The Monetary Authority of Singapore launches new competition for data analytics and AI solutions

The Monetary Authority of Singapore (MAS) has launched a new competition designed to accelerate the development of AI and data analytics (AIDA) solutions.

Its inaugural Global Veritas Challenge hopes to boost development of AIDA solutions that support fairness, ethics, accountability and transparency principles, as well as bolsters trust and adoption of the technology.

This challenge is available to FinTech companies, solution providers and financial institutions around the world. The regulator is looking for solutions that can solve eight problem statements supplied by banks.

Some of the statements focus on validating the fairness within various use cases, including product marketing, risk, compliance and fraud management, loan origination and KYC, and credit scoring and profiling.

Ten finalists will be shortlisted for the programme, where they will build customised prototypes. Participants will then pitch their solutions during the demo day on 20 October 2021 as part of the Singapore FinTech Festival.

Three winners will be chosen and rewarded with a cash prize of SGD 50,000 ($37,000).

This Global Veritas Challenge is being supported by Accenture.

MAS chief FinTech officer Sopnendu Mohanty said, “Responsible AI solutions which validate AI solutions against the FEAT principles (fairness, ethics, accountability and transparency) strengthen trust in AI technologies among users and the general public.

“This trust underpins all our AI development efforts and is vital to realising Singapore’s ambition as a global hub for AI in the financial sector. I invite all innovators to use this unique platform to showcase their responsible AI solutions to a global audience.”

Interested parties should file their application by 30 July 2021.

Accenture managing director Lee Joon Seong said, “The Global Veritas Challenge 2021 will help to uncover the practical ways in which businesses can incorporate the FEAT principles into their operations. Accenture is proud to be part of this journey as we further strengthen Singapore’s position not only as a leading financial services hub but also one that promotes responsible use of artificial intelligence in the industry.”

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