denis beau : artificial intelligence evolution and outcomes – digital trust, data and cloud introductory remarks by mr denis beau, first deputy governor of the bank of france, at the point zero forum 2024, zurich, 2 july 2024. * * * ladies and gentlemen, i am very pleased to open this panel on artificial intelligence ( ai ). ai is a breakthrough innovation that can lead to real economic disruption. this is especially true in the financial sector, where ai has been an important main driver of transformation in recent years. the advent of generative ai is expected to further accelerate this trend, not only by increasing users'adoption of ai tools, but also by structurally accelerating the pace of innovation ( let's think, for example, of the new ability to generate computer code based on natural - language queries ). however, these significant developments raise a number of questions, including from the central banker and financial supervisor perspective with which i am looking at them. i would like to share some of these questions with you, before expressing my views about how we should tackle the issue. 1 / first, despite recent progress, the underlying ai technology does not yet appear to be fully mature, particularly as regards generative ai ( genai ). there are still a number of unanswered questions on this subject. i will touch on two of them. first, the question of general - purpose ai ( gpai ) models : how will they perform in a whole range of tasks relevant to the financial sector? this question really arises on two levels. will gpai models become the standard for all uses, to the detriment of specialized models? will smaller, well - trained - that is, more specialized - models have the ability to live up to larger, more general - purpose models? these performance issues have many potential consequences, not least in terms of competition : if large gpai models are introduced in all areas, we run a high risk of ending up in a natural monopoly or oligopoly, adding to the already largely oligopolistic nature of the cloud market. second, the issue of the vulnerabilities of ai systems : while we are starting to gain a clearer picture of the situation, research on this subject is far from complete. this is particularly true in the field of cyber security for genai models, with the recent discovery of the dangers of " indirect prompt injection ". while this race between the'sword'( development of new attack techniques ) and the

jessica chew cheng lian : opening remarks - central bank payments conference opening remarks by ms jessica chew cheng lian, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the central bank payments conference, kuala lumpur, 11 june 2024. * * * first and foremost, i would like to thank the organisers, currency research, for inviting me to speak today. evolution of payments the payment system lies at the heart of economic activity. if money is the lifeblood of the economy, then payment systems represent the veins that allow money to flow to where it is needed. while this fundamental reality has not changed, over the past few decades, technological advancements have dramatically changed the form, methods and experience of payments in our daily lives. not too long ago, we waited anxiously for cheques to clear to pay our mortgages or for funds to transfer across borders for our family needs or children's education. carrying cash in our purses or wallets was as automatic as putting clothes on to leave our homes. today, many of us conduct daily financial transactions digitally and through our mobile phones – with a level of convenience not possible or imaginable before. in the wholesale payment space, the transformation has been no less significant. we have moved to highly automated, real - time systems that enable continuous and instantaneous settlement. the financial system has also become more efficient as settlement cycles for securities have been gradually reduced. similar to retail payments, many of these improvements have been enabled by technological progress, creating greater efficiencies in the financial system. central banks'mandate for payments these developments have important implications for the role and responsibilities of central banks in relation to payment systems. while this role may vary across countries, central bank responsibilities over payment systems generally stem from an interest in : supporting the implementation of monetary policy ; preventing systemic risks that can arise from the transmission of financial stress through the payment system ; and promoting fair, efficient and inclusive operations of payment systems given their central role in the economy. 1 / 5 bis - central bankers'speeches in the case of bank negara malaysia ( bnm ), our responsibilities have two dimensions. first, as overseer to ensure the safety, reliability and efficiency of the payment system. second, leading and supporting a developmental agenda to ensure that the payment architecture remains fit for purpose in support of economic activity. significant changes occurring in the payment landscape have impacted the way central banks view their responsibilities for payment systems in at least two ways.