Singapore financial industry to develop guidance on responsible use of data analytics

The Monetary Authority of Singapore has published a media release announcing that it is working with a group of thought leaders and practitioners in data analytics in the financial sector (together, the Fairness, Ethics, Accountability and Transparency Committee) to develop a guide to promote the responsible and ethical use of artificial intelligence and data analytics by financial institutions.

The guide will set out key principles and best practices for the use of AI and data analytics and will cover all segments of the financial sector, including FinTech firms. It is intended to help financial institutions strengthen internal governance and reduce risks of data misuse.

The MAS will be engaging and obtaining feedback from the industry on the proposed guide in Q2 2018, with the guide being targeted for completion by the end of 2018.