Financial groups in Singapore are joining forces on how hot technology ideas reshaping the industry should be used responsibly, at a time of concern about client privacy and control.

Singapore’s principal financial regulator and central bank has brought major banking and financial sector firms to work out how artificial intelligence technologies and data analytics can be used ethically. 

A committee of 10 members, co-chaired by Monetary Authority of Singapore chief data officer David Hardoon and PrimePartners co-founder Hsieh Fu Hua has been created to push responsible use of AI and Big Data, MAS said earlier this week. 

Other members of the committee are Senior Counsel V K Rajah, Singtel non-executive independent director Teo Swee Lian, Allianz chief data scientist Raymond Au; DBS chief data and transformation officer Paul Cobban, Standard Chartered Bank chief data officer Shameek Kundu, United Overseas Bank chief data officer Richard Lowe, OCBC Bank head of group customer analytics and decisioning Donald MacDonald, and Singapore Exchange head of fintech and data Kelvin Tan.

A guide will be brought out by MAS by the end of this year, the organisation said in a statement.

Developments in AI and Big Data are shaking up the world of wealth management and financial services more broadly, such as in the current trend of “robo-advisory” services and data analysis of investments and client behaviour. Debate continues to swirl over whether such technologies will make wealth advisors redundant or make them more effective in serving clients.