The HKMA launches its plan Project MindForge in 2023, to deeply evaluate the potential and risks of generative AI in the financial field. Ni Bingrong revealed that an AI regulatory policy will be released this year to provide banks and insuranc...
The HKMA launches its plan Project MindForge in 2023, to deeply evaluate the potential and risks of generative AI in the financial field. Ni Bingrong revealed that an AI regulatory policy will be released this year to provide banks and insurance institutions with a risk management framework for AI applications.
Rajeev Hassamal, head of generative AI and future work at DBS Bank, revealed at the SuperAI conference in Singapore on Thursday (June 19) that DBS has developed more than 350 AI application scenarios and 1,500 models have been put into actual operation.
EFG Bank Chief AI Officer Sigrid Rouam added that generic AI is also being used in compliance fields such as verification of funding sources and can assist in handling non-consulting tasks that account for 70% of the time of account managers.
Kenneth Gay, chief financial technology officer of the HKMA, said that while encouraging the development of AI, it should regulate stably, and Singapore regards regulation as part of its institutional competitiveness.
According to DBS Bank, its artificial intelligence (AI) applications can create more than 1 billion yuan in economic value this year, higher than the current cumulative results of 750 million yuan.
As AI rapidly penetrates the financial industry, the Monetary Authority of Singapore (MAS) emphasizes the importance of regulation.
As financial institutions face a large amount of text, images and voice data, their dependence on AI is deepening. At the conference, Capital One's vice president of applied research pointed out that the Big Language Model (LLM) has evolved from a simple auxiliary tool to an intelligent "agent" that actively performs tasks, and is more efficient than human employees.
