Dialogue on AI and Quantum Technologies
Artificial Intelligence:
Quantum Technologies:
Investment and product roadmaps to harness the full potential of AI
Policy dialogue on efforts to harmonise globally divergent approaches to regulations
Building a responsible AI ecosystem in financial services: Balancing benefits, ethics and regulations
Consumer protection: How the rise of AI has provided new tools for combating the lifecycle of financial scams
Fundamentals of the Quantum Tech Stack
Quantum's impact on financial services and future-proofing encryption
Challenges in applying Quantum Technologies
Browse Agenda: AI & Quantum Technologies
In today's ever-evolving financial landscape, the convergence of AI and Quantum computing stands as the driving force reshaping the FinTech horizon. This plenary address will explore how these dynamic forces intersect, innovate, and redefine the future of finance.
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This keynote will be delivered Dr. Chowdhury - the US Science Envoy for Artificial Intelligence, Responsible AI Fellow at the Harvard Berkman Klein Center for Internet and Society, and part of "Forbes 5" who are shaping AI.
Dive into the EU AI Act's current state and future directions, alongside global initiatives aimed at harmonising regulatory approaches. This discussion will explore strategies for creating robust guardrails for AI, addressing the challenges of varying international standards, and fostering a cohesive framework that promotes innovation while safeguarding ethical and responsible AI development.
}', 13='{type=option, value={id=3, name='Forming Frontier Tech', order=2, label='Forming Frontier Tech'}}', 15='{type=list, value=[{id=166919171651, name='Daniela Schackis'}, {id=166926454968, name='Denis Beau'}, {id=166926454937, name='Steven Maijoor'}]}', 16='{type=list, value=[{id=169630204799, name='Joasia E. Popowicz'}]}', 17='{type=list, value=[]}', 18='{type=option, value={id=1, name='Hall A (Level 2)', order=0, label='Hall A (Level 2)'}}'}, {id=166919172395, createdAt=1715265272997, updatedAt=1730247331071, path='agnd1174-masterclass-on-quantum-technologies-decoding-the-future-of-computing', name='Masterclass on quantum technologies: Decoding the future of computing', 2='{type=string, value=Masterclass on quantum technologies: Decoding the future of computing}', 3='{type=string, value=AGND1174}', 4='{type=number, value=1719916800000}', 5='{type=number, value=1719919200000}', 6='{type=option, value={id=2, name='Forum Stage', order=0, label='Forum Stage'}}', 7='{type=string, value=Masterclass on quantum technologies: Decoding the future of computing Dr Alessandro Curioni, IBM Fellow, Vice President, Europe & Africa and Director, IBM Research - Zurich , IBM, Kelly Richdale, Venture Partner, Amadeus Capital Partners & Senior Advisor, SandboxAQ, Dr Philip Intallura, Head of Quantum Technologies, HSBC Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore & Chair of the Board of Directors , Elevandi }', 8='{type=number, value=1}', 12='{type=string, value=This session will delve into the fundamentals of quantum computing, its current applications, and future potential. Global experts will share a comprehensive overview of quantum principles, the tech stack, and the crucial role of error correction. They will also explore the synergy between AI and quantum computing and how their convergence can exponentially increase their impact across industries. Additionally, this session will showcase the blueprint to build world-class quantum programmes, recognising the importance of collaboration and strategic implementation for organisations aiming to lead in the digital age.
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Financial services (FS) have much at stake and much to contribute to the AI technology and standards work currently underway; however, FS firms and their regulators are not necessarily at the center of the debate. Financial grade validation and trust are essential for new developments in GenAI and LLM to be fully employed for customer facing use cases in financial services. The increasing move to third party models and technology development outside the firewall are challenging the well-established governance frameworks FIs had put in place for predictive AI and machine learning. At the same time, existing data and cloud access frameworks are integral to determining how AI develops, is accessed, and the outcomes it delivers for the economy.
Moving forward, links between roles, standards, technology design, and data frameworks will determine the trajectory for AI development and outcomes across markets. Operating under the theme of Forming Frontier Tech, this roundtable led by the Institute for International Finance will convene industry leaders, technical experts, and policy makers in a dialogue to identify key points and links between technology design and development, standards and regulations, the path for adoption, and the prospects for deployments.
Attendees who wish to familiarise themselves with the topic may refer to the reference materials below.
