Read this quarter’s Intermedia here

NEWS

Singapore Unveils New AI Framework for Financial Institutions

20.11.2019
Share this

Regulation Asia reports that the MAS (Monetary Authority of Singapore) has announced the launch of a new collaboration with the financial industry to create an artificial intelligence framework for financial institutions. This comes as the new National Artificial Intelligence strategy was announced by Singapore’s deputy prime minister Heng Swee Keat at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.

The MAS aims to promote the adoption of Artificial Intelligence and Data Analytics (AIDA) as part of its new framework, called Veritas. It will enable financial institutions to evaluate AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT). FEAT was co-created by the MAS with the financial industry last year to strengthen internal governance around the application of AI and data management.

At the same event, it was announced that Enterprise Singapore and the Infocomm Media Development Authority (IMDA) have launched the Open Innovation Network (OIN). This online directory brings together nationwide open innovation challenges across sectors. Aiming to foster innovation through collaboration, the OIN plans to match organisations (including enterprises, government agencies, trade associations and chambers) looking for tech and digital solutions with solution providers such as SMEs and innovative startups.

Read more: Regulation AsiaSmart Nation Singapore and Fintech News Singapore

Regulation Asia reports that the MAS (Monetary Authority of Singapore) has announced the launch of a new collaboration with the financial industry to create an artificial intelligence framework for financial institutions.

Theme:
Content: innovation, regulation and markets, Privacy, Safety, Security, Investment
Region:
Asia Pacific
Series:
Regulatory Watch
You may also like... News
Regulatory Watch – July 2024 30.07.2024
News
EU AI digital conundrum
Regulatory Watch – June 2024 26.06.2024
News
Regulatory Watch – May 2024 29.05.2024

Latest

Publication
IIC Roundtable – A new EU Industrial Policy for the Communications Sector – November 2024 04.12.2024
Publication
IIC Brussels Chapter Meeting: Final Countdown – Preparing for the NIS2 Directive and its Implementing Act – October 2024 03.12.2024
Blog
Regulatory Watch – November 2024 26.11.2024
Publication
IIC USA Chapter – The rise and growth of streaming video services around the world – October 2024 30.10.2024
View All
Back to the top

The IIC is the world's only policy debating platform for the converged communications industry

We give innovators and regulators a forum in which to explore, debate and agree the best policies and regulatory frameworks for widest societal benefit.

Insight: Exchange: Influence

We give members a voice through conferences, symposiums and private meetings, as well as broad exposure of their differing viewpoints through articles, reports and interviews.

The new website will make it easier for you to gather fresh insights, exchange views with others and have a voice in the debate

Take a look Learn more about our updates
Please upgrade your browser

You are seeing this because you are using a browser that is not supported. The International Institute of Communications website is built using modern technology and standards. We recommend upgrading your browser with one of the following to properly view our website:

Windows Mac

Please note that this is not an exhaustive list of browsers. We also do not intend to recommend a particular manufacturer's browser over another's; only to suggest upgrading to a browser version that is compliant with current standards to give you the best and most secure browsing experience.