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Shanghai regulator to pilot generative AI large models in banking and insurance
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The Shanghai Financial Regulatory Bureau has issued a set of measures to promote the application of artificial intelligence in the banking and insurance sectors within the city. The document, titled 'Several Measures to Promote the Application of Artificial Intelligence in Shanghai's Banking and Insurance Industries,' outlines a plan to establish a pilot mechanism for the use of generative AI large models in finance. The bureau aims to have Shanghai included in a regional pilot program by the national Financial Regulatory Administration, which would allow financial institutions to gradually deploy large models directly facing customers in a controlled environment. This pilot would be coordinated with the cyberspace administration's registration and filing system for generative AI services. The regulator also proposes studying a flexible, tiered regulatory framework for AI that includes a fault-tolerance mechanism, with differentiated tolerance levels for events of varying risk, to foster a dynamic and collaborative AI governance structure.
Source report
September 24, 2024 — The Shanghai Financial Regulatory Bureau has issued the Several Measures to Promote the Application of Artificial Intelligence in Shanghai's Banking and Insurance Industries, outlining plans to strengthen regulatory support and safeguards for AI adoption.
Key measures include:
- Pilot mechanism for generative AI models: The Bureau will explore the establishment of a pilot mechanism for the application of generative AI large models in the financial sector. It will actively seek to include Shanghai in regional pilot programs conducted by the National Financial Regulatory Administration, allowing financial institutions to gradually deploy customer-facing large model applications within a controlled environment.
- Alignment with existing regulatory frameworks: The pilot mechanism will be coordinated with the Cyberspace Administration's registration and filing systems for generative AI services and applications.
- Flexible and tiered regulatory approach: The Bureau will study a regulatory framework that is both inclusive and prudent, adopting a classification-based approach to AI applications. It will explore the creation of a fault-tolerant mechanism for AI use, establishing differentiated tolerance levels for events of varying risk severity.
- Dynamic and collaborative governance: The goal is to accelerate the formation of a dynamic, agile, and multi-stakeholder governance structure for artificial intelligence.
Source
财联社Eastern
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