MAS Pushes for AI Innovation With Global Challenge Ahead of Its Fintech Festivalby Fintech News Singapore July 13, 2021
The Monetary Authority of Singapore (MAS) in collaboration with ASEAN Financial Innovation Network (AFIN) and Accenture has announced the launch of the inaugural Global Veritas Challenge where the theme revolves around “Codifying Responsible AI”.
The competition seeks to accelerate the development of solutions that validate artificial intelligence and data analytics (AIDA) solutions against the fairness, ethics, accountability and transparency (FEAT) principles, to strengthen trust and promote greater adoption of AI solutions in the financial sector.
Fintech firms, solution providers and financial institutions around the world are invited to submit innovative solutions to address eight problem statements identified by banks.
These problem statements focus on validating the fairness of AI solutions for selected banking use cases in (i) product marketing; (ii) risk, compliance and fraud monitoring; (iii) loan origination and know-your-customer (KYC); and (iv) credit scoring and profiling.
Up to 10 finalists will be shortlisted for a programme where they will develop customised prototypes on the API Exchange’s (APIX) AI sandbox (known as Veritas), under the guidance of industry leaders.
Finalists will pitch their solutions during the Global Veritas Challenge Demo Day on the 20th October 2021 as part of the Singapore Fintech Festival (SFF).
Up to three winners will be selected, with each receiving a cash prize of S$50,000. The winners will showcase their projects to a global audience during the SFF, which will be held from 8 to 12 November 2021.
Interested parties are encouraged to submit their applications for the Global Veritas Challenge by 30 July 2021.
Sopnendu Mohanty, Chief Fintech Officer, MAS, 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.”