- Primer on AI: Governing Self-learning Intelligent Systems
- Outlook of AI
- Global AI Governance: Convergence or Fragmentation?
In this session, leaders will share strategies to navigate the current organisational strategic terrain, outlining key board priorities and roadmaps. They will also illuminate the transformative potential of rising machine-human collaboration. Additionally, the session will explore its profound implications for the workforce of tomorrow and steps to future-proof your organisation in this rapidly evolving landscape.
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In an era where financial scams have become increasingly sophisticated, the true extent of their rise remains debated - are we witnessing an actual surge, or is heightened reporting amplifying their presence?
This roundtable session under our Forming Frontier Tech theme will explore the lifecycle of financial scams, focusing on how the rise of digital assets and AI has both facilitated these scams and provided new tools for combating them. Participants will delve into the impact of emerging technologies on Know Your Customer (KYC), Anti-Money Laundering (AML), and onboarding processes within financial services such as cross-border payments and financial instrument investments.
Discussion points:
I. The Journey of a Scam:
- Tracing the evolution of financial scams from traditional methods to sophisticated digital schemes.
- Identifying key stages and tactics used by fraudsters in the digital age.
II. Impact of Emerging Technologies:
- Analysing whether the incidence of financial scams has increased due to advancements in technology or if heightened awareness has led to more reporting.
- Evaluating how AI and digital assets have lowered entry barriers for fraudsters and examining case studies of recent scams.
III. Combating Scams with Technology:
- Discussing innovative applications of AI and blockchain in detecting and preventing fraud.
- Exploring how advancements in KYC and AML technologies can strengthen onboarding processes and enhance security.
The following key industry stakeholders will champion the dialogue:
- Policymakers will highlight their roadmaps for updating the regulatory frameworks to support defenses against scams.
- Financial and professional services will showcase the proactive adoption of cutting-edge technologies to safeguard against fraud.
- Investors will drive the importance of robust fraud prevention measures in the companies they invest in.
The session aims to produce a collaborative action plan detailing:
- Specific technological tools and practices to implement for improved scam detection and prevention.
- Recommendations for policymakers to foster a supportive regulatory environment.
- Strategies for financial services organisations to integrate advanced technologies into their security protocols.
- Guidance for investors on promoting and supporting fraud prevention measures within their investments.
- A commitment to ongoing dialogue and cooperation among industry stakeholders to stay ahead of emerging threats.
Attendees who wish to familiarise themselves with the topic may refer to the reference materials below.
- Generative AI: The future of consumer financial protection?}', 13='{type=option, value={id=3, name='Forming Frontier Tech', order=2, label='Forming Frontier Tech'}}', 15='{type=list, value=[{id=166919171882, name='Amanda Wick'}, {id=169052905026, name='Avishek Chandra'}, {id=170493008129, name='Caroline Bowler'}, {id=170664206431, name='Dina Mainville'}, {id=167566402180, name='Francesca Brown'}, {id=168261564520, name='Isabella Chase'}, {id=166926454890, name='Dr Jochen Papenbrock'}, {id=168803717037, name='Rene Michau'}, {id=169052905393, name='Shane Chesson'}]}', 16='{type=list, value=[{id=166926454967, name='Darko Stefanoski'}]}', 17='{type=list, value=[]}', 18='{type=option, value={id=4, name='Roundtable Room 3 (Level 3)', order=3, label='Roundtable Room 3 (Level 3)'}}'}, {id=166926455299, createdAt=1715265314822, updatedAt=1730247389521, path='agnd1103-fintech-ecosystems-powering-innovation-in-financial-services', name='FinTech ecosystems: Powering innovation in financial services', 2='{type=string, value=FinTech ecosystems: Powering innovation in financial services}', 3='{type=string, value=AGND1103}', 4='{type=number, value=1719937800000}', 5='{type=number, value=1719939900000}', 6='{type=option, value={id=3, name='Insights Stage', order=1, label='Insights Stage'}}', 7='{type=string, value=FinTech ecosystems: Powering innovation in financial services Nasir Zubairi, Chief Executive Officer, The LHoFT Foundation, Natia Turnava, Acting Governor, First Vice-Governor, National Bank of Georgia, Shayan Hazir, Chief Digital Officer, ASEAN, HSBC Pat Patel, Executive Director, Elevandi }', 8='{type=number, value=1}', 12='{type=string, value=
Join industry leaders as they explore strategies to leverage FinTech ecosystems for innovation, delving into the collaborative opportunities within large financial institutions and dynamic FinTech economies to drive transformative change in the financial services sector.
