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  1. Banking & Finance
  2. International: Bite-size briefings - Artificial intelligence

International: Bite-size briefings - Artificial intelligence

17 Jul 2023    1 minute read
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Financial Regulation & Enforcement FSR Artificial Intelligence AI AI Regulation BF Featured Content

In brief

A series of briefings that take a "bite-size" look at international trends in different jurisdictions, drawing on Baker McKenzie's expert financial services practitioners with local market knowledge.


Contents

Over recent years, developing artificial intelligence (AI) and machine learning technology has seen gradual adoption within financial services, for example, in credit scoring, to automate assessments of creditworthiness. Other use cases such as robo-advice, have developed less quickly than expected. However, the emergence last year of generative AI capable of human-like text that can analyze vast amounts of data and create new content has caught the public's imagination and turbocharged interest in potential use cases together with concern over the inherent risks. For our part, Baker McKenzie in "The Next Decade in Fintech" has explored with experts in the field how AI in financial services is likely to evolve in the years to come.

In this edition of Bite-size Briefings, we take a bite-size look at the latest developments concerning AI regulation as it affects financial services in Australia, the EU, Hong Kong SAR, Thailand, Singapore, the UK and the US.

Key takeaways

  • Currently, the EU is furthest along the road to developing specific AI legislation of general application and, given the size of its market, this may set the tone elsewhere, while other jurisdictions and their regulators are busy publishing principles and guidance.
  • The mischief sought to be addressed is nonetheless the same including governance, lack of explainability, as well as the risk of bias and discrimination.

Click here to access the full article.

Contact Information
Eunice Tan
Principal
Singapore
Read my Bio
eunice.tan@bakermckenzie.com
Stephanie Magnus
Principal
Singapore
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stephanie.magnus@bakermckenzie.com
Tim Alferink
Partner
Amsterdam
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tim.alferink@bakermckenzie.com
Paula De Biase
Partner
Madrid
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paula.debiase@bakermckenzie.com
Manuel Lorenz
Partner
Frankfurt
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manuel.lorenz@bakermckenzie.com
Karen Man
Partner
Hong Kong
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karen.man@bakermckenzie.com
Trudi Procter
Partner
Brisbane
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trudi.procter@bakermckenzie.com
Mark Simpson
Partner
London
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mark.simpson@bakermckenzie.com
Benja Supannakul
Partner
Bangkok
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benja.supannakul@bakermckenzie.com
Karl Egbert
Partner
New York
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karl.egbert@bakermckenzie.com
Shemira Jeevaratnam
Associate
Sydney
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shemira.jeevaratnam@bakermckenzie.com
Zhe Xu Lee
Associate
Singapore
zhexu.lee@bakermckenzie.com
Richard Powell
Lead Knowledge Lawyer
London
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richard.powell@bakermckenzie.com
Kimberly Everitt
Senior Knowledge Lawyer
London
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kimberly.everitt@bakermckenzie.com
Ann Srikiatkhachorn
Legal Professional
Bangkok
ann.srikiatkhachorn@bakermckenzie.com
Bhalarp Vallayapet
Legal Professional
Bangkok
bhalarp.vallayapet@bakermckenzie.com

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