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.

From chatbots to robots and data-driven algorithms, adoption of artificial intelligence has been for years. But the pandemic took AI to the level, with 52% of companies accelerating their AI adoption plans because of COVID. What used to be seen as niche is now widespread, with innovative AI applications across all industries. AI transforms customer and employee experiences, increases productivity and efficiency, lowers costs, improves safety and helps the environment. Real estate is known for red tape and plenty of paperwork.

What is the solution for faster training of deep neural networks? That is true, but now we have GPUs and TPUs. What if the speed is not enough? Should we develop processors that are even faster? No, says a team of researchers from Google AI.