What has happened?

Singapore has announced that it is developing a guide to promote the ethical use of artificial intelligence (AI) and data analytics by financial institutions.

What does this mean?

In a press release, the Monetary Authority of Singapore (MAS) said that the guide will set out key principles and best practices for the use of AI and data analytics.

The guide aims to help financial institutions to strengthen internal governance and reduce risks of data misuse.

The guide, which is scheduled to be finished by the end of the year, will cover all segments of the financial sector, including FinTechs.

MAS said the guide is being co-created by a group of thought leaders and practitioners in data analytics in the financial sector.

A consultation will take place in Q2 2018 to obtain feedback on the guide.

Dr David Hardoon, Chief Data Officer of MAS and co-chair of the committee, said:

“AI and data analytics have huge potential to transform the financial industry for the better. But these technologies can also potentially be misused. MAS looks forward to working with the industry to encourage innovative uses of these technologies while putting in place the right conditions for their ethical use based on the principles of fairness, accountability, and good governance.”