Artificial Intelligence (AI) and machine learning technologies are already transforming the trade and investment landscape. But a “growing trend globally” towards data localisation is a cause for concern, a leading AI figure and regulator told The Asia House Global Trade Dialogue in Singapore.
Dr David Hardoon, Special Advisor (Artificial Intelligence), Monetary Authority of Singapore, warned against an approach to data that would see innovation stifled.
Echoing earlier comments made at the Asia House conference by Singapore’s Minister for Communications and Information, S Iswaran, Hardoon urged the corporate world to “stop referring to data as like oil, because it elicits this emotive response of ‘I need to keep this as close as possible’.”
In a lively presentation, Hardoon outlined the big issues facing AI and its application to global trade, in which he called for an approach which ensures privacy issues are addressed but does not encourage localisation.
“Locking data down” along geographical lines will not only disrupt consumer experiences, but will also lead to a fragmentation of risk, Hardoon said.
The AI expert also took part in a discussion on Disruptive Innovation in Finance, alongside speakers from Ripple and Revolut.
WATCH David Hardoon’s ‘Developments in AI’ presentation at The Asia House Global Trade Dialogue at Asia House TV