January 21, 2025
Copenhagen, Denmark
Research indicates that AI will provide the financial services industry with US$140 billion in productivity gains and cost savings by 2025. However, implementing AI raises questions around ethics, data governance, trust, and legality. In regulated sectors such as banking and insurance, an inability to explain AI reasoning can expose firms to risks like regulatory non-compliance issues, potential lawsuits, and reputational risk.
2021 marked the launch of the Global Veritas Challenge organized by the Monetary Authority of Singapore (MAS) and Accenture. The competition seeks to accelerate the development and validation of Artificial Intelligence and Data Analytics (AIDA) solutions in the financial sector. This year’s challenge primarily focuses on how to validate the fairness of AI solutions.
FinTech firms, solution providers, and financial institutions worldwide were invited to submit innovative solutions to address eight problem statements identified by banks. 2021.AI is a finalist in the Risk, Compliance & Fraud Monitoring problem statement category.
Fraud detection solutions typically rely on historical and/or statistical datasets such as transaction patterns, demographics, and geo-location data to identify suspicious activities or behaviors. The data source may lead to unknown or unintended biases (e.g., a particular demographic group being flagged out).
On October 15, 2021.AI will submit a solution demonstrating how fairness can be incorporated into the algorithm development, testing, and data handling process using our platform, GRACE. The solution will ensure no unknown or unintended biases exist while protecting financial institutions against potential fraud. We aim to deliver a scalable solution that can become a benchmark for AI fairness.
In 2019 the Veritas Initiative was introduced as part of Singapore’s National AI Strategy. The initiative aims to help financial service institutions adopt progressive yet responsible AIDA systems. To strengthen trust and promote greater adoption of AI solutions in the financial sector, the Monetary Authority of Singapore (MAS) has worked with a consortium of tech companies and FSIs to develop the Fairness, Ethics, Accountability, and Transparency (FEAT) principles.
Ten finalists have been shortlisted for a program where they will develop customized prototypes on the API Exchange (APIX) AI Sandbox (known as Veritas) under the guidance of industry leaders. Finalists will pitch their solutions during the Global Veritas Challenge Demo Day on October 20th, 2021, as part of the Singapore FinTech Festival (SFF).
The winners will showcase their projects to a global audience during the SFF, held from 8 to 12 November 2021.
2021.AI serves the growing enterprise need for full management and oversight of applied AI. Our data science expertise, combined with the GRACE AI Platform, offers a real AI differentiator for clients and partners worldwide. GRACE helps data scientists solve some of the most complex business problems while also providing organizations with the most comprehensive data and AI Governance capability for responsible, transparent, and trustworthy model development. 2021.AI is headquartered in Copenhagen, with employees in five locations globally.
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