External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Singapore central bank reports successful first phase of ethical AI project 06 January 2021 Source: Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) today announced the successful conclusion of the first phase of the Veritas initiative which saw the development of the fairness assessment methodology in credit risk scoring and customer marketing. Veritas, which is a part of Singapore’s National AI Strategy, aims to provide financial institutions with a verifiable way to incorporate the FEAT (Fairness, Ethics, Accountability and Transparency) principles into their AIDA solutions. Please see MAS’ on 13 November 2019 for details on Veritas, on 12 November 2018 on FEAT and on 28 May 2020 for details on the first phase of the Veritas initiative. These are the first two use cases to help financial institutions validate the fairness of their Artificial Intelligence and Data Analytics (AIDA) solutions according to the Fairness, Ethics, Accountability and Transparency (FEAT) principles. The Veritas Consortium,The Veritas consortium has 25 members. Please refer to on 28 May 2020 for the full list of members for Phase One of Veritas and the annex for the full list of members for Phase Two of Veritas. comprising MAS and industry partners, also published whitepapers on the fairness assessment methodology and the open source code of these two use cases.