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}', 13='{type=option, value={id=3, name='Forming Frontier Tech', order=2, label='Forming Frontier Tech'}}', 15='{type=list, value=[{id=170834219779, name='Dushyant "D" Shahrawat'}, {id=166926454934, name='Marco Bizzozero'}, {id=170134855294, name='Michael Mostert'}, {id=168267942792, name='Philippe Laurensy'}]}', 16='{type=list, value=[{id=169258776403, name='Carolin Roth'}]}', 17='{type=list, value=[]}', 18='{type=option, value={id=1, name='Hall A (Level 2)', order=0, label='Hall A (Level 2)'}}'}, {id=166919172452, createdAt=1715265360321, updatedAt=1730247415334, path='agnd1100-ai-revolution-shaping-data-analytics-in-the-financial-sector', name='AI revolution: Shaping data analytics in the financial sector', 2='{type=string, value=AI revolution: Shaping data analytics in the financial sector}', 3='{type=string, value=AGND1100}', 4='{type=number, value=1720006200000}', 5='{type=number, value=1720011600000}', 6='{type=option, value={id=4, name='Roundtable', order=2, label='Roundtable'}}', 7='{type=string, value=AI revolution: Shaping data analytics in the financial sector Bénédicte Nolens, Centre Head, Hong Kong Centre, BIS Innovation Hub, Christina Schack, Head Data Solutions, Vontobel AG, Claire Calmejane, Investor, Leia Capital, Dr Dan Wunderli, Head of Data Innovation Lab, Swiss Financial Market Supervisory Authority (FINMA), Dr Gernot Klein, Field Chief Data Officer, Dataiku, Dr Jennifer Belissent, Principal Data Strategist, Snowflake, Kenneth Gay, Executive Director, Enterprise Knowledge, Monetary Authority of Singapore, Marc Beierschoder, Managing Partner for AI & Data, Deloitte Consulting AG, Dr Matthias Gubler, Head of Economic Data Science, Swiss National Bank, Musa Parmaksiz, Head Of AI, Data and Analytics Center of Excellence (IB), UBS Morten Bech, Centre Head - Switzerland, BIS Innovation Hub, Dr Rachel Arulraj-Cordonier, Advisor, Project lead - AI & Data, Switzerland, BIS Innovation Hub }', 8='{type=number, value=1}', 12='{type=string, value=This roundtable reflects Elevandi’s commitment to advancing adoption of frontier technologies. This includes consideration of the Use of AI/ML in Financial Supervision by Central Banks in a 2024 FutureMatters opinion.
Leveraging AI for data analytics is increasingly becoming a staple in organisational strategies, yet the journey is far from complete. In this vein, the BIS Innovation Hub Swiss Centre and Swiss National Bank have recently launched Project Neo to explore how more frequent and granular data from novel sources combined with advanced analytic technologies can help central banks better fulfil their mandates. Project Neo aims to ensure that central bank policymaking decisions are grounded in timely and precise intelligence.
The discussion, under the theme of Forming Frontier Tech, will delve into:
- The transformative impact of AI on data analytics, particularly in forecasting, economic analysis, risk management, reporting, and decision-making processes.
- The multifaceted challenges of AI integration, spanning technological consideration to the organisational adaptation.
Attendees who wish to familiarise themselves with the topic may refer to the reference materials below.
- ESG: The Urgency of Action & Why Climate Technology Matters Now
- Use of AI/ML in financial supervision by central banks
This hard-hitting 20-minutes will lay bare the latest for and against arguments on AI, fuel the debate on whether to produce standards or startups first, to invest or not, pause or accelerate, expand or shrink, and of course, regulate or innovate. Whatever the answer, it is clear that opportunity has come knocking, but do we dare answer? The stakes have never been higher. Learn why.
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The questions:
- The risk of a larger non-EU-based partner using its market power to pull high-potential EU-based AI startups out of the EU. Mistral-Ai proves that risk. Germany’s Aleph Alphi and UK-based Synthesia and StabilityAI too.
- Voluntary flight of startups to non-EU locations including US, in search of capital, and more open to innovation policies. E.g. USA, Japan
- EU-based startups having to develop new code bases if they wish to sell outside of the EU, which means more time, cost, and risk
- Foundation models such as GPT-4 have been termed ‘systemic’. Has this aggressive categorization come too early?
