Lujiazui Forum Highlights Urgent Need for AI Regulation in Finance
At the recent Lujiazui Forum in Shanghai, industry leaders called for immediate and strict regulation to manage the integration of artificial intelligence within the financial sector. The discussion centered on ensuring risk control as AI technologies, including generative AI models, begin to reshape core financial services.
Experts highlighted areas such as investment management, cross-border payments, and global trade as key domains where AI’s influence is growing. Despite the potential for efficiency and innovation, speakers emphasized that a cautious, well-regulated approach is essential to avoid risks like data privacy breaches, internet fraud, and systemic vulnerabilities.
Industry Leaders Stress Balanced AI Adoption
Representatives from Goldman Sachs, PayPal, and SWIFT shared insights about the promise and pitfalls of AI tools such as ChatGPT and DeepSeek. While these technologies offer significant gains, the consensus was clear: responsible adoption demands a framework that prioritizes transparency, fairness, and stability.
- Kevin Wong, CEO of SWIFT Asia, explained that the global financial messaging network—used by over 500 Chinese banks processing 50 million transaction messages daily—is developing new AI policies. These policies are intended to foster "responsible, collaborative, and scalable" AI use.
- Kevin D Sneader, President of Goldman Sachs Asia Pacific (excluding Japan), described current AI deployment in finance as being at an "initial stage." He noted that while clear "killer applications" and regulatory measures are still emerging, AI is already starting to transform parts of the industry.
Urgency for AI Infrastructure and Legislation
Speakers agreed on the immediate need to build foundational AI infrastructure alongside standardized regulations. These steps are crucial to ensure AI's safe and fair expansion across financial markets, protecting both institutions and consumers.
For finance professionals seeking to understand AI’s impact and learn how to implement it responsibly, exploring targeted educational resources can be valuable. Comprehensive courses on AI in finance are available at Complete AI Training, offering practical knowledge tailored to the sector.
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