SinoPac Holdings in June said the company has banned generative AI because of the risks it involves. SinoPac, which provides a range of financial services from banking to venture capital, said in an earnings call the company incorporated artificial technology into its dealings a few years ago, according to a press release. An example is the roll-out of a model that helps prevent credit card fraud through the detection of irregularities.

Despite its embrace of AI, SinoPac has banned the use of the fast-evolving technology of generative AI over cybersecurity, legality, and other concerns, said Stanley Chu, president of the company. Computers and mobile devices are not allowed to access generative AI services from external sources, Anue quoted him as saying.

According to a survey conducted in March and released last week by Taiwan’s financial regulator, the Financial Supervisory Commission (FSC), no bank in the country has introduced ChatGPT applications into its business. The survey was prompted by worries from legislators that the technology could increase the risk of personal data leaks in the financial sector.

The FSC is expected to publish a roadmap on the development of fintech in August, which will address the issue of the use of AI. The agency is collecting information from regulatory bodies and international organizations about their guidelines on this subject, per CNA.

Generative AI (artificial intelligence) is a kind of machine learning that can produce text, video, images, and other content.

Taiwan News