Deputy Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Yoshiki Takeuchi represents the OECD on the Financial Stability Board. Here, he offers an In Focus discussion of the OECD’s recent work on assuring ‘trustworthy AI’ applications in business and finance. [Read the article here] “AI-powered applications are now a familiar feature of the fast evolving landscape of technological innovations in financial services and regulation (FinTech and RegTech),” Takeuchi writes. Acknowledging the opportunities these technologies offer to increase efficiencies and even reinforce financial stability, he cautions that the broad and expanding use of AI applications also poses real risks. “Policy makers and market participants must redouble their engagement on the rules needed to ensure trustworthy AI for trustworthy financial markets,” Takeuchi urges. “It is up to us — governments, business, and the international community — to strike this balance, together.”
We need the strength that comes from multilateralism.
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