Singapore central bank to consult financial firms on implications of artificial intelligence and data analytics

Singapore’s central bank will consult financial firms in the city state in a bid to better understand the implications of their use of artificial intelligence (AI) and data analytics, according to a report in the local press.

According to The Business Times, the consultation being undertaken by the Monetary Authority of Singapore (MAS) could lead to the development of new guidelines for financial services firms.

MAS’ chief data officer, David Hardoor, told the newspaper: “Our objective is to foster innovative uses of AI and data analytics that take into account fairness, ethics, accountability and transparency in delivering services to customers. The nascent use of AI and data analytics in the financial sector gives us an opportunity to move ahead of the curve and set the right conditions for its ethical and proper use.”

Source: | Pinsent Masons LLP