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Banks can no longer rely on “my system says so” excuse

Regulators have urged the industry to “understand and manage” technology-related risks, as user competence associated with artificial intelligence (AI) becomes increasingly important in the fintech arena. Given how much faith — and money — private banks in the region have placed in machine learning and AI, the Monetary Authority of Singapore (MAS) and the Securities and Futures Commission (SFC) are…

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