On November 12, 2018, the Monetary Authority of Singapore released guidelines for financial services firms to consider when they make decisions related to artificial intelligence and data analytics.
The guidelines, entitled “Principles to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of Artificial Intelligence and Data Analytics in Singapore’s Financial Sector”, are believed to be the first AIDA guidelines issued by a central bank or financial regulator, and emphasize the importance of fairness, ethics, accountability and transparency in how firms utilize AIDA with respect to their customers.
Click here, to continue reading on the Cleary FinTech Update blog.