Veritas is a framework that enables financial institutions to evaluate their AIDA-driven solutions against the fairness, ethics, accountability and transparency (FEAT) principles. The Veritas framework was highlighted by Heng Swee Keat, deputy prime minister of Singapore, in his speech laying out Singapore’s National AI Strategy at SFF x SWITCH in 2019.
The Monetary Authority of Singapore (MAS) co-created FEAT with the financial industry in 2018 to strengthen internal governance around the application of AI and the management and use of data.
To accelerate the development of solutions that validate artificial intelligence and data analytics (AIDA) solutions against the FEAT principles, the MAS has launched the inaugural Global Veritas Challenge. Other objectives of the initiative include: strengthening trust and promote greater adoption of AI solutions in the financial sector.
The Challenge is open to FinTech firms, solution providers and financial institutions from around the world. Interested parties 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.
The road to winning
Up to 10 finalists will be shortlisted for a programme where they will develop customised prototypes on the API Exchange (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 20 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.
Sopnendu Mohanty, chief fintech officer, MAS, said, “Responsible AI solutions which validate AI solutions against the FEAT principles strengthen trust in AI technologies among users and the 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.”