LITE Lab's Brian Tang is currently in the top 10% of Authors on SSRN by all-time downloads
This article develops a framework for understanding and addressing the increasing role of artificial intelligence (‘AI’) in finance. It focuses on human responsibility as central to addressing the AI ‘black box’ problem — that is, the risk of an AI producing undesirable results that are unrecognised or unanticipated due to people’s difficulties in understanding the internal workings of an AI or as a result of the AI’s independent operation outside human supervision or involvement.
After mapping the various use cases of AI in finance and explaining its rapid development, we highlight the range of potential issues and regulatory challenges concerning financial services AI and the tools available to address them. We argue that the most effective regulatory approaches to addressing the role of AI in finance bring humans into the loop through personal responsibility regimes, thus eliminating the black box argument as a defence to responsibility and legal liability for AI operations and decisions.
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Finance has become one of the most globalized and digitized sectors of the economy. It is also one of the most regulated of sectors, especially since the 2008 Global Financial Crisis. Globalization, digitization and money are propelling AI in finance forward at an ever increasing pace.
This paper develops a regulatory roadmap for understanding and addressing the increasing role of AI in finance, focusing on human responsibility: the idea of “putting the human in the loop” in order in particular to address “black box” issues.
Reflecting the rapid evolution of artificial intelligence (AI), its use in the financial services sector and growing regulatory scrutiny, the FinTech Association of Hong Kong (FTAHK), in collaboration with LITE Lab@HKU, has responded to the International Organization Of Securities Commission’s (IOSCO) consultation report on the use of artificial intelligence and machine learning by market intermediaries and asset managers.
The response strongly agrees with IOSCO that the use of AI and ML by market intermediaries and asset management firms creates novel opportunities and risks, with an overall need to foster trust in AI and financial markets. We believe that such risks should be appropriately mitigated by proportionate regulation that continues to foster responsible innovation in a way that promotes market integrity, fairness and investor protection, financial stability, competition and innovation. It should also support financial inclusion and combat financial crime.
LITE Lab’s Brian Tang is author of chapter on “Independent AI Ethics Committees and ESG Corporate Reporting on AI as Emerging Corporate & AI Governance Trends”.
LITE Lab's Brian Tang joins fellow The AI Book authors Patricia Shaw (CEO, Beyond Reach Consulting) and Ivana Bartoletti (Technical director, Privacy, Deloitte and co-founder, Women Leading in AI Network) on panel on Trust, Transparency and Ethics at xAI Conference.
Panellists including Brian W. Tang, Founding Executive Director, LITE Lab@HKU, The University of Hong Kong, Peter Yu, Professor at Texas A&M University
Hong Kong Blockchain Week 2020 / Block O2O Global Virtual Summit
Panel: Compliance & Law: Philosophy of Decentralised World
Speakers: - Benjamin Zemmour, Business Manager, Scorechain - Brian Tang, LITE Lab, HKU & Founder, Asia Capital Markets Institute (ACMI) - Dr. Guenther Dobrauz, Partner, PwC Legal Switzerland - Joshua Ashley Klayman, U.S. Head of FinTech / Head of Blockchain and -Digital Assets / Global Tech Sector Co-Head, Linklaters LPP - Prof. Michael Sung, Co-Director, The Fundan Fanhal FinTech Research Center Moderator: Gordon Einstein, partner, Crypto Law Partners
Hosted at iDendron, this Challenge is organised by LITE Lab@HKU in conjunction with host iDendron, ACMI and Legal Hackers Hong Kong, together with AIIFL, HKU Law & Technology Centre and HKU Department of Computer Science, and is part of the worldwide Computational Law and Blockchain Festival 2019.
Participants of the Smart Legal Contract challenge work in teams to creatively hack to improve private sector legal service delivery and public benefit and share their creations at the end of the day.
The first international Computational Law & Blockchain Festival (#clbfest2018) is a three-day global event coordinated by Legal Hackers, bringing together coders, designers, lawyers, policymakers, researchers, and students to co-create the future of law, legal practice, and policy.
Lined up for #clbfest2018's agenda was the Blockchain Policy and Innovation Panel, with Brian Tang moderating a distinguished three-member panel (Henry Chang, HKMA Senior Manager, Hugh Madden (ANX International Chief Technology Officer & Pindar Wong, VeriFi Chairman).
The session was featured in Stanford Journal of Blockchain Law & Policy - Hong Kong Node.
Panel discussion between Brian Tang , Dr. Paul Sin (Consulting Partner, Deloitte China) and Professor Ricky Kwok (VP of Teaching and Learning at HKU)
LITE Lab's Brian Tang spoke on student-led Global Fintech Network Fintech: Byte-Sized podcast on Regtech as Fintech's Secret Sauce.
FinTech Association of Hong Kong Launches Green Finance and RegTech White Paper
LITE Lab’s Brian Tang authored chapter in The RegTech Book on “Forging a Responsibility and Liability Framework in the AI Era for RegTech”.
Buy a copy here on Amazon.
LITE Lab's Brian Tang spoke on regtech startup's Know Your Customer's. RegTech Podcast with CEO Claus Christenson.
Distant & Digital: COVID-19 - A Trigger for Mindset, Policy and Infrastructure Changes
LITE Lab co-organised and hosted World RegTech Summit in conjunction with Hong Kong Fintech Week, which featured the Hong Kong Book Launch of The RegTech Book (Wiley)
On May 30, 2019, the RegTech Committees of each of the Fintech Association of Hong Kong (FTAHK), Fintech Association of Japan (FTJ) and Singapore Fintech Association (SFA) have established the APAC RegTech Network to foster greater collaboration to grow regtech education and implementation across APAC.
LITE Lab's Brian Tang is the Co-Chair of the Fintech Association of Hong Kong and driving force behind the creation of APAC RegTech Network.
FTAHK's Regtech Committee hosts it's 2nd RegTech Live! event, this time focussed on AI solutions. LITE Lab's Brian Tang is co-chair of FTAHK's regtech committee.
The inaugural RegTechLive! (2018) hosted by the Hong Kong Fintech Association focussed on technologies from RegTech 100 companies to address KYC and AML concerns.
LITE Lab's Brian Tang is co-chair of the FTAHK's regtech committee.
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