Asian Institute of International Financial Law (AIIFL), HKU

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Reshaping the Design of Money

By Ross Buckley (University of New South Wales), Douglas Arner (University of Hong Kong), Dirk Zetzsche (University of Luxembourg), Anton Didenko (University of New South Wales), Lucien van Romburg (University of Hong Kong) | SSRN

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, the authors highlight the range of potential issues and regulatory challenges concerning financial services AI and the tools available to address them.

Video Insert: This paper was discussed in an episode of Looking Back, Looking Forward episode: Building Better Payment Systems.

The authors of this paper are Professor Ross Buckley (University of New South Wales), Professor Douglas Arner (University of Hong Kong), Dirk Zetzsche (University of Luxembourg), Anton Didenko (University of New South Wales), and, Lucien van Romburg (University of Hong Kong). It is available: here .