On June 26, 2023, the Monetary Authority of Singapore (MAS) released an open-source toolkit to enable the responsible use of Artificial Intelligence (AI) in the financial industry.  

The Veritas Toolkit version 2.0[1], developed by a consortium of 31 industry players[2] and led by MAS, is the first responsible AI toolkit developed specifically for the financial industry. It assists financial institutions (FIs) in carrying out assessment methodologies to meet the Fairness, Ethics, Accountability and Transparency (FEAT)[3] principles required to demonstrate responsible use of AI and data analytics.

The earlier iteration of Veritas Toolkit version 1.0 was released in February 2022[4], and focused on the assessment methodology for Fairness. Veritas Toolkit version 2.0 has an improved Fairness assessment methodology and includes assessment methodologies for Ethics, Accountability and Transparency.

The consortium has also published: (a) a white paper, detailing the key lessons learnt by seven FIs that piloted the integration of Veritas methodology with their internal AI governance framework; and (b) additional use cases[5] to illustrate the application of the Veritas methodology.

In the coming years, the consortium will focus on training in the area of responsible AI, and help spur the adoption of the Veritas toolkit and methodologies among other FIs.


It is heartening to witness the multistakeholder approach towards responsible AI development and use, starting with the financial industry in Singapore. The making available of the Veritas toolkit version 2.0, together with the recently open-sourced AI Verify toolkit, as open-source materials will not only go a long way towards promoting a responsible AI ecosystem for the financial sector in Singapore, but also lays the groundwork for other likeminded industries and economies to follow suit.

Disclaimer: While every effort has been made to ensure that the information contained in this article is accurate, neither its authors nor Squire Patton Boggs accepts responsibility for any errors or omissions. The content of this article is for general information only, and is not intended to constitute or be relied upon as legal advice.

[1] https://github.com/veritas-toolkit/

[2] https://www.mas.gov.sg/-/media/mas/news/media-releases/2023/annex–list-of-veritas-consortium-members-phase-three.pdf

[3] https://www.mas.gov.sg/news/media-releases/2018/mas-introduces-new-feat-principles-to-promote-responsible-use-of-ai-and-data-analytics

[4] https://www.mas.gov.sg/news/media-releases/2022/mas-led-industry-consortium-publishes-assessment-methodologies-for-responsible-use-of-ai-by-financial-institutions

[5] https://www.mas.gov.sg/-/media/mas/news/media-releases/2023/veritas-document-6—feat-principles-assessment-case-studies.pdf