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Middle East and Central Asia > Qatar

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Fintech Notes x
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Cover FinTech Notes
Generative Artificial Intelligence in Finance: Risk Considerations
Mr. Ghiath Shabsigh
and
El Bachir Boukherouaa
In recent years, technological advances and competitive pressures have fueled rapid adoption of artificial intelligence (AI) in the financial sector, and this adoption is set to accelerate with the recent emergence of generative AI (GenAI). GenAI is a significant leap forward in AI technology that enhances its utility for financial institutions that have been quick at adapting it to a broad range of applications. However, there are risks inherent in the AI technology and its application in the financial sector, including embedded bias, privacy concerns, outcome opaqueness, performance robustness, unique cyberthreats, and the potential for creating new sources and transmission channels of systemic risks. GenAI could aggravate some of these risks and bring about new types or risks as well, including for financial sector stability. This paper provides early insights into GenAI’s inherent risks and their potential impact on the financial sector.
Keywords:
artificial intelligence; embedded bias; cybersecurity; fintech; financial risks; financial sector policy and analysis; financial stability; generative; hallucination; machine learning; privacy; synthetic data; sample generative AI application; AI-machine learning; IMF Library; IMF Fintech Note 2023/006; generative artificial intelligence in finance; Financial sector; Global
Cover FinTech Notes
Keeping Pace with Change: Fintech and the Evolution of Commercial Law
José Garrido
,
Ms. Yan Liu
,
Joseph Sommer
, and
Juan Sebastián Viancha
This note explores the interactions between new technologies with key areas of commercial law and potential legal changes to respond to new developments in technology and businesses. Inspired by the Bali Fintech Agenda, this note argues that country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies and implement necessary legal reform so as to reap the benefits of fintech while mitigating risks. Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical. The note is structured as follows: Section II describes the relations between technology, business, and law, Section III discusses the nature and functions of commercial law; Section IV provides a brief overview of developments in fintech; Section V examines the interaction between technology and commercial law; and Section VI concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.
Keywords:
fintech, commercial law, technological innovations, distributed ledger technology, tokens, artificial intelligence, Internet of Things, automated conrtracting, smart contracts, registries, contract law, securities and negotiable instruments, company law, secured transactions, insolvency, digital technology; FINTECH note; B. contract law; evolution of commercial law; publication order; DLT network; Blockchain and DLT; Smart contracts; Technological innovation; Emerging technologies; Securities
Cover FinTech Notes
Blockchain Consensus Mechanisms: A Primer for Supervisors
Parma Bains
Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New technology can generate efficiencies for firms, lowering costs that can be passed on to end users. It can increase access to financial services and products for consumers, particularly the most vulnerable; however, new technology can also create new risks and unintended consequences that can harm financial stability, consumer protection, and market integrity. This primer is designed for financial supervisors at central banks, regulatory authorities, and government departments. It adds to existing literature by summarizing key aspects of popular consensus mechanisms at a high level, with a specific focus on how such mechanisms may impact the mandates of supervisors and policymakers when deployed in financial services markets. It could also help inform IMF staff on policy development and technical assistance related to crypto assets, stablecoins, and blockchains.
Keywords:
fintech, blockchain, distributed ledger technology, proof-of-stake, proof-of-work, crypto assets, stablecoins, central bank digital currencies, Bitcoin, BigTech; Blockchain consensus mechanism; bitcoin mining; FINTECH note; A. consensus mechanism; B. consensus mechanism; Blockchain and DLT; Virtual currencies; Technological innovation; Global