Andrea Rios Escudel on LinkedIn: AI in Metaverse, New GPT3 is less toxic, Fresh Examples of AI

First, financial regulators need to ensure that regulatory oversight delivers on the inclusion and intermediation-enhancing benefits of digital finance without compromising traditional regulatory goals such as financial stability, adequate competition, consumer protection and market integrity. Second, there is a pressing need for a system of data governance that allows consumers and business to exercise control over their data through the granting and withholding of consent to the use and transfer of their data. Developing a user-friendly granular consent-based data governance system with low transaction costs is a challenge that, when successfully addressed, will promote the development of virtual banking worldwide. Hong Kong SAR offers one example of an integrated regulatory framework for virtual banks. The licensing and regulatory regime – also applicable to incumbent banks – aims to manage the full spectrum of risks arising from any source, including the ownership structure, without compromising development objectives that often rest on technological innovation.