The Australian government is in the middle of a review of AI use, fielding submissions in response to a paper it put out in June on government mechanisms to ensure AI is developed and used safely and responsibly.   

While many of Australia’s Asian neighbours have taken a light touch approach to regulating AI, all eyes are currently on the EU, with EU governments aiming to reach agreement on the new AI Act.

Meanwhile, Australia’s big banks have asked for a carve out from any new requirements, pointing to the reams of existing regulation they are already beholden to. 

In this episode we consider the opportunities and risks AI offers banks and fintechs, and how they’re navigating these. We hear from Rob Nicholls, law professor at the University of NSW on a proposal to require banks to be more transparent in the way they’re using AI. 

We also hear from Linda Staniewicz, Chief Strategy and Marketing Officer for the Emerging Payments Association Asia on what banks need to do to make AI work ethically and commercially in their businesses.

This episode was produced by Charis Palmer and Rachel Williamson, with sound engineering by Kevin Hirshorn. Music credits to Yehezkel Raz, Rex Banner. Raz Burg