- Need for greater transparency. To publish publicly available summaries of training data which might affect competitiveness and IP
- How does one go about educating citizens of how algorithmic harms happen if citizens have been given more agency to complain about AI systems.
This session will showcase solutions from SwissHacks: a hackathon where the smartest minds solve real-world issues.
}', 13='{type=option, value={id=3, name='Forming Frontier Tech', order=2, label='Forming Frontier Tech'}}', 15='{type=list, value=[{id=166926454969, name='Eva Selamlar-Leuthold'}, {id=170748147003, name='Tanya König'}]}', 16='{type=list, value=[]}', 17='{type=list, value=[]}', 18='{type=option, value={id=1, name='Hall A (Level 2)', order=0, label='Hall A (Level 2)'}}'}, {id=166919172410, createdAt=1715265323251, updatedAt=1730247428603, path='agnd1185-the-innovators-dilemma-navigating-capital-constraints-and-policy-hurdles', name='The innovators' dilemma: Navigating capital constraints and policy hurdles', 2='{type=string, value=The innovators' dilemma: Navigating capital constraints and policy hurdles}', 3='{type=string, value=AGND1185}', 4='{type=number, value=1720010400000}', 5='{type=number, value=1720013100000}', 6='{type=option, value={id=3, name='Insights Stage', order=1, label='Insights Stage'}}', 7='{type=string, value=The innovators' dilemma: Navigating capital constraints and policy hurdles Anupriya Ankolekar, Co-Founder & Principal Scientist, ModuleQ, Christian Frahm, Founder & Chief Executive Officer, United Fintech, Michael Stemmle, Founder, additiv, Nikos Andrikogiannopoulos, Founder & Chief Executive Officer, Metrika Oliver Bussmann, Chief Executive Officer, Bussmann Advisory }', 8='{type=number, value=1}', 12='{type=string, value=Startups developing or using general purpose AI models will need to comply with transparency obligations, such as providing model documentation and ensuring copyright compliances. And while large models like OpenAI, Meta, Google, etc., will be under greater scrutiny, every application (think every startup) that uses them behind the scenes may also be at risk.
The questions:
- Is the EU missing another tech wave with AI regulation?
- Prioritising between producing startups and producing standards
- How are the new measures to assist startups with dedicated access to supercomputers (AI factories) being received by the community
- Startups may struggle to identify whether their systems fall under the high-risk category, leading to uncertainty and potential compliance issues
- Is there a risk that rival nations will poach top AI talent from the EU much easier now?
This panel, organised and moderated by SIF, focuses on how AI can be leveraged in the provision of financial services. Working title “From personal manager to virtual advisers: is AI revolutionizing the provision of financial services?”
Specifically, in the context of increased ubiquity of AI in all aspect of financial markets, this panel will break down how the technology is impacting the way asset managers and other financial service providers are offering their services, from the creation of opportunities to new challenges. Through dialogue between new players, regulatory experts and preeminent financial institutions, it aims at answering this central question: is (Gen) AI reshaping the provision of financial services or is it just another tool in the manager’s arsenal?
The power of communities can drive great outcomes in times of need. With many challenges emerging around technology adoption whilst ensuring sustainability, how can communities make a real difference? What are the latest community driven initiatives in Europe that are driving change for good? What are the benefits of joining these communities to fast track new opportunities?
}', 13='{type=option, value={id=3, name='Forming Frontier Tech', order=2, label='Forming Frontier Tech'}}', 15='{type=list, value=[{id=171046460439, name='Nadia Filali'}, {id=171209126434, name='Nic Balaceanu'}, {id=171416866607, name='Shadab Taiyabi'}, {id=171100566660, name='Stephanie K. Wickihalder'}]}', 16='{type=list, value=[{id=171101088889, name='Takeshi Kito'}]}', 17='{type=list, value=[]}', 18='{type=option, value={id=9, name='Hall C (Level 2)', order=8, label='Hall C (Level 2)'}}'}, {id=166931435084, createdAt=1715265562548, updatedAt=1730247447511, path='agnd1146-data-based-banking-supervision-using-ai', name='Data-based banking supervision using AI', 2='{type=string, value=Data-based banking supervision using AI}', 3='{type=string, value=AGND1146}', 4='{type=number, value=1720017000000}', 5='{type=number, value=1720020600000}', 6='{type=option, value={id=6, name='Workshop', order=3, label='Workshop'}}', 7='{type=string, value=Data-based banking supervision using AI Bianca Morrone, Data Scientist, Swiss Financial Market Supervisory Authority (FINMA), Dr Kaspar Stucki, Data Scientist, Swiss Financial Market Supervisory Authority (FINMA), Philippe Brügger, Head of Data and Analytics Center, Swiss Financial Market Supervisory Authority (FINMA), Sascha Jakob, Data Scientist, Swiss Financial Market Supervisory Authority (FINMA) }', 8='{type=number, value=1}', 12='{type=string, value=The aim of the workshop is to outline the future of banking supervision in times of technological and methodological progress. The focus is on tools for automated risk assessments of supervised financial institutions and how these can be further developed using AI methodologies and alternative data.
