Aim is to draw innovative AI and data analytics solutions that adhere to the principles of fairness, ethics, accountability and transparency (FEAT).
The Monetary Authority of Singapore (MAS) has announced the launch of the inaugural Global Veritas Challenge.
The competition, supported by Accenture, seeks to accelerate the development of solutions which validate artificial intelligence and data analytics (AIDA) solutions against the fairness, ethics, accountability and transparency (FEAT) principles — to strengthen trust and promote greater adoption of AI solutions in the financial sector.
Veritas is a framework that enables financial institutions to evaluate their AIDA-driven solutions against the FEAT principles, co-created by MAS with the financial industry in 2018 to strengthen internal governance around the application of AI and the management and use of data.
FinTech firms, solution providers and financial institutions around the world are invited to submit innovative solutions to address 8 problem statements provided by banks. These problem statements focus on validating the fairness of AI solutions for selected banking use cases of:
- Product marketing
- Risk compliance and fraud monitoring
- Loan origination and know-your-customer (KYC)
- Credit scoring/profiling
Up to 10 finalists will be shortlisted for a program where they will develop customized prototypes on the API Exchange (APIX) AI Sandbox (known as Veritas), under the guidance of industry leaders.
APIX, a product of the ASEAN Financial Innovation Network, is a not-for-profit entity formed by the MAS, the International Finance Corporation and the ASEAN Bankers Association, with the objective of supporting financial innovation and inclusion around the world.
Finalists will pitch their solutions during the Global Veritas Challenge Demo Day on 20 October 2021 as part of the Singapore FinTech Festival (SFF). Up to three winners will be selected, with each receiving a cash prize of S$50,000. The winners will showcase their projects to a global audience during the SFF, which will be held from 8 to 12 November 2021.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “Responsible AI solutions which validate AI solutions against the FEAT principles strengthen trust in AI technologies among users and the general public. This trust underpins all our AI development efforts and is vital to realising Singapore’s ambition as a global hub for AI in the financial sector. I invite all innovators to use this unique platform to showcase their responsible AI solutions to a global audience.”
According to Lee Joon Seong, Managing Director, Accenture’s Applied Intelligence Lead for Southeast Asia, research from Accenture found that the majority of C-suite executives believe AI is a key leverage to achieve their growth objectives.
Lee said: “When incorporating AI into their business, these leaders must also understand the potential ethical and socio-technical implications; and take steps to mitigate the risks and challenges that may arise. The Global Veritas Challenge 2021 will help to uncover the practical ways in which businesses can incorporate the FEAT principles into their operations.”