Check Out the 3 Winners of MAS’ Global Veritas Challenge 2021by Fintech News Singapore November 9, 2021
The Monetary Authority of Singapore (MAS) has announced the three winners of the inaugural Global Veritas Challenge 2021 where each of them received a cash prize of S$50,000.
The winners, selected from a pool of ten finalists, successfully addressed key challenges in validating the fairness of artificial intelligence (AI) solutions for specific banking use cases.
This year’s challenge focused on four use cases, namely (i) product marketing; (ii) risk, compliance and fraud monitoring; (iii) loan origination and know-your-customer (KYC); and (iv) credit scoring and profiling.
The finalists came from six countries in Asia, North America and Europe and were shortlisted from 74 submissions.
Winners of Global Veritas Challenge 2021:
Challenge Theme: Risk, Compliance and Fraud Monitoring
Aim: Integrate fairness into AIDA model development and live production monitoring for fraud detection.
Capabilities: Enables business teams to flag out individuals or groups that may be systematically disadvantaged and set thresholds to avoid unintended biases.
Challenge Theme: Product Marketing
Aim: Provide financial institutions with a set of standardised reusable components for screening and mitigating unwanted biases in marketing propensity models.
Capabilities: Equip financial institutions with a toolkit to enhance the fairness of their marketing practices, via screen for sensitive attributes and identify favourable/unfavourable outcomes by group; and remove systemic and harmful biases.
TruEra & Demyst Data
Challenge Theme: Credit Scoring & Profiling
Aim: Mitigate the effects of bias in credit scoring due to biases in training data or issues with the AIDA model.
Capabilities: The project uses external data (via Demyst platform) to build a machine learning-based credit scoring model.
It then uses TruEra’s AI solution to define a protected group and set a fairness objective; analyse this model for evidence of bias and accuracy issues; identify root causes contributing to such bias; and conduct targeted interventions.
Sopnendu Mohanty, Chief Fintech Officer of MAS said,
“We are very encouraged by the creative solutions of the winners and finalists of this year’s Global Veritas Challenge.
The solutions allow financial institutions to harness the tremendous benefits of AI in their operations while guarding against its risks.”