The ChatGPT artificial intelligence (AI) tool unveiled by OpenAI in November last year has kicked up a flurry of interest around the world, and Taiwan is no exception.
Such tools are likely to change many aspects of people’s lives, from the workplace and healthcare to home living. The question is, do they bring more good than bad to people, or vice versa?
AI refers to the ability of a computer to mimic the capabilities of the human mind, including learning and perceiving, as well as solving problems and comprehending natural languages. It entails the potential of computers to perform the same tasks as humans, or even outperform human intelligence, backed by technological improvements and enhancements in data analytics.
Even as early as a few years ago, there were no signs when the “AI era” would start in earnest, but today ChatGPT makes AI truly tangible for everyone for the first time. While the likes of ChatGPT are not yet perfect, what matters is the progress and direction of human-like machine intelligence development. Indeed, OpenAI’s speech and text-based chatbot is attracting huge interest from various industries, with firms rushing to integrate the technology into their products, including those in the financial industry.
AI technology can help the financial industry in many areas, including customer service, marketing, automation, investment advice, fraud detection and risk management.
However, it could also help criminals pose greater threats to financial institutions, including through data leaks and privacy breaches, the Financial Supervisory Commission said last week. The regulator asked local banks and financial service providers to closely monitor their use of AI tools to ensure data security. It told lawmakers on the legislature’s Finance Committee that it plans to issue guidelines for the responsible use of AI by local financial institutions in August at the earliest.
After Singapore last year set up “fairness, ethics, accountability and transparency” principles for the use of AI in its financial industry, the commission said it would also establish principles for local financial institutions to follow. That is, if financial institutions want to adopt AI tools in their business operations, they must have the capacity to control the technology and determine the level of tolerable risk. They would also be held accountable for any mishaps.
The Securities and Futures Bureau has proposed tighter supervision of AI-powered investment consulting services offered by local securities companies, after excitement over so-called robo-advisers fueled a surge in business over the past year: The number of clients grew 17 percent annually to 167,000 in the first quarter of this year, while assets managed by robo-advisory programs rose 42 percent year-on-year to NT$6.9 billion (US$225.33 million).
The commission seems to have no intention of drafting special legislation to regulate the use of AI in the financial sector for the time being. Instead, it is focusing on establishing a self-regulating mechanism for service providers that enables financial institutions to monitor their own legal, ethical and security standards.
Even though the commission has adopted a hands-off approach on this issue, it should still guide financial institutions in establishing robust protection mechanisms against possible harm from the use of AI. In the meantime, it must consider whether it would eventually take the reins to keep up with international trends and the financial industry’s demands.
Taiwan is rapidly accelerating toward becoming a “super-aged society” — moving at one of the fastest rates globally — with the proportion of elderly people in the population sharply rising. While the demographic shift of “fewer births than deaths” is no longer an anomaly, the nation’s legal framework and social customs appear stuck in the last century. Without adjustments, incidents like last month’s viral kicking incident on the Taipei MRT involving a 73-year-old woman would continue to proliferate, sowing seeds of generational distrust and conflict. The Senior Citizens Welfare Act (老人福利法), originally enacted in 1980 and revised multiple times, positions older
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Taiwan’s business-friendly environment and science parks designed to foster technology industries are the key elements of the nation’s winning chip formula, inspiring the US and other countries to try to replicate it. Representatives from US business groups — such as the Greater Phoenix Economic Council, and the Arizona-Taiwan Trade and Investment Office — in July visited the Hsinchu Science Park (新竹科學園區), home to Taiwan Semiconductor Manufacturing Co’s (TSMC) headquarters and its first fab. They showed great interest in creating similar science parks, with aims to build an extensive semiconductor chain suitable for the US, with chip designing, packaging and manufacturing. The
Former Chinese Nationalist Party (KMT) lawmaker Cheng Li-wun (鄭麗文) on Saturday won the party’s chairperson election with 65,122 votes, or 50.15 percent of the votes, becoming the second woman in the seat and the first to have switched allegiance from the Democratic Progressive Party (DPP) to the KMT. Cheng, running for the top KMT position for the first time, had been termed a “dark horse,” while the biggest contender was former Taipei mayor Hau Lung-bin (郝龍斌), considered by many to represent the party’s establishment elite. Hau also has substantial experience in government and in the KMT. Cheng joined the Wild Lily Student
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