Singapore: Adopted FEAT principles in the use of artificial intelligence and data analytics in Singapore's financial sector

On 12 November 2018, the Monetary Authority of Singapore (MAS) adopted the FEAT principles on the use of artificial intelligence and data analytics (AIDA) in Singapore's financial sector. The objectives of the principles are to provide firms that provide financial products and services with a foundation to consider when using AIDA in decision-making processes, to help firms contextualise and operationalise governance in the use of AIDA within their business models and corporate structures, and to promote public trust in the use of AIDA. The FEAT principles are fairness, ethics, accountability, and transparency. Fairness entails that neither individuals nor groups shall be systematically disadvantaged through AIDA-driven decisions, unless justified. Ethics includes that the use of AIDA shall be aligned with the firm's ethical standards, values and codes of conduct and that AIDA-driven usage shall be to the same ethical standards as human-driven decisions. Accountability entails internal and external accountability, according to which AIDA-driven decision-making shall be approved by an internal authority and that external data subjects may enquire about AIDA-driven decisions that affect them. Lastly, transparency includes the proactive disclosure of AIDA usage. The principles were created together with the Personal Data Protection Commission (PDPC), the Infocomm Media Development Authority (IMDA), the financial industry and other relevant stakeholders. The principles are intended to replace existing relevant internal governance frameworks and do not replace compliance with relevant laws and regulations.