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StockTalk(6.7): Singapore launches AI Verify Foundation for responsible AI use: What will its impact be on global AI regulation?
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Welcome to StockTalk: Daily, Insightfully, Rewardingly! Today's topic is about AI regulation.
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Singapore-based AI Verify Foundation launched at the Asia Tech x Singapore conference(6.7) to promote the responsible use of AI and develop tools for AI testing capabilities. The foundation has an integrated AI Verify interface to generate testing reports for AI system governance principles.
The initiative aims to encourage private sectors and research ecosystems to participate in advancing AI for the public good. The foundation starts with seven premiers and over 60 general members, including Adobe, DBS, Meta, SenseTime, and Singapore Airlines. The Singapore government's approach to building an ecosystem for the responsible adoption of generative AI strengthens the foundation of AI governance, considering unique characteristics. The foundation's impact on AI companies and the field remains to be seen.
What is the purpose of the AI Verify Foundation launched in Singapore? Will other countries follow its lead in promoting responsible AI development? Or do you know any other organizations set up by governments to promote responsible AI in other countries worldwide?
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ZnWC : As I mentioned before, AI need to be regulated for various reasons:
1. Security. AI code is hackable and may be used for wrong purpose hence need to be secured.
2. Intellectual property. There are negative sentiment about AI's content being used as personal creations hence need to differentiate AI content.
3. Safety. If AI is used in drug designing or autonomous driving, there's an urgent need to address safety if injury or even death occurs. There's also the issue of who's responsible - AI or human.
4. Financial losses. If AI is used in stock trading and incurred hugh losses, there may be legal cases to seek compensation. At the moment there's no law to address such issue.
As the AI applications become widespread, it's impact to our life will be complicated. This AI Verify Foundation (AIVF) may be a good start to not only to educate the public about AI but also provide guidelines as to how we should engage AI. It may even advise the government when AI need to be regulated when private sector fail to do so.
DoboTTrade_90 : it is too early for Sg to implement AI Technology in all sectors...