Element AI Announces Collaboration with Veritas Consortium led by Monetary Authority of Singapore (MAS) to Support Development of Framework for Responsible Use of AI in the Financial Industry

As a technical provider, Element AI will work together with other consortium members to develop specialized metrics that will help financial institutions assess the fairness measures of their Artificial Intelligence solutions

 

SINGAPORE – Media
OutReach – 29 May 2020 – Element AI, a global developer of artificial
intelligence-powered (AI) solutions and software, today announced a new
collaborative relationship with the Veritas Consortium led by Monetary
Authority of Singapore (MAS), to assist with developing a framework for driving
the responsible adoption of AI in the financial services industry.  The consortium has an overarching mandate to
implement the FEAT principles (Fairness, Ethics, Accountability, Transparency)
as critical considerations for the deployment of Artificial Intelligence and
Data Analytics (AIDA) technologies within financial institutions.

 

The FEAT principles and the Veritas
initiative are part of Singapore’s National AI Strategy, aimed at building a
vibrant and responsible environment for AI adoption within the financial
sector.  As one of the AI technology
providers to the consortium, Element AI’s involvement aims to include a range
of research and development activities in support of this mandate. One of the
first initiatives being undertaken is in collaboration with United Overseas Bank
(UOB), one of the lead consortium members. Together they will develop a set of
quantifiable metrics for financial institutions to assess the extent to which
data and the algorithms or models used to evaluate credit scoring for unsecured
lending meet the principles of Fairness.

 

The consortium’s goal is to
publish a research report on the project and to open-source the code for the
metrics for AI practitioners to review and to eventually use within their own
organizations. The report is expected to be published in the second half of
2020.

 

Johnson Poh, Head of Group Enterprise AI and Data Science,
Data Management Office, UOB, said, “At UOB, we uphold the highest standards in
safeguarding and using data appropriately for our customers and have in place a
governance framework to ensure the ethical use of data within the Bank. As a
founding member of the Veritas initiative and through our collaboration with
Element AI, we aim to develop a set of metrics which could be used as an
industry benchmark that upholds the Fairness principle in the area of credit
scoring for unsecured lending.”

 

“The Veritas initiative perfectly demonstrates why Singapore
continues to be a global leader in applied AI,” said Jean-François (JF) Gagné,
CEO and Founder of Element AI. “The MAS approach to nurturing innovation and
partnering with industry, whilst setting the standards and principles required
for the responsible deployment of technology, is aspirational. Element AI is
honoured to act as an advisor to the MAS and as a partner to UOB on this
important initiative of global significance,” added
Gagné.

 

To learn more about Element AI advisory & enablement, and
AI-powered solutions, visit: https://www.elementai.com/

About Element AI

Element
AI develops AI-powered solutions and services that help people and machines
work smarter, together. Founded in 2016 by serial entrepreneurs including JF
Gagné and A.M.Turing Award recipient, Yoshua Bengio, PhD, Element AI turns
cutting-edge fundamental research into software solutions that exponentially
learn and improve. Its end-to-end offering includes advisory services and AI
enablement tools and products, aimed at helping large organizations
operationalize AI for real business impact. Element AI maintains a strong
connection to academia through research collaborations and takes a leadership
position in policymaking around the impact of AI technology on society. https://www.elementai.com.

 

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