The Ethical Impact of Fintech
In a recent release, the European Commission has iterated the importance of exploring the impact of artificial intelligence, not only economically but ethically as well. A strong European approach to coordinating and regulating AI is, of course, necessary. However, in order to maximise the benefits of AI investments, ensuring that there is an ethical framework in place to support any socio-economic developments is also paramount.
As such, the EC is committed to becoming a key player in facilitating the future of AI. Directly, the commission will invest €1.5 billion in future AI investments, with the aim to realise over €20 billion – both public and private – within a three year period. The investments aim to strengthen research and innovation, upgrade AI research infrastructure and further develop AI applications in key sectors. The EC further seeks to augment the benefits available by facilitating access to AI resources and platforms.
A high-level expert group set up by the commission to assess the impact of digital transformation on EU markets will now work to formulate solid recommendations for how best to exploit the opportunities available in this domain. Wider work on formulating a European AI alliance is also underway that may include more than 1350 members. Alongside other investments and projects, the EC has reaffirmed the necessity to work together to realise these goals. It is through joining forces and finding ways to cross-collaborate that we can strive for our optimal ‘artificial’ future.
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