Veritas is the MAS-led industry consortium, started in November 2019, that turned the FEAT Principles into assessment methodologies and an open-source toolkit. Its third phase concluded on 26 June 2023 with Veritas Toolkit version 2.0, developed by 'an MAS-led consortium of 31 industry players', which added Ethics, Accountability and Transparency assessments to the earlier Fairness methodology, plus a white paper on seven FIs' experience integrating Veritas into their governance. Banking use cases included credit risk scoring and customer marketing. It is voluntary; MAS's 2025-2026 AI risk management Guidelines cite Veritas as part of the foundation they build on.
OFFICIAL TEXT: mas.gov.sg ↗ · FINAL · MAS
| Document | MAS Veritas Toolkit 2.0 — Veritas Initiative: FEAT Principles Assessment Methodologies and Veritas Toolkit version 2.0 |
| Issued by | Monetary Authority of Singapore |
| Type | Framework |
| Status | Final |
| Published | Jun 26, 2023 |
| Applies to | Financial institutions, including banks, that want to assess AI and data-analytics use cases against MAS's FEAT Principles; voluntary, open-source and industry-developed under MAS leadership, not a supervisory requirement |
| Official source | mas.gov.sg ↗ |
| Use cases | Fair lending & discrimination · Credit scoring & underwriting · Model risk management · AI governance (general) · Fraud detection |
What are the key points of MAS Veritas Toolkit 2.0?
- Phase 1 (announced 13 November 2019, concluded 6 January 2021) built fairness metrics and assessment methodology for two banking use cases: credit risk scoring (UOB and Element AI) and customer marketing (HSBC, IAG Firemark Labs and Gradient Institute), published as Veritas Documents 1 and 2.
- Phase 2 (concluded 4 February 2022) produced the full FEAT assessment methodology — Veritas Documents 3, 3A-3C and 4 — and Veritas Toolkit version 1, focused on Fairness.
- Phase 3 (concluded 26 June 2023) released Veritas Toolkit version 2.0 with 'an improved Fairness assessment methodology' plus methodologies for 'Ethics, Accountability, and Transparency'; Accenture and Bank of China were the main developers, with BNY Mellon, DBS, OCBC and UOB pilot-testing.
- Veritas Document 5, 'From Methodologies to Integration', records lessons from BNY Mellon, DBS, HSBC, OCBC, Singlife, Standard Chartered and UOB: a consistent responsible-AI framework across geographies, 'a risk-based approach to determine the governance required for the AI use cases', and training for AI professionals.
- Further case studies: Swiss Re's transparency assessment of predictive underwriting and Google's application of the FEAT methodologies to Google Pay fraud detection in India (Veritas Document 6).
- The toolkit is open source on GitHub, and MAS worked with IBM and SAS to integrate it into their AI solutions.
- MAS says Veritas 'is part of Singapore National AI Strategy'; the MindForge Handbook and MAS's AI risk management Guidelines place FEAT, Veritas and MindForge in one stack.
What did MAS Veritas Toolkit 2.0 change for banks?
Veritas was the step between principles and supervision: FEAT (2018) said what fair, ethical, accountable and transparent AI decisions look like, Veritas gave banks testable methodologies and code to evidence it, and MAS's 2026 Guidelines on AI Risk Management now set supervisory expectations that a Veritas-style fairness and transparency assessment can help meet.
What is the MAS Veritas Toolkit?
An open-source toolkit, developed by an MAS-led consortium, that helps financial institutions run the FEAT assessment methodologies on their AI use cases. Version 2.0 (26 June 2023) covers Fairness, Ethics, Accountability and Transparency; version 1.0 (February 2022) covered Fairness only.
Is using Veritas required by MAS?
No. Veritas is a voluntary, industry-developed initiative. MAS's supervisory expectations for AI are in the Guidelines on Artificial Intelligence Risk Management (7 October 2026); Veritas methodologies are one way a bank can evidence fairness and transparency assessments under them.
Which banks took part in Veritas?
Phase 3 consortium members included BNY Mellon, Bank of China, Bank of Singapore, BNP Paribas, Citi Singapore, DBS, Goldman Sachs, HSBC, ICBC, MUFG, OCBC, Standard Chartered and UOB, alongside insurers, technology firms and MAS. Seven FIs piloted integrating Veritas into their governance frameworks.
| Date | Document | Status |
|---|---|---|
| Oct 7, 2026 | MAS Guidelines on Artificial Intelligence Risk Management — Guidelines on Artificial Intelligence Risk Management for Financial Institutions | Final |
| Jul 3, 2026 | MAS SAFR white paper on AI agents — Safeguards for Agentic Finance at Runtime (SAFR) | Final |
| Mar 20, 2026 | MAS MindForge AI Risk Management Toolkit — AI Risk Management: Operationalisation Handbook (Project MindForge AI Risk Management Toolkit) | Final |
| Mar 6, 2026 | MAS third-party risk management consultation (P004-2026) — Consultation Paper on Proposed Guidelines on Third-Party Risk Management | Proposed |
| Nov 13, 2025 | MAS Consultation Paper P017-2025 (AI Risk Management Guidelines) — Consultation Paper on Guidelines on Artificial Intelligence Risk Management | Superseded |
| Sep 18, 2025 | MAS Circular MAS/TCRS/2025/06 — Cyber Risks Associated with Deepfakes (Information Paper) | In force |
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