Microsoft Asia has joined Veritas consortium to empower financial institution with artificial intelligence (AI) implementations.

Introduced in 2019, the Veritas consortium is led by the Monetary Authority of Singapore (MAS).

Microsoft will act as an Advisory member of Veritas and share its best practices and research and ensure responsible use of AI in the Financial Services Industry (FSI).

The objective of the consortium is to facilitate good AI governance practices for financial institutions while incorporating fairness, ethics, accountability and transparency (FEAT) principles into their implementations.

Microsoft will work to equip the financial ecosystem with the right tools to allow the usage of data and AI responsibly for agility, customer insights and data-driven decision making.

It will bring its technological expertise, research and ethical AI principles to the consortium to help its members adopt and embrace the FEAT principles.

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Microsoft Asia financial services lead Connie Leung said: “At Microsoft, we are committed to supporting our customers and partners in their digital transformation and we welcome MAS’s leadership in establishing this platform.

“Veritas is an important platform for multi-disciplinary collaboration and open dialogue between the industry and regulators allowing to further build trust in AI to support its widespread adoption within the FSI industry, across Asia and beyond.

“Microsoft will continue to contribute and support customers, partners and regulators on AI and talent development to create awareness of the benefits of AI through scalable cloud infrastructure to empower organizations to innovate and digitally transform.”