16 Jan 2024 13:00h - 13:45h

Table of contents

Disclaimer: This is not an official record of the WEF session. The DiploAI system automatically generates these resources from the audiovisual recording. Resources are presented in their original format, as provided by the AI (e.g. including any spelling mistakes). The accuracy of these resources cannot be guaranteed. The official record of the session can be found on the WEF YouTube channel.

Full session report

Ricardo Bonilla González

Regulations are considered necessary to manage the risks associated with technological advancements in the financial services sector, particularly with the increasing shift from traditional cash transactions to digital currencies. This shift has created a need for regulatory safeguards to prevent fraudulent activities commonly associated with digital currencies.

Furthermore, it is argued that central banks should play a vital role in regulating cryptocurrencies, as the regulation of these digital assets is viewed as a pressing issue. The growing popularity of cryptocurrencies poses challenges and risks that require attention and regulation from central banks.

However, there is a concern that regulators often lag behind in adapting to new technologies, specifically in the case of regulating artificial intelligence (AI). The rapid pace at which AI technology is advancing far exceeds the ability of regulators to adapt their regulatory frameworks. This presents a significant hurdle in effectively regulating AI to ensure accountability and manage potential risks.

Additionally, recruiting the right staff for regulating AI is also a challenge. Finding individuals who can keep up with the fast-paced nature of AI and think creatively is a complex task. This highlights the need for regulators to address the challenges of hiring and retaining personnel with the necessary skills and knowledge to effectively regulate AI.

On a positive note, the emergence of fintech companies is seen as a transformative development in the financial services sector. These companies are taking on the responsibility of providing citizens worldwide with access to bank accounts. By breaking paradigms and reaching out to offer banking services, fintech operators are enhancing financial inclusion and access to credit, particularly for women-led enterprises.

Furthermore, advancements in technology are making financial education and services more accessible. Individuals now have access to a wider range of financial services and educational resources, enabling them to make direct transactions for products and access larger credit amounts. This increase in accessibility expands financial opportunities, especially for women.

In conclusion, regulations are necessary to address the risks associated with technological advancements in the financial services sector. Central banks should play a role in regulating cryptocurrencies, while addressing the challenges faced in regulating AI is crucial. The emergence of fintech companies and advancements in technology are positively impacting financial inclusion, access to credit, and financial education.

Teresa Clarke

During the analysis, several key points were discussed by the speakers. Firstly, Teresa Clarke expressed her belief that the development of a financial sector tool would take Zoom's AI functionalities to the next level. She commended the progressive innovation in financial sector tools and highlighted their potential.

Moreover, the new tool, aligned with SDG 9: Industry, Innovation, and Infrastructure, was described as having the capability to present various scenarios live during investment committee meetings. It was also said to enable the execution of investment decisions on a single interface. This functionality was seen as a valuable asset in the financial sector.

In relation to savings accounts, Raisin, an online banking platform, was praised for its ability to maximize returns. With management of 60 billion euros and a focus on searching for the best interest rates available, Raisin was highlighted as a leading platform in this area.

The importance of innovation in the financial services sector was stressed, with a specific emphasis on fraud prevention, detection, credit scoring, and personalized banking services. Charlotte Hogg discussed these aspects as key areas of innovation within the sector.

Regulation in the financial services sector emerged as a critical topic of discussion. It was acknowledged that regulating innovation was crucial for protection against associated risks. Regulators were found to face the challenge of balancing financial stability, competition, and consumer protection. There was also a suggestion that regulators should allow for developments while remaining conscious of risks rather than eliminating them. Additionally, their approach of monitoring and engaging in dialogue with the industry was considered more productive.

Notably, regulators were also accused of not being able to keep up with the private sector and possessing a poor understanding of the sector they regulate. This criticism highlighted a potential gap in knowledge and competence between regulators and the private sector.

The analysis brought attention to interesting use cases from the London Stock Exchange Group, Raisin, and Visa. These use cases showcased innovative approaches within the financial sector and were appreciated by Teresa Clarke.

Furthermore, Teresa Clarke emphasized the importance of achieving 100% accuracy in algorithms for digital transformation to be successful. She stressed the need for engagement between the private sector and government in order to effectively navigate the challenges associated with the transformation.

Data transparency and the use of a common language between stakeholders were also highlighted by Teresa Clarke as essential for achieving proper outcomes. Transparency was seen as a means of ensuring that consumers understand where data has come from, while a common language would facilitate effective communication among all parties involved.

In conclusion, the analysis revealed various insights and perspectives on the development of financial sector tools, the importance of innovation in the financial services sector, the challenges faced by regulators, and the significance of achieving accuracy and transparency in digital transformation. The speakers provided valuable insights, highlighting the need for continuous innovation and collaboration among stakeholders to drive positive change in the financial industry and beyond.

Charlotte Hogg

During the discussion, the speakers touched upon a variety of topics pertaining to innovation, technology, regulation, and the role of financial services in society. One key point that emerged was the importance of continuous and incremental innovation within the financial services sector. The speakers acknowledged that innovation in this industry typically occurs in small steps over time, rather than through radical and sudden changes. They cited contactless payment as an example of an innovation that was initially considered radical but has now become commonplace.

The use of artificial intelligence (AI) and machine learning for fraud prevention was also highlighted as a significant area of innovation. Visa, for instance, has been utilising various forms of AI to make rapid decisions about transaction validity within a mere five milliseconds for 31 years, showcasing the potential of these technologies in combating fraud.

Flexibility in technical standards was another key theme that emerged during the discussion. The speakers argued that technical standards should be adaptable to changes and should not hinder innovation. They expressed concerns about the rigidity of standards, citing the example of the contactless limit set at 50 euros in Europe under the Payment Services Directive 2 (PSD2). They suggested that having a more flexible standard, capable of adjusting according to outcomes such as inflation, could have prevented the fixed limit from becoming outdated.

