Taiwan is speeding up the process of creating regulations for artificial intelligence (AI) following the EU’s AI Law. IBM CEO Paul Burton emphasized the importance of regulating the use of AI to address risks such as misinformation and bias during his recent visit to Taiwan. The Financial Supervisory Commission (FSC) in Taiwan has released guidelines for financial institutions to implement AI tools while managing potential risks.
As the EU prepares to implement their AI Law, countries around the world are feeling pressure to establish regulations. According to IBM’s CEO Study, many global executives do not feel prepared for AI regulation and anticipate facing fines due to generative AI adoption. CEOs are hesitant to invest until there is more clarity on AI standards and regulations, with ethical concerns being a prominent factor in decision-making.
IBM has introduced the Watsonx platform in the financial services sector, offering opportunities in financial advice and data analytics. Burton highlighted the importance of balancing innovation with ethical practices when using generative AI in financial institutions. The banking industry stands to benefit significantly from generative AI, with potential annual value estimated between $200 billion to $340 billion. IBM has integrated strong AI governance into its Watsonx platform and developed quantum-secure cryptography to protect data.
IBM is advocating for smart regulation of AI to ensure accountability for those developing and deploying it. The company, along with Meta, has launched the AI Alliance to promote open, safe, and responsible AI practices. Overall, the push for AI regulation is gaining momentum globally, urging businesses to adapt and prioritize ethical considerations when implementing artificial intelligence technologies.
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