Microsoft has joined the Veritas consortium launched by the Monetary Authority of Singapore (MAS) to improve the trust of the use of artificial intelligence in the financial industry.
The news comes on the back of Microsoft’s previous collaboration with Standard Chartered, Deutsche Bank, Visa and Linklaters to pilot application of the fairness, ethics, accountability and transparency, so-called FEAT principles, and the Singapore Personal Data Protection Commission Model AI Governance Framework.
“Veritas consortium led by MAS is an important initiative in building trust in AI to support its widespread adoption within the FSI industry, across Asia and beyond,” said Connie Leung, financial services lead at Microsoft Asia.
Microsoft will be one of 25 organisations joining the Veritas consortium. As an advisory member it will share best practises, research and support the responsible use of AI in the financial services industry.
“AI is a gamechanger for the FSI sector, with early adopters of AI advancing their lead. There is therefore a need to ensure its responsible use, for it to reach its full potential while securing the fairness, reliability, safety and privacy of organizations, end-users and societies at large,” said Leung.
The announcement marks part of a trend of more companies taking care to promote ethical AI. As an example, RegTech company Accent recently hosted a talk about what ethical AI is and why it is important to discuss.
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