Reigning in artificial intelligence and robots
Recent advancements in artificial intelligence have led some to forecast an impending reduction in human labour. In the world of banking, one need look no further than chatbots, AI powered software that intelligently interacts with customers to address queries and complete simple tasks typically performed by human customer service agents. Some fear however that these developments are not without risk. The European Parliament falls within this category and has voted in favour of enacting rules on robotics and artificial intelligence in order to address, among other issues, safety, liability as well as legal and ethical standards.
Women making a mark in fintech
Early fintech evangelists dubbed their fledgling movement as a "democratization" of finance. Though strides were made in areas of banking which had become complacent and dormant, some long-standing issues remained, particularly the industry’s gender disbalance. That gap is slowly being bridged with impressive women such as these.
Fintech scholarship announced in Singapore
PayPal has partnered with Singapore Management University to announce a new fintech scholarship. Students will be selected based on grade point averages, extracurricular activities as well as a general interest in the field. In addition to their coursework, they will also intern at PayPal and gain real world experience by working with the company’s management and staff.
Singapore creates data analytics group
Singapore’s Committee on the Future Economy (CFE) has released its recommendations on what the country can do to remain globally competitive. The Singapore Committee on the Future Economy recently released its recommendations on what the country can do to remain globally competitive. Among these included the development of data analytics and cybersecurity capabilities. The Monetary Authority of Singapore (MAS) responded swiftly by announcing the creation of a Data Analytics Group as well as the appointment of a Chief Data Officer. The news is significant in that no other central bank or banking regulator has a similar function or group. “Our new Data Analytics Group will work with the financial industry to sharpen the surveillance of risks, and with the various departments within MAS to transform the way we do our work” said Ravi Menon, MAS Managing Director.
Cloudy regulation hindering growth
As the fintech industry matures, a pro-business environment as well as flexible and adaptive regulations are necessary for cities and countries to attract top talent and cutting edge companies. While the local ecosystem of entrepreneurs surely contributes to putting a location on the fintech map, governments must nevertheless do their part to set an innovative tone. To this end, some are of the view that both the US and Hong Kong suffer from fragmented and unclear regulatory landscapes.
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