Artificial Intelligence (AI) technology can boost productivity and enhance efficiency in areas such as fintech and healthcare but industry experts warn that more regulation is needed. Their concerns centre on its unpredictability and potential bias, sparking the need for more rules to curb irresponsible use.
Mr Thomas Dohmke, chief executive officer of software development company Github, told the Singapore Fintech Festival (SFF) on Thursday that Harvard University research found that workers using generative AI ChatGPT are 40 per cent more productive than those who don’t. He added that AI tools are expected to boost the global economy by US$9.5 trillion (S$12.84 trillion) by 2030, noting: “Countries and organisations that figure out how to use AI with reduced risk will exist in a different spectrum of activity, and those who don’t will fall behin