Veritas Initiative (MAS-led consortium)
Is this legally binding?
Guidance. Voluntary guidance. Best practice, not obligation, until a contract or a regulator cites it.
Multi-phased MAS-industry collaborative project (Nov 2019, Jun 2023), part of Singapore's National AI Strategy, producing FEAT assessment methodologies, white papers and an open-source toolkit so financial institutions can evaluate AIDA-driven solutions against the FEAT principles. Voluntary methodology and tooling, not a regulatory requirement.
From the source
“Veritas aims to enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT) that MAS co-created with the financial industry in late 2018”
MAS Veritas Initiative page: What It Is
Instrument record
- Short name
- Veritas
- Date
- 2019-11
- Version
- Not versioned
- Cluster
- core
What this connects to
12 relations. Official relations are the ones the source documents state; anything marked GAGE analysis is our reading, not an agency's.
Operationalises1
- InstrumentPrinciples to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of AI and Data Analytics in Singapore's Financial SectorSupervisory expectation
Veritas enables FIs to evaluate AIDA-driven solutions against the FEAT principles
Issued by1
- AgencyMonetary Authority of Singapore (MAS)Binding, sectoral
MAS-led industry consortium; MAS announced each phase
Applies to1
- ConceptFinancial services sector (Singapore)Guidance
Methodologies and toolkit for financial institutions evaluating AIDA solutions
Cited by9
- ToolVeritas Toolkit (open source, v2.0)Guidance
Toolkit released under Veritas Phases 2-3
- SectionVeritas Phase 1: fairness assessment methodology (concluded 6 Jan 2021)Guidance
Phase of the Veritas project
- SectionVeritas Phase 2: full FEAT assessment methodology and Toolkit v1 (concluded 4 Feb 2022)Guidance
Phase of the Veritas project
- SectionVeritas Phase 3: Toolkit v2.0 and integration pilots (concluded 26 Jun 2023)Guidance
Phase of the Veritas project
- ConceptFEAT Fairness assessment methodologyGuidance
Assessment methodology published by the consortium
- ConceptFEAT Ethics & Accountability assessment methodologyGuidance
Assessment methodology published by the consortium
- ConceptFEAT Transparency assessment methodologyGuidance
Assessment methodology published by the consortium
- InstrumentConsultation Paper on Proposed Guidelines on Artificial Intelligence Risk Management for Financial Institutions (P017-2025)Consultation
CP para 2.4: Veritas Initiative supports FIs in incorporating FEAT into AIDA solutions
- InstrumentMindForge AI Risk Management Toolkit (Project MindForge phase 2)Guidance
Handbook Introduction: draws on the FEAT Principles and the work of the Veritas Initiative
Learn this properly
This page tells you what Veritas Initiative (MAS-led consortium) is and whether it binds you. The AI Governance program teaches the whole discipline, with dedicated coverage of the Singapore governance stack and the MAS regime, and every topic is passed by explaining it back in your own words, graded against the source.
See the AI Governance programVerified against the official source on 2026-08-17. GAGE is not affiliated with or endorsed by any agency named here, and nothing on this page is legal advice. How this is built and checked.
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