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Compared to human decision-making, the nature and the increasing use of AI may heighten the risks of systematic misuse. This may result in impacts which are more widespread, perpetuated at greater speed. When used responsibly and effectively, AI has significant potential to improve business processes, mitigate risks and facilitate stronger decision-making. The Monetary Authority of Singapore has developed a set of principles to promote fairness, ethics, accountability and transparency (FEAT) in the use of AI and data analytics in Singapore’s financial sector.

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