The Monetary Authority of Singapore (MAS) has released an open-source toolkit to enable the responsible use of Artificial Intelligence (AI) in the financial industry.

The Veritas Toolkit version 2.0 comes on the back of an earlier version released in February 2022 that focused on the assessment methodology for fairness.

The latest version, developed by a MAS-led consortium of 31 industry players, has an expanded scope to include the assessment methodologies for ethics, accountability and transparency principles as well.

Accenture and Bank of China are the main developers of the toolkit while BNY Mellon, DBS Bank, OCBC, UOB contributed to the pilot testing of this toolkit.

The consortium also published a white paper detailing the key lessons learnt by seven financial institutions which piloted the integration of Veritas methodology with their internal governance framework.

Google had applied the assessment methodologies to Google Pay’s detection of fraudulent payments in India while Swiss Re conducted a transparency assessment for its predictive AI-based underwriting use case.

In the coming years, the consortium will focus on training in the area of responsible AI and facilitate adoption of the Veritas methodologies and toolkit.

MAS has also worked with some AI solution providers, such as IBM and SAS, to integrate the Veritas Toolkit with their AI solutions so that they can better serve their financial sector customers.

Sopnendu Mohanty, Chief Fintech Officer, MAS, said,

“Given the rapid pace of developments in AI, it is critical that financial institutions have in place robust frameworks for the responsible use of AI. The Veritas Toolkit version 2.0 will enable financial institutions and FinTech firms to effectively assess their AI use cases for Fairness, Ethics, Accountability, and Transparency. This will help promote a responsible AI ecosystem.”