Singapore’s MAS launches Veritas Toolkit 2.0 for responsible AI in FinTech

Singapore’s Monetary Authority (MAS) presented a cutting-edge, open-source tool for encouraging the ethical utilisation of AI within the financial sector.

The Veritas Toolkit 2.0, the pioneering AI kit tailored specifically to the finance industry, was conceived by a group of 31 industry participants under MAS’s leadership.

The Veritas Toolkit 2.0 is an instrumental resource for financial institutions (FIs), providing them with the necessary assessment methodologies to comply with the Fairness, Ethics, Accountability and Transparency (FEAT) principles. These principles are vital for illustrating the responsible usage of AI and data analytics in the sector.

Building on its predecessor, Veritas Toolkit 1.0 (released February 2022), the latest version presents an advanced Fairness assessment methodology and, for the first time, introduces assessment methodologies for Ethics, Accountability, and Transparency.

Alongside the toolkit, the consortium published a white paper capturing key lessons from seven FIs that successfully integrated the Veritas methodology within their AI governance frameworks. Additionally, further use cases were published to showcase the practical application of the Veritas methodology.

The consortium plans to focus on responsible AI training in the forthcoming years to encourage widespread adoption of the Veritas toolkit and methodologies among FIs.

MAS recently announced the commencement of the 8th Global FinTech Hackcelerator.

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