Monetary Authority of Singapore

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.Continue Reading Singapore releases responsible AI toolkit for finance sector

The Monetary Authority of Singapore has launched a public consultation to gather feedback on two sets of proposed rules which it will soon impose on Singapore financial institutions (FIs), with a view to improving existing consumer safeguards, including for such FIs’ digital prospecting and marketing activities. 

What do the proposed rules seek to achieve?