Element AI Signs Memorandum of Understanding (MOU) with Union Bank of the Philippines

SINGAPORE, June 15, 2020 /PRNewswire-PRWeb/ -- 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.

"Leveraging data and Artificial Intelligence is essential as we continue to evolve our services and new possibilities," said Dr. David R. Hardoon, UnionBank's Senior Advisor for Data and Artificial Intelligence. "Working with Element AI will help us to better understand our customers' needs and ensure that we responsibly adopt AI solutions that are fair and trustworthy."

"UnionBank's commitment to customer-centric, safe and trustworthy AI, resonates deeply with our own fundamental research, advisory and solutions-based mandate," said Nicolas Chapados, Chief Science Officer (CSO) and Co-founder of Element AI. "This strategic relationship allows us to leverage AI innovation to guide UnionBank at this critical juncture as they balance new technology, industry leadership and customer experience."

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

About UnionBank
UnionBank has consistently been recognized as one of Asia's leading companies in banking and finance, ranking among the Philippines' top 10 universal banks in terms of key performance ratios in profitability, liquidity, solvency and efficiency. A champion in digital banking, UnionBank has garnered a record number of awards and citations over the last three years. Most recently, it was ranked as the second most helpful bank in the Asia-Pacific during the coronavirus crisis. https://unionbankph.com

About Element AI
Element AI develops AI-powered solutions and services that help people and machines work smarter, together. Founded in 2016 by serial entrepreneurs including JF Gagné and A.M.Turing Award recipient, Yoshua Bengio, PhD, Element AI turns cutting-edge fundamental research into software solutions that exponentially learn and improve. Its end-to-end offering includes advisory services and AI enablement tools and products, aimed at helping large organizations operationalize AI for real business impact. Element AI maintains a strong connection to academia through research collaborations and takes a leadership position in policymaking around the impact of AI technology on society. https://www.elementai.com.