MAS And Financial Industry To Develop Guidance On Responsible Use Of Data Analytics

Proshare

Monday, April 02, 2018  10.36AM / MAS 

The Monetary Authority of Singapore (MAS) is working with key industry stakeholders to develop a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions.

 

The guide will set out key principles and best practices for the use of AI and data analytics, helping financial institutions 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 has brought together a group of thought leaders and practitioners in data analytics in the financial sector to co-create the guide. The full list of members of the Fairness, Ethics, Accountability and Transparency (FEAT) Committee, is at Annex A.

 

MAS 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 co-ordinate a broader understanding of AI governance across sectors.

 

Mr Hsieh Fu Hua, former chairman of UOB group, and co-chair of the FEAT committee, said, “The guide would be very useful for the financial industry. As the industry increasingly adopts AI and data analytics to serve their customers, they must also play their part to ensure that these technologies are used in a responsible manner.”

 

Dr David Hardoon, Chief Data Officer of MAS and co-chair of the committee, 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.”

 

Annex A: Composition of Fairness, Ethics, Accountability and Transparency (FEAT) Committee

 

1. David Hardoon (Co-Chair); Chief Data Officer, MAS

2. Hsieh Fu Hua (Co-Chair); Co-Founder and Advisor, PrimePartners

3. V K Rajah (Special Advisor); Senior Counsel and Member of Essex Court Chambers Duxton (Singapore Group Practice)

4. Teo Swee Lian (Advisor); Non-executive Independent Director, SingTel and Non-executive Independent Director, Avanda Investment Management

5. Raymond Au; Chief Data Scientist and Head of Asia Lab, Allianz

6. Paul Cobban; Chief Data & Transformation Officer, DBS

7. Shameek Kundu; Chief Data Officer, Standard Chartered Bank

8. Richard Lowe; Chief Data Officer, UOB

9. Donald MacDonald; Head of Group Customer Analytics & Decisioning, OCBC Bank

10. Kelvin Tan; Head of FinTech & Data, SGX

 

 Proshare Nigeria Pvt. Ltd.

 

Related News

1.       Government probes role of Cambridge Analytica in Nigeria's elections – Guardian Nigeria apr 02, 2018

2.      Cambridge Analytica boasts of dirty tricks to swing ... - The Guardian Uk Mar 19, 2018

3.      Cambridge Analytica - The Guardian UK Mar 17, 2018

4.      Japan Exchange Regulation: Introduction Of Artificial Intelligence To Market Surveillance Operations

5.      Fair Dealing in Advertising: Guidance For Crowdfunding And Peer- to-Peer Lending Published (NZ)

6.      SEC Publishes New Guidance On Cybersecurity Disclosures And Compliance Practice

7.      Establishment of the Euro Cyber Resilience Board for Pan-European Financial Infrastructures

8.     Technology and Innovation Support Centre Inaugurated

9.      UK's FCA and US Commodity Futures Trading Commission Sign Pact To Collaborate On FinTech Innovation

10.  Saudi Arabia Capital Market Authority Warns Investors Against Digital Currency Investment

11.   Regulators Are Looking at Cryptocurrency

12.  US will ensure cryptocurrencies are not used for Illicit activities-Mnuchin

13.  Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions

14.  ADX Signs Memorandum To Support Adoption Of Distributed Ledger Technology

15.   Mandatory National Identity Number Usage - Legal Alert

 

 

 

READ MORE:
Related News
SCROLL TO TOP