Some 75 per cent of respondents thought regulators were struggling to keep up with the rapid pace of evolution of AI in the financial services sector and there was widespread concern that greater use of AI will widen inequalities, according to the report.
Kristi Swartz, Hong Kong partner, said: “The intersection between AI, fintech and Web3 will become much more critical as the use of AI technology becomes more prevalent, cutting into various segments of the financial services and virtual asset industries.
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“It is crucial that appropriate regulatory guardrails are in place to oversee the use of AI technology ."
alina.khan@ft.com
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