MAS and financial industry to develop guidance on responsible use of data analytics

SINGAPORE (Apr 2): The Monetary Authority of Singapore (MAS) is working with key stakeholders in the financial industry to develop a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions.

The industry is increasingly adopting AI and data analytics to better serve customers. But despite its potential to transform the financial industry for the better, these technologies can also potentially be misused, says MAS.

The regulator says the guide will set out key principles and best practices for the use of AI and data analytics, helping financial institutions to strengthen internal governance and reduce risks of data misuse.

---

Related Stories

• Savvy Black Friday shoppers use ChatGPT and other AI tools to find deals
• Banks in Singapore can withstand multiple shocks: MAS
• Changes in ICR, leverage to come into effect immediately, with additional disclosures in March

---