FINMA will present its most important Suptech tool, namely its well-established rating system for banks. This monitoring tool is used to automatically evaluate and graphically present financial figures, risk parameters and audit results of banks. This allows supervisors to always know current risk ratings and to allocate their resources in a targeted manner.
To take it one step further, FINMA is currently running a project to improve the rating system using methods of artificial intelligence and alternative data. To do this, a Data Innovation Lab has been set up in which data scientists are developing innovative applications for supervision. FINMA will show in which areas they see the greatest added value. Finally, exciting applications and results from the lab will be presented.
The presentation is primarily aimed at supervisory authorities and representatives of the financial industry or academia who are interested in digitalisation, risk assessment tools, innovative supervisory approaches and applied methods of artificial intelligence.
The following questions will be discussed:
- What does data-based supervision actually mean?
- How can supervision benefit from methodological and technological advances?
- Which methods and specific applications of artificial intelligence bring the greatest added value?
- What will supervision look like in the future?
Besides the presentation, there will be time for questions and discussions, and to arrange further contacts and collaborations.
A threat looming over the confidentiality of financial data is quantum computing. At some point – maybe not so far away – quantum computers may be able to break the encryption algorithms used in today’s financial system. Can Quantum resistance be achieved in time? And if yes, what are the challenges in preparing a safe transition to post-quantum cryptography?
Attendees who wish to familiarise themselves with the topic may refer to the reference materials below.
- Quantum & cloud: Future of financial services | SFF 2023
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Roundtable Room 3 (Level 3)
Forming Frontier Tech
Insights Stage
Hall C (Level 2)
Forming Frontier Tech
Forum Stage
Hall A (Level 2)
Forming Frontier Tech
Roundtable
Roundtable Room 1 (Level 2)
Forming Frontier Tech
Insights Stage
Hall C (Level 2)
Forming Frontier Tech
Insights Stage
Hall C (Level 2)
Forming Frontier Tech
Forum Stage
Hall A (Level 2)
Forming Frontier Tech
Insights Stage
Hall C (Level 2)
Forming Frontier Tech
Workshop
Workshop Room 3 (Level 3)
Forming Frontier Tech
Insights Stage
Hall C (Level 2)
Forming Frontier Tech
Workshop
Workshop Room 3 (Level 3)
Forming Frontier Tech
Roundtable
Roundtable Room 3 (Level 3)
Forming Frontier Tech
"Just returning from a fascinating couple of days at Point Zero Forum. One has to admit that conferences and forums are often about either vague ideas or mere pitches, but this time it was quite different, and on quite a few occasions I found that I had collected some really valuable insights on #blockchain and #AI. I think the galaxy of thought leaders, regulators, policymakers, academics, etc. was a really good mix."
Juan Ignacio Ibañez
Chief of Staff , DLT Science Foundation
"There is more to be done in combining policymaking, private sector and public sector involvement, and that comes through discussions such as the one we can have here."
Patrick Odier
Chairman of Building Bridges, International Monetary Fund
"Just returning from a fascinating couple of days at Point Zero Forum. One has to admit that conferences and forums are often about either vague ideas or mere pitches, but this time it was quite different, and on quite a few occasions I found that I had collected some really valuable insights on #blockchain and #AI. I think the galaxy of thought leaders, regulators, policymakers, academics, etc. was a really good mix."
Juan Ignacio Ibañez
Chief of Staff , DLT Science Foundation
"There is more to be done in combining policymaking, private sector and public sector involvement, and that comes through discussions such as the one we can have here."
Patrick Odier
Chairman of Building Bridges, International Monetary Fund