Source of article: The Business Times

Writer credits: Yong Jun Yuan

In summary:

The Monetary Authority of Singapore (MAS) has led a consortium to launch an open-source toolkit named Veritas 2.0. This toolkit is designed to foster the responsible use of artificial intelligence (AI) in financial institutions. Veritas 2.0 is an improvement over its predecessor, offering improved assessment methodologies for fairness, ethics, accountability, and transparency. The consortium, consisting of 31 industry players such as Accenture and Bank of China, has also published a White Paper outlining key findings from seven financial institutions that trialed the toolkit.

MAS is also working with AI solution providers like IBM and SAS to integrate the toolkit and better assist financial-sector customers. Google is among the companies that have developed additional use cases for the Veritas methodology, applying it to evaluate the soundness of Google Pay’s detection of fraudulent payments in India.

Alongside the toolkit, MAS has proposed a framework for designing open, interoperable networks for digital assets in a report titled “Enabling Open & Interoperable Networks”. This effort is part of MAS’s Project Guardian, which explores the potential of asset tokenization and decentralized finance. As part of Project Guardian, 11 financial institutions are spearheading industry pilots in asset and wealth management, fixed income, and foreign exchange. The Japan Financial Services Agency has also joined Project Guardian, becoming the first overseas financial regulator to do so.