While the financial services sector has transformed dramatically in the last few decades, taking advantage of the technological power of the fourth industrial revolution, tax and regulation has been slow to catch up.
Markets have always relied on trust and information to function; however, the accelerating changes in the data economy over the past decade require new approaches. In an important speech, SEC Commissioner Kara Stein outlined several issues that financial regulators, companies and markets need to react to. These are issues that “affect you, your money and your identity” as she puts it.
In a speech this week, Steven Maijoor, the ESMA chair, reiterated how the democratisation of information and increased scope for AI applications presents a novel chance to build a better, more trusting future. The notion that information can, in the most profound of ways, radically transform markets is clear. Combined with the fact that many […]
Abu Dhabi Global Markets (ADGM), the Emirate’s international financial centre, expand their Fintech ambitions with the launch of a digital sandbox. The aim is to offer banks, fintech companies and watchdogs an open digital marketplace in which to collaborate on the creation, testing and adoption of new products, while also promoting local Fintech firms to […]
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 […]
Using defined terms helps with clarity – even more so when you are dealing with complex issues. The Financial Stability Board (FSB) has published a draft Cyber Lexicon for public consultation. The draft comprises a set of 50 core terms related to cybersecurity and cyber resilience in the financial sector. The Lexicon is intended to […]
Some ideas to make Asia a Fintech/Regtech/Suptech powerhouse, following the recent XBRL Asia Round Table meeting in Japan.
One of the best ways to understand your own weaknesses and minimise your vulnerability to external threats is to stress-test yourself. This is exactly the ethos that the European Central Bank has taken in an attempt to build resilience in its financial markets. Under a programme burdened with the name “Threat Intelligence-Based Ethical Red Teaming […]
The CFA Institute’s 71st annual conference is set to take place this month and ahead of the event they have set the stage for a debate about the future of financial services. Financiers are likely tired of hearing about how their future consists of competing with AI for jobs, yet at a far more nuanced […]
How does government plan for the introduction and utilisation of Artificial Intelligence? Data. Without data, AI is a boat without a paddle. The United Arab Emirates is moving toward their vision of being a leader in the “Age of Artificial Intelligence” by creating a national data portal which contains open data on several major industries […]
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