The Monetary Authority of Singapore and a host of industry players have released an open-source toolkit to help financial institutions use artificial intelligence ethically and responsibly.
Singapore's government outlined plans to develop a governance programme around the use of AI back in 2018 as it sought to grapple with the consequences of the rapid rise of the technology in the financial services industry.
Now, MAS and a consortium of 27 industry players have published five white papers detailing assessment methodologies for the Fairness, Ethics, Accountability and Transparency (Feat) principles governing responsible AI use.
To help firms adopt the principles and methodologies, the consortium has put together the software toolkit, which enables the automation of the fairness metrics assessment and allows for visualisation of the interface and for the plug-ins to integrate with FI's IT systems.
Next up, the consortium will develop more use cases and run pilots with members to integrate methodologies with their existing governance framework.
Sopnendu Mohanty, chief fintech officer, MAS, says, "The new open-source software, assessment methodologies and enhanced guidance will further improve the technical capabilities of financial institutions in developing responsible AI for the financial sector."