Source of article: The Business Times
Writer credits: Robsn Lee
In summary:
Singapore launched the AI Verify Foundation on 7 June 2023 to promote the development of tools for the safe and responsible adoption of AI.
AI Verify is a framework for AI governance testing and an integrated toolkit developed by the Singapore Infocomm Media Development Authority (“IMDA”). It verifies the performance of AI systems against internationally recognized principles and is consistent with the AI governance frameworks of the European Union and Organisation for Economic Co-operation and Development.
On 26 June 2023, the Monetary Authority of Singapore-led industry consortium released an open-source toolkit known as the Veritas Toolkit version 2.0 (“Veritas”). Veritas allows financial institutions and Fintech firms to evaluate their use cases against the principles of Fairness, Ethics, Accountability, and Transparency (“FEAT Principles”) through its assessment methodologies. The FEAT Principles serves as a set of guidelines to companies offering financial products and services on how to use AI responsibly.
Singapore’s efforts in championing the responsible use of AI started as early as 2019 when the Model AI Governance Framework (the “Model Framework”) was released by the Personal Data Protection Commission. The first edition of the Model Framework was published on 23 January 2019 for public consultation, adoption and feedback. The second edition was subsequently released on 21 January 2020.
The Model Framework is not a set of prescriptive regulatory guardrails. It is a set of best practices introduced to bring industry players to a level of acceptable ethical standards in relation to the use of AI.
The two main guiding principles of the Model Framework are: (i) organisations utilising AI in their decision-making should ensure that the processes is explainable, transparent and fair; and (ii) AI solutions should be human-centric.
I shared my views on some salient legal issues that merit a cohesive and concerted approach to regulating AI worldwide, in an Op Ed piece published by the Singapore Business Times on 12 August 2023. See attached.
My post on LinkedIn is here.