Singapore: Published Toolkit for Responsible Use of AI in the Financial Sector

On 26 June 2023, the Monetary Authority of Singapore (MAS) published an open-source Toolkit for the Responsible Use of AI in the Financial Sector, introducing the principles of fairness, ethics, accountability, and transparency for the responsible use of AI and data analytics. Further, a white paper was published outlining the findings from a pilot with seven financial institutions, which highlights the importance of a consistent and robust responsible AI framework that spans geographies, a risk-based approach to determine the governance required for the AI use cases, and responsible AI practices and training for the new generation of AI professionals in the financial sector.