ET GBS 2024: AI regulation is priority for all but no country will do it, says Spiros Margaris
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Artificial intelligence (AI) will impact several areas of banking and financial services, including know-your-customer (KYC) processes, personalised loan applications, and portfolio risk assessments for private equity, fintech venture capitalist Spiros Margaris of Margaris Ventures said here on Saturday.
"India will see $60-65 billion in economic value added by data and AI by 2025, and that all financial institutions will have to put an effort into adopting generative AI."
While most big countries are attempting to regulate the frontier technology, they will not do so.
"We are all afraid of labour unrest, election manipulation, cybersecurity threats and that's why all big countries will try to regulate AI but no one will regulate," he said. "The strategy of successful governments is to tell them (industry leaders) that it (AI) is a kid... go play but don't hurt yourself badly. No one in their right minds will regulate AI because if you regulate, you will fall back as a country."
The Indian government has, however, indicated that it will only take a light-touch approach to regulating AI to allow sufficient room for growth and innovation.
Notably, in December, European Union lawmakers passed the world's first comprehensive set of AI regulations, set to be effective from 2025.
Read at The Economic Times
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