AI could create financial unfairness, prejudice without human intervention, Hong Kong monetary chief says
- Hong Kong Monetary Authority (HKMA) chief executive Eddie Yue Wai-man spoke at an Official Monetary and Financial Institutions Forum event on Thursday
- Hong Kong’s de facto central bank is building a data infrastructure to help financial institutions use data to drive their credit decisions
Adopting technological applications based on artificial intelligence (AI) into Hong Kong’s banking system raises the risk of prejudicing certain categories of people in a “systematic way”, meaning human intervention remains essential, said the chief executive of the city’s monetary authority.
“[But] we want to avoid creating unfairness, in that certain categories of people will be prejudiced in a systematic way by machines,” Yue told an online event held by the Official Monetary and Financial Institutions Forum, a London-based think tank, on Thursday.
“So there has got to be human intervention, and there has got to be governance and mechanisms over how you use AI to ensure that there won’t be this kind of unfairness not knowingly being built into the use of technology.”
In line with a strategic plan announced last month to promote Hong Kong’s fintech development, the city’s de facto central bank is building an infrastructure to help financial institutions use data to drive their credit decisions.
