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Asian central bank chiefs highlight AI risks to financial stability

Two central bank chiefs from Asian financial hubs expressed concerns about the risks artificial intelligence (AI) might pose to financial stability. Eddie Yue of the Hong Kong Monetary Authority and Chia Der Jiun of the Monetary Authority of Singapore highlighted potential dangers such as systemic operational risks from dependency on a few dominant AI and cloud computing firms, and the misuse of AI for cyberattacks, scams, and fraud. They discussed these issues at the Innovation Summit organised by the Basel-based Bank for International Settlements. While acknowledging the productive applications of AI in finance, such as sentiment analysis and rate setting, they emphasised the need for caution due to the emerging risks.


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