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Singapore to establish AI framework for 'fairness' credit scoring metrics

ZDNet

Singapore has kicked off efforts to develop a framework to ensure the "responsible" adoption of artificial intelligence (AI) and data analytics in credit risk scoring and customer marketing. Two teams comprising banks and industry players have been tasked to establish metrics that can assist financial institutions in ensuring the "fairness" of their AI and data analytics tools in these instances. The Monetary Authority of Singapore (MAS) said a whitepaper detailing the metrics would be published by year-end along with an open source code to enable financial institutions to adopt the metrics. These organisations then would be able to integrate the open source code into their own IT systems to assess the fairness of their AI applications, the industry regulator said in a statement Friday. It added that the open source code would be deployed on the online global marketplace and sandbox, API Exchange (APIX), which enabled fintech and FSI companies to integrate and test applications via a cloud-based platform.