Artificial intelligence (AI) technology can boost productivity and enhance efficiency in areas such as fintech and healthcare, but industry experts warn that more regulation is needed.
Their concerns centre on its unpredictability and potential bias, sparking the need for more rules to curb irresponsible use.
In his address at the Singapore Fintech Festival (SFF) on Nov 16, Mr Thomas Dohmke, chief executive of software development company GitHub, said that Harvard University research found that workers using generative AI tool Chat GPT are 40 per cent more productive than those who do not.
He said AI tools are expected to boost the global economy by US$9.5 trillion (S$12.8 trillion) by 2030, noting: "Countries and organisations that figure out how to use AI with reduced risk will exist in a different spectrum of activity, and those who don't will fall behind." Mr Aman Thind, executive vice-president and global chief architect of asset servicing firm State Street, told The Straits Times on
the sidelines of the festival at Singapore Expo that AI can help process large amounts of data in fintech applications. It can, for example, be trained to detect fraud in cross-border payments by analysing specific patterns and behaviours over time.
Generative AI, a subset of AI that focuses on content creation, can also access the latest market data and shape investment decisions, Mr Thind said. He cited how the first iteration of ChatGPT exhibited biases around religion and politics, noting that there can be an element of unpredictability in AI resulting from human bias.
This story is from the November 18, 2023 edition of The Straits Times.
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This story is from the November 18, 2023 edition of The Straits Times.
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