From:?RegTech Analyst
The tech executive made the argument in an op-ed in the?Financial Times. While admitting that technology can bring a lot of positive outcomes for people, he added that it could also?yield?some horrible results.
?There are real concerns about the potential negative consequences of AI, from deepfakes to nefarious uses of?facial recognition,he said. ?While there is already some work being done to address these concerns, there will inevitably be more challenges ahead that no one company or industry can solve alone.p>
He stated that while companies like Google can create policies, the market must be regulated in order to ensure ?technology is harnessed for good and available to everyone.p>
He added, ?Now there is no question in my mind that artificial intelligence needs to be regulated. It is too important not to. The only question is how to approach it.p>
Pointing at laws like the EU General Data Protection Regulation, Pichai stated that the legislative foundation should be created to ?consider safety, explainability, fairness and accountability?.
AI and machine-learning is increasingly used among FinTech and RegTech companies to provide better services.
Copyright ? 2020 FinTech Global
