27 April 2018
The Monetary Authority of Singapore (“MAS”) will be developing a guide in collaboration with key industry stakeholders to promote the responsible and ethical use of artificial intelligence (“AI”) and data analytics by financial institutions. The MAS announced this development on 2 April 2018.
Targeted to be completed by end 2018, 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 will cover all segments of the financial sector including FinTech firms.
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 (IMDA) to co-ordinate a broader understanding of AI governance across sectors.