The Monetary Authority of Singapore (MAS), in collaboration with 27 industry stakeholders, has introduced an open-source toolkit aimed at promoting ethical and responsible use of artificial intelligence (AI) within financial institutions.
Back in 2018, the Singaporean government initiated efforts to establish a governance framework for AI, addressing the challenges posed by the technology’s rapid expansion in the financial services sector. In line with this vision, MAS and its consortium have released five comprehensive white papers that outline methodologies for evaluating key principles of Fairness, Ethics, Accountability, and Transparency (FEAT) in relation to responsible AI deployment.
To facilitate the adoption of these principles and methodologies, the consortium has created a software toolkit designed to automate fairness metrics assessments. This toolkit also allows for interface visualization and integration with existing IT systems of financial institutions.
Looking ahead, the consortium plans to develop additional use cases and conduct pilot programs with members to seamlessly incorporate these methodologies into their governance frameworks. Sopnendu Mohanty, Chief Fintech Officer at MAS, emphasized that the introduction of the open-source software, assessment methodologies, and enhanced guidance will significantly bolster the technical capabilities of financial institutions as they strive to implement responsible AI solutions in the sector.