Element AI Signs Memorandum Of Understanding With Union Bank Of The Philippines

Element AI, a global developer of artificial intelligence-powered (AI) solutions and software, today announced a new collaborative relationship through the signing of a Memorandum of Understanding (MOU) with Union Bank of the Philippines (UnionBank). Element AI will be contributing to the development of a governance framework for the responsible adoption of AI as UnionBank looks to develop trusted & fair AI solutions for its customers.

Element AI will work with the UnionBank’s AI and Data Policy Unit, which is dedicated to leading the development of ethical and business standards for artificial intelligence, to ensure proper data governance, respect for human rights, fairness and accountability for AI systems. Initially Element AI will conduct specific research that will inform a whitepaper which will act as the roadmap to evaluate fairness in the context of various financial services use-cases, such as fraud detection in retail credit card transactions. The ultimate outcome will be the development of technical measures and solutions that ensure that the principals of the fairness framework for the use of AI and data are embedded in all of UnionBank’s digital products and services at an operational level.

To learn more about Element AI advisory & enablement, and AI-powered solutions, visit:https://www.elementai.com/.

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