Data forms the rails on which the digital economy runs. As we
become more digital-focused in more areas of our lives, the
proliferation of data being generated and stored will only
increase. Being the trusted custodians of customer data,
financial services firms will need to understand the
responsibilities associated with data ownership and the ethical
use of these data.
As we are still at the early stages of our data journey, we
have the opportunity to start the journey on the right footing
by championing a common set of principles on how financial
industry can use data responsibly. These principles should be
the standard that guides the financial institutions as they
balance data-driven customer innovation with ethics.
In November 2018, MAS released a set of principles to promote
fairness, ethics, accountability and transparency (FEAT) in the
use of artificial intelligence and data analytics (AIDA) in
Singapore’s financial sector. This set of principles is not
intended to be prescriptive and it provides high-level
guidelines for financial services firms to adopt as a
At UOB, we are also committed to being honourable and our
priority is to safeguard the interests of our customers. In view
of these principles, UOB has set up a multi-disciplinary data
ethics task force to develop a governing framework of policies
and processes that ensure its AIDA-driven decisions comply with
the FEAT principles. In addition, through the MAS Veritas
Consortium, of which UOB is a founding member, we have
collaborated with MAS and our partner, Element AI, to develop an
assessment methodology to measure fairness in AIDA models.
At UOB, we have robust standards, processes and policies to
ensure the ethical governance and use of data. We will continue
to strengthen this foundation of trust, by building upon the
best practices in Responsible AI and Data Ethics.