With various perspectives and expertise from members, Veritas will study the use cases and develop open source tools that institutions can use to validate their AI and data analytics solutions against the principles of fairness, ethics, accountability and transparency (“FEAT”). The objective is to improve trustworthiness, inclusivity and sustainability in the use of AI within the FSI.
For a start, Veritas will base its work on three core areas: Financial Service, Financial Safety and Financial Protecton. Please refer to MAS’ press release for more information.
Andy Maguire, Global Chief Operating Officer at HSBC, said: “Technological advancements, like data and AI, are critical to HSBC’s ambition of transforming its banking experience for customers but maintaining their trust is our cornerstone, so we’re excited to be collaborating with MAS on this project. The Veritas consortium will be globally groundbreaking in building a coherent framework for wide-spread AI by developing an open-sourced platform that implements FEAT principles, understanding emerging risks in different use cases, and providing appropriate guidance and oversight. For a global bank like HSBC, we will be able to experiment and innovate within the Singapore market, and take these common principles to develop core competencies and frameworks in other markets, thereby strengthening the AI proposition globally.”
Rakshit Kapoor, Group Chief Data Officer at HSBC, said: “The Veritas consortium is a refreshing approach to ways of working across industry peers and regulators. Through this partnership, we will develop an open-sourced platform that implements FEAT principles, understands emerging risks in different use cases, and provides appropriate guidance and oversight. By co-developing with regulators and other industry peers, this will also help increase our engagement with other regulators globally, and boost our research, know-how and intellectual property in this area. Although the Veritas initiative will benefit everyone directly involved, the primary benefit will be for our customers, and we’re excited to be embarking on this project with MAS.”