Use of Big Data and Artificial Intelligence for inclusive fintech
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Fintech is seen as a powerful tool to enable financial inclusion for emerging economies. However, like any other technology, there are certain risks that regulators both the telecom regulator and Central Banks, need to work together to address, to ensure consumers are protected and their funds are safe to create trust. Risks such as anti-money laundering noncompliance and illicit money flow are some risks facing fintech regulators in establishing a trust environment for digital finance and financial inclusion. This session will examine emerging technology solutions such as big data and Artificial intelligence that could help regulators in these areas and enable them to have a better information at hand on digital financial services transactions and also access to data that could be used for socio-economic development and to boost domestic revenue mobilization capabilities for States.
The session will provide insights and perspective on how AI can be used to mine data from DFS providers (ie both banks and non banks) which can lead to socio-economic development to enhance financial inclusion decision making and make this data available to other socio-economic development players including Central Bank and government. Some examples and innovative applications including any regulatory framework that is needed would be good to highlight as part of the discussion. Discussion can also cover the regulatory principles that should be adhered by AI use in digital financial inclusion to prevent financial exclusion. The session will also discuss the challenges faced by revenue authorities in the mobilization of revenue for socio-economic development and how big data technology can support to boost revenue mobilization efforts.
This live event includes a 15-minute networking event hosted on the AI for Good Neural Network. This is your opportunity to ask questions, interact with the panelists and participants and build connections with the AI for Good community.