SC Ventures, the innovation arm of Standard Chartered, has completed two significant projects with Singapore’s Agency for Science, Technology, and Research (A*STAR) to advance AI applications in regulatory compliance. These initiatives, under a Memorandum of Understanding with A*STAR’s Institute of High Performance Computing, aim to create innovative intellectual property and explore the practical use of Large Language Models (LLMs).
The first project focused on automating the mapping of regulatory obligations to enterprises using AI and Generative AI (GenAI). This effort addressed the complexities of regulatory changes in the financial sector by employing A*STAR IHPC’s expertise in GenAI, enhancing response quality and accuracy whilst reducing biases. The project utilised LLM and Retrieval Augmented Generation capabilities to analyse regulatory changes and their business implications.
The second project investigated ‘Fairness in AI’, establishing metrics to ensure AI systems remain impartial and equitable. This research is crucial as data and societal values evolve, ensuring AI solutions are trusted and transparent. Dr Mohammed Rahim, Group Chief Data Officer at Standard Chartered, emphasised the importance of addressing biases to foster innovation and trust in AI systems.
Thorsten Neumann, Venture Technology Lead at SC Ventures, expressed enthusiasm for exploring complex AI challenges, stating, “We are truly excited about this opportunity to go deeper into the complex problems of RAG accuracy, processing on unstructured data, evaluating novel algorithms and learning about data pipelines, and their fairness in AI and GenAI solutions.”
The collaboration signifies a commitment to leveraging scientific research for commercial success, with both organisations planning to further investigate GenAI’s potential in financial services. Dr Rick Goh, Department Director of Computing & Intelligence at A*STAR IHPC, highlighted the partnership’s potential to tackle real-world challenges, stating, “This milestone with SC Ventures exemplifies how research institutions and financial innovators can effectively tackle complex real-world challenges together.”
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