Mastercard is joining with the US Department of Commerce to help establish the US AI Safety Institute Consortium (AISIC). This will focus on creating new, trustworthy AI standards. The consortium will bring together a collection of AI developers, users and researchers. It will include Fortune 500 companies, academic teams, non-profits and other US government agencies.

The goal of the group will be to research and provide guidance on AI safety issues. This will underpin future standards and policies. The members will help ensure the Commerce Department’s National Institute of Standards and Technology can collaborate closely with the broader AI safety community on best practices, learnings and new developments. Other members include Bank of America, Citi, Deloitte, EY, Google, HP, IBM, Chase, Microsoft, NVIDIA, Visa and Wells Fargo.

“To unlock AI’s full potential, we need to ensure there is trust in the technology,” said Mastercard CEO Michael Miebach.

“That starts with a common set of meaningful standards that protects users and sparks inclusive innovation. The public-private partnership enabled by AISIC will be critical in helping to achieve this goal and reinforce responsible AI.”

Mastercard believes that technology development must always start with foundational practices that respect and protect individual rights and society. That is why it has also developed and continually evolves a set of robust principles. It says it holds the company to the highest standards of data and tech responsibility and share its experiences with partners, regulators and policymakers.

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