by the end of the year. It will cover all segments of the financial sector including FinTech firms,” MAS said.

MAS formed the Fairness, Ethics, Accountability and Transparency (FEAT) Committee that will co-write the guide. Members comprise of leaders from FIs such as PrimePartners, SingTel, Allianz, the Singapore Exchange (SGX) and Singapore banks.

MAS said it will be engaging the industry to obtain views and feedback on the proposed guide in Q2 2018. “MAS is also working closely with the Infocomm Media Development Authority to coordinate a broader understanding of AI governance across sectors,” it added.

MAS chief data officer and FEAT committee co-chair David Hardoon said, “AI and data analytics have huge potential to transform the financial industry for the better. But these technologies can also potentially be misused. MAS looks forward to working with the industry to encourage innovative uses of these technologies while putting in place the right conditions for their ethical use based on the principles of fairness, accountability, and good governance.”

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.
The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.
If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia