About the Veritas Initiative
As part of the Veritas initiative, the Monetary Authority of Singapore (MAS), ASEAN Financial Innovation Network (AFIN) and Accenture are organising the inaugural Global Veritas Challenge 2021 – Codifying Responsible AI.
The Veritas initiative was launched in 2019 to enable financial institutions to assess their Artificial Intelligence and Data Analytics (AIDA)-driven solutions against the principles of Fairness, Ethics, Accountability and Transparency (FEAT). The FEAT principles were co-created by MAS and the financial industry to provide guidance to firms offering financial products and services on the responsible use of AIDA and to strengthen internal governance around data management and use.
[Click here] to read the whitepaper that explains the Veritas Fairness methodology.
[Click here] to watch an introduction video about the Veritas Fairness methodology
[Click here] to read the whitepaper that illustrates the methodology in two banking uses cases (Credit Risk Scoring & Customer Marketing).
[Click here] to access the two open-source codes to illustrate the Veritas Fairness methodology in two banking use cases (Credit Risk Scoring & Customer Marketing).
The concept: Fairness
Using the Global Veritas Challenge 2021 as the first step to implement Responsible AI, we will focus on the Fairness principle during this challenge.
Who can join?
We are inviting AI firms, FinTech firms, start-ups, financial institutions and tech solution providers across the globe to develop innovative technology-based solutions that can help financial service providers adhere to the Fairness principle. This would guard against bias and improve access to financial services.
How the challenge works
The Fairness problem statements have been grouped into four themes, and participating teams can select any one of the problem statements below to develop scalable and practical solutions addressing them.
Based on the proposals submitted (during registration), up to 10 teams will be selected to receive mentorship from subject matter experts and be given access to the APIX AI Sandbox (Veritas) to prototype their solutions. The APIX AI Sandbox (Veritas) is a comprehensive testing and development platform that will include data sets and APIs that teams can use as part of their solutions. From these 10 teams, three winners will be awarded S$50,000 each and the opportunity to present their solutions during the Singapore FinTech Festival 2021.
Bringing your solutions to life
On top of the cash prize, the 10 finalist teams will stand a chance to work with banks to implement their solutions. Banks may be eligible for up to S$1.5M in funding support under the AIDA grant for qualifying projects. Finalists will also have the opportunity to be part of the Veritas project in 2022 to further expand their solution with financial support.