Project Noor is an initiative that seeks to equip financial supervisors with independent, practical tools to evaluate and interpret the inner workings of artificial intelligence (AI) models used by banks and other financial institutions. It is a collaboration between the Saudi Central Bank (SAMA), the BIS Innovation Hub, the Hong Kong Monetary Authority (HKMA), and the Financial Conduct Authority of the United Kingdom (FCA). 

The project aims to help financial supervisors understand why AI models produce particular outputs, rather than focusing solely on the outputs themselves. This is particularly important as  banking institutions worldwide increasingly utilizing AI for various purposes, including approving mortgage applications and detecting financial fraud. Continued reliance on AI models can pose risks to financial stability and customers.