IVO GUEORGUIEV CO-FOUNDER PAYNETICS

As artificial intelligence becomes increasingly integral to fintech operations , from credit scoring to fraud detection , regulators are turning their attention to the potential risks and benefits of these technologies .

The European Commission ’ s proposal for an Artificial Intelligence Act , introduced in April 2021 , represents one of the most comprehensive attempts to regulate AI systems to date .

Steve Morgan , Global Industry Principal for Banking at Pegasystems , points out that AI regulation is beginning to take shape : “ The roadmap for how consumers are protected from AI usage in finance will be influenced by how the EU AI Act is now law and will be rigorously applied over the coming months across the continent .”