AI should not lead to a winner-takes-all scenario: MAS’ Chia Der Jiun

Résumé détaillé

With wider AI adoption in the financial industry, it is not just big firms in the sector that will benefit, he notes

With wider AI adoption in the financial industry, it is not just big firms in the sector that will benefit, he notes

[SINGAPORE] With artificial intelligence having the potential to benefit the entire financial ecosystem, regulators should aim to ensure a level playing field for AI to be adopted by smaller financial institutions as well, instead of reinforcing the dominance of their larger peers, said Chia Der Jiun, managing director of the Monetary Authority of Singapore (MAS).

The Republic is working with the industry to diffuse AI adoption more widely, so that it is not just the large financial institutions that are adopting AI well.

“We don’t want AI to be unlevelling competition too much, such that it becomes a winner-takes-all situation,” Chia said in an interview with The Business Times, ahead of the Singapore FinTech Festival taking place from Nov 18 to 20.

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