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SINGAPORE: President Tharman Shanmugaratnam spoke on the eighth version of the Singapore Fintech Pageant (SFF) on Wednesday (Nov 15), which is targeted on the “Promise and Pitfalls” of Synthetic Intelligence (AI) with the theme “AI for good. AI for good?”
The President sounded optimistic concerning the expertise, at the same time as he acknowledged the disruption it might carry. He mentioned that Massive Language Fashions (LLMs), reminiscent of ChatGPT, are prone to take over jobs within the monetary companies sector quicker than applied sciences prior to now. Nonetheless, he additionally famous that the shift within the conventional hierarchy of jobs could be a “constructive” one.
“There isn’t a intrinsic purpose why it can’t occur. I don’t suppose that is going to occur instantly, however I believe it’s going to occur progressively. And I believe it can occur for sure human duties a lot quicker than earlier applied sciences have carried out,” he mentioned at a fireplace chat on the pageant.
“What you regard as a greater job and a job that deserves higher pay may shift significantly within the years to return. The best way we worth IQ over EQ may change,” added the President.
In Singapore, the place there may be at occasions an absence of individuals with sure abilities reminiscent of programming, automating these jobs could be to the county’s benefit as a result of it will lower the reliance on expertise from outdoors its shores, in addition to use the expertise to permit the workforce to “be extra productive and luxuriate in their jobs much more”.
A number of roles want intelligence quotient or IQ, which will be changed by LLMs and AI, which may carry out higher and extra effectively than folks. President Tharman mentioned that the roles that folks place loads of worth on should be rethought, like jobs that “require teamwork, the roles that require collective creativeness (and) the care jobs, and we’ll should worth them accordingly.”
And although AI offers nice benefits, he underlined that some sectors nonetheless want human judgement and decision-making. For monetary companies, whereas AI might dispense custom-made monetary recommendation speedily, human intervention and moral guidelines are nonetheless essential to ensure that one of the best recommendation is given to folks.
SFF 2023 is scheduled this week from Nov 14 to 17. The principle audio system on the convention, other than Singapore President Tharman, are the Managing Director of the Worldwide Financial Fund, Ms Kristalina Georgieva, and World Financial institution President Mr Ajay Banga.
The occasion was organised by the Financial Authority of Singapore, Elevandi and Constellar, together with The Affiliation of Banks in Singapore. Registration for SFF 2023 and extra particulars concerning the pageant are discovered at www.fintechfestival.sg.
Learn additionally: ‘Promise and Pitfalls of AI’ in focus at Singapore FinTech Pageant 2023 /TISG
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