The Capital Meets Policy Dialogue Investors' Dialogue: AI Has a Real Problem - The Missing Revenues!
Delivered at the Singapore FinTech Festival, this panel brought together global leaders and investors to discuss the transformative potential and challenges of Artificial Intelligence (AI) across industries, highlighting its role in financial services, global innovation, and inclusion.
Key Highlights
1. AI’s Role in Industry Transformation
Ping An Group’s AI Journey:
- Internal Innovations: Over a decade of experience with proprietary facial recognition, voice print analysis, and natural language processing.
- Domain-Specific Models: Tailored AI applications delivering high accuracy and operational efficiency.
- Impact Examples:
- Automated claims management, enabling curbside settlements for car insurance.
- AI-driven sales processes, automating 6,000 roles in auto insurance sales.
- Aged care solutions using AI for home-based elderly care services.
Mistral AI:
- European Innovation: Competing with global giants through compute-efficient, cost-effective models.
- Attracting Global Investment: $1 billion raised, predominantly from U.S. investors.
Emerging Markets:
- India: AI drives financial inclusion, skill-building, and social mobility.
- Latin America: Leveraging AI for financial access and addressing systemic gaps in banking and healthcare.
2. Addressing Challenges
Key Issues:
- Trust and Accountability:
- Challenges with “hallucinations” in AI outputs and lack of interpretability in transformer models.
- Risks of embedded malware or unverified code in AI applications.
- Cybersecurity Risks:
- Data breaches, fraud, and identity theft remain major concerns.
- Financial losses from a single major payment system cyberattack could reach $3.5 trillion.
- Inclusion:
- Ensuring AI systems do not exclude underserved populations due to lack of data.
3. Strategic Focus Areas
Investments in AI:
- FinTech: Expanding financial access through alternative credit scoring and digital onboarding.
- Healthcare: AI-driven diagnostics, telemedicine, and personalized care solutions.
- Cybersecurity: Identity proofing and protecting against AI-enabled fraud.
AI for Good:
- Leveraging AI for climate resilience and agri-sector insurance solutions.
- Supporting underserved communities through literacy, inclusion, and financial security initiatives.
Regulatory Perspectives:
- EU AI Act: A principles-based approach is crucial to balance innovation and compliance.
- Emerging Guidelines: Encouraging accountability, data security, and consumer protection across regions.
4. The Road Ahead
Promising Opportunities:
- Sectoral Growth: FinTech, healthcare, and cybersecurity present immense potential for AI-driven transformation.
- Geographic Focus: Emerging markets like India, Latin America, and Sub-Saharan Africa offer opportunities for impactful AI adoption.
Building an AI Ecosystem:
- Governments must provide access to data, educational resources, and a safe regulatory environment.
- Collaboration across industries and geographies is essential to democratize access to AI’s benefits.
Vision for the Future
AI promises to be a transformative force across industries, but its potential must be guided by responsible innovation, robust regulation, and a focus on public good. The path forward lies in fostering inclusive growth, advancing human potential, and addressing systemic challenges with AI-powered solutions.
Watch Full Session
Speakers:
- Adel Meer, Global Manager for Financial Inclusion, International Finance Corporation
- Arnaud Caudoux, Deputy Chief Executive Officer, Bpifrance
- Dr. Bijna Kotak Dasani, MBE, FRSA, Managing Director, ArthAum Group
- Hernán Fernández, Managing Partner, Angel Ventures
- Jonathan Larsen, Chairman & Chief Executive Officer of Ping An Global Voyager Fund & Chief Innovation Officer, Ping An Group
Moderator:
- Rafat Kapadia, Head of Investments, Global Finance & Technology Network (GFTN)