Finance sector urged to utilize AI with caution

The China-Britain Artificial Intelligence Association, or CBAIA, and Zhejiang University International Business School, or ZIBS, co-hosted a conference with the theme AI: Shaping the Future of Finance in London on Saturday.

Attended by around 200 industry insiders from the AI and finance sectors, as well as academic researchers, the conference was held at the Gatsby Computational Neuroscience Unit of University College London.

Given the rapid development of artificial intelligence in recent years, experts encouraged practitioners in the finance sector to utilize this technology, while also remaining alert to its potential drawbacks.

Ben Shenglin, dean of the Zhejiang University International Business School, an expert in Fintech and a former banker, said AI will be used in finance to provide personalized services, prevent fraud, and assess risk, as well as for algorithmic trading. But he also noted the technology will likely create data privacy and algorithmic bias issues.

He said that to address concerns while getting the benefit of AI, countries will need to better coordinate and establish common principles and standards with information sharing to ensure accountability and transparency when applying AI in finance.

Shenglin's view was echoed in a panel discussion with experts from the Official Monetary and Financial Institutions Forum, Cambridge University, private investment funds and companies.

Vicky Zhang, a member of the association's executive council, said: "We want to become a strategic bond in technological communication between the UK and China, and we've established research centers, not only in London, but also in Beijing, Shanghai, Hangzhou and Xi'an, so as to bring together AI researchers interested in bringing their ideas into discussion and production."

The CBAIA was founded by 18 London-based professionals who are passionate about the development of AI and promote collaboration between China and the UK in the field. In the past five years, the association has grown to a strong network of more than 500 experienced members, with its events and activities reaching more than 4,000 AI enthusiasts.

The CBAIA signed a memorandum of understanding with the ZIBS during the conference and the business school also announced the opening of its office in the UK on Saturday.