Central banks prepare for the rise of AI

AI will not replace accountability in monetary policy decision-making, MAS chief says

Artificial Intelligence Initiative: European Central Bank

Chia Der Jiun, managing director of the Monetary Authority of Singapore (MAS), and Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA), discussed the risks central banks face from artificial intelligence (AI) on May 7.

Speaking at the Bank for International Settlements Innovation Summit, Chia said that as well as AI-generated scams and frauds, AI “in the wrong hands” can lead to cyber attacks. “AI can democratise access to malware,” Chia said. It is an “arms race on both sides”

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