The Bank of Russia's report on the application of artificial intelligence in the financial market has received support from various market participants. The discussion focused on the potential uses and regulatory principles for this technology.
The Bank of Russia aims to encourage the development of artificial intelligence while adopting a risk-based approach in its implementation. Feedback was gathered from banks, insurers, associations of market participants, universities, infrastructures, and leading technology developers.
"Market participants supported the Bank of Russia’s assessment of the possible application of artificial intelligence in the financial market and the principles of regulating this technology."
"In general, the Bank of Russia will promote the development of artificial intelligence and take a risk-based approach when using it."
Banks, insurers, associations, universities, infrastructure entities, and technology developers shared their perspectives on this initiative.