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AI in Financial Services - Developments across the globe

We are in the middle of an AI ‘arms race’ with some of the world’s biggest economies competing to develop the best technology and make the most effective use of it to give their financial services sectors the edge.

Countries are taking different approaches to the development and regulation of artificial intelligence (AI), from the German approach of attentive regulation and proactive development to that taken in Singapore, which sees itself as an adopter rather than a developer of AI technologies. Governments in the US, China and Russia are investing heavily in AI technology development with each country looking to advance in machine learning and other forms of AI at pace.

Whether you’re a user, developer or advisor, we have developed a report that will help you to navigate the approaches taken in select jurisdictions: France, Germany, Hong Kong, Ireland, Spain, Singapore, the United Arab Emirates (UAE) and the United Kingdom (UK) as well as the EU more generally.

Key areas examined include:

  • regulatory developments in each country
  • approaches to fairness, explainability, and bias
  • how various countries look to protect customer data
  • approaches to the organisational impact of AI
  • approaches to liability and customer redress

Out-Law / Your daily need to know