SINGAPORE – A new research institute has been launched to deepen research at the intersection of artificial intelligence, business, finance and society.
Called the Global Institute of Finance, Technology, and Society (GIFTS), the new institute by Nanyang Technological University (NTU) will study how firms, households, investors, regulators and AI agents interact under market stress, new regulations, scams or supply chain shocks to better advise policymakers.
“Automated decisions must be explainable and open to challenge,” said Minister for Digital Development and Information Josephine Teo at the launch on May 30, held at the Sands Expo and Convention Centre.
Mrs Teo said there must always be a clear line of accountability behind every AI-driven decision, be it a person, process or institution that owns it.
“These are, however, not challenges that finance or technology alone can solve. They draw on law, ethics, behavioural science and public policy,” she said.
She noted that the finance sector is among the four industries – which also include connectivity, advanced manufacturing and healthcare – being prioritised by the National AI Council to move AI beyond experimentation into sector-wide transformation.
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