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LaunchFinanceSingaporeConfirmed

MAS-led consortium releases open-source Veritas Toolkit 2.0 for responsible AI in finance

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Source: Monetary Authority of Singapore

The Monetary Authority of Singapore said on 26 June 2023 that a consortium of 31 industry members had released Veritas Toolkit version 2.0. Version 1.0 in February 2022 assessed only fairness; 2.0 adds methods for ethics, accountability and transparency under MAS’s FEAT principles. Accenture and Bank of China led development, and a whitepaper sets out lessons from seven financial institutions including DBS, HSBC, OCBC, Standard Chartered and UOB.

Why it matters

Banks and insurers in Singapore received a free tool to test their AI use cases against the regulator’s FEAT principles, and MAS later built on this work in its AI risk guidelines.

When
26 Jun 2023
ID
WTA-N-2023-0069
Who
Monetary Authority of Singapore, Accenture, Bank of China, DBS, HSBC, OCBC, UOB, Standard Chartered

Summary by wheresthe.ai, from Monetary Authority of Singapore. Checked against the source on 9 Oct 2026.

Read the original at Monetary Authority of Singapore

Source copy: download the page as saved on 18 Oct 2026 (PDF). Documents the source offers: document 1 (PDF), document 2 (PDF). Also held by the Internet Archive.

Next stop on this Storyline: Led toMAS and banks publish a generative AI risk framework from Project MindForge

Cite this story

WTA-N-2023-0069: “MAS-led consortium releases open-source Veritas Toolkit 2.0 for responsible AI in finance.” wheresthe.ai, 26 Jun 2023. https://wheresthe.ai/d/sg-mas-veritas-toolkit-2-2023-06/ (source: Monetary Authority of Singapore).

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