The impact of public policy on innovation was also discussed. The speakers expressed a negative sentiment towards policies that focus excessively on technical standards instead of desired outcomes. They argued that an outcomes-based approach, rather than a rigid focus on technical standards, could foster innovation in both the public and private sectors. They emphasised the need for collaboration between regulators and the private sector, as well as ongoing dialogue and openness to evolution as technology advances.

Digitization was another significant theme explored during the discussion. The speakers stressed the importance of digitising small businesses for global growth. Visa is committed to helping digitise 50 million small businesses worldwide in 2020 and has already surpassed this target. The impact of digitalisation on microbusinesses was also highlighted, with an emphasis on partnerships and collaboration between governments, local banks, and small businesses. They cited examples from Poland where successful efforts have been made to digitise sellers, resulting in increased accessibility and reduced costs.

The unique perspectives and contributions of women in the fintech industry were also acknowledged. The speakers noted that female entrepreneurs in the sector have introduced innovative ideas, such as dependent cards for children and financial services for the aging population. Visa has actively supported women-owned businesses and invests in promoting the digital space for women. The speakers expressed a positive sentiment towards enhancing women's involvement in the tech and fintech fields.

In conclusion, the discussion encompassed a wide array of topics related to innovation, technology, regulation, and the role of financial services. The speakers stressed the importance of continuous and incremental innovation, the use of AI and machine learning for fraud prevention, the need for flexible technical standards, and the impact of public policy on innovation. They also highlighted the significance of collaboration between regulators and the private sector, the digitisation of small businesses, and the unique contributions of women in the fintech industry. The speakers concluded by emphasising the importance of digitalisation and partnerships in supporting successful microbusinesses.

David Schwimmer

The London Stock Exchange Group (LSEG) is embracing the incorporation of artificial intelligence (AI) across various aspects of its business operations. LSEG has been actively working with AI for a long time and is now focused on integrating it into different areas of its operations. One of the key areas of AI implementation is generative AI, which has generated much excitement within the organisation. The developments in generative AI have been a source of considerable interest for LSEG over the past year.

LSEG has also formed a long-term partnership with Microsoft, a leading technology company. This partnership, which was announced a year ago, involves Microsoft acquiring a 4% stake in LSEG. One of the significant outcomes of this collaboration is the joint development of products that embed data and analytics into Microsoft Teams and 365. These products aim to provide users with enhanced capabilities such as accessing real-time financial data, executing investments, and evaluating different financial scenarios, all in one user-friendly interface. By integrating AI functionality into these products, LSEG is striving to build more intuitive and efficient financial tools.

David Schwimmer, the CEO of LSEG, is a vocal advocate for the development and use of AI-supported financial tools. He highlights the potential of AI to enhance financial workflows, particularly in terms of providing accurate and verifiable data. Schwimmer emphasises the importance of accuracy in AI applications within the financial sector, stating that a 90% or 95% accuracy rate is not sufficient, as 100% accuracy is expected.

Verifiable data is a crucial component for correct AI functionality, and Schwimmer emphasises the need to ensure data reliability and auditing systems to track the data's origin. He views the integration of AI benefits with the assurance of minimal risk as essential and emphasizes accurate, verifiable data as an important capability for gaining clients' confidence in AI-driven results.

Regarding data transparency in AI, Schwimmer believes that it should be regulated with proper guardrails. He acknowledges the importance of both government regulation and commercial competition in managing data transparency in AI. Schwimmer underlines the users' preference for accurate and verifiable data, which creates a competitive dynamic. However, he also warns against premature regulatory restrictions and advocates for finding the right balance between regulation and fostering innovation in the dynamic and evolving AI landscape.

In addition to AI integration, LSEG is also focusing its efforts on developing a regulated digital market infrastructure. This infrastructure aims to support various aspects of financial markets, including asset tokenisation, trading, settlement, and custody. It is designed to be flexible and efficiently accommodate different asset classes. Discussions with regulators worldwide are underway to ensure compliance and effective regulatory oversight for this digital market infrastructure.

Schwimmer expresses a preference for a regulated digital market infrastructure over existing largely unregulated cryptocurrency platforms. He highlights the importance of regulatory measures for the new infrastructure and stresses ongoing discussions with regulators globally.

In conclusion, the London Stock Exchange Group is at the forefront of incorporating AI into its business operations. Through partnerships with companies like Microsoft, LSEG is developing AI-supported financial tools that aim to enhance workflows and provide users with more intuitive and efficient financial solutions. The organisation's CEO, David Schwimmer, advocates for accuracy, verifiable data, and the regulation of AI to ensure transparency and foster a competitive dynamic. Additionally, LSEG is actively building a regulated digital market infrastructure to support asset tokenisation and trading while emphasising the need for effective regulatory oversight in the digital market space.


The AI for Good Global Summit convened experts from diverse backgrounds to discuss key issues concerning Zanzibar's economic future and the importance of fostering comprehensive discussions on artificial intelligence (AI). A primary focus was placed on Zanzibar's ambition to enhance its economic prosperity through the adoption of the digital economy. Zanzibar, an island located off the coast of mainland Tanzania, recently adopted the blue economy policy, which prioritizes sustainable utilization of ocean resources. Furthermore, the integration of AI trends in their discussions underscores their commitment to leveraging emerging technologies.

However, participants expressed concern that AI discussions in Zanzibar are insufficient in scope and fail to generate adequate public interest. The Minister for Investment in the President's Office of Zanzibar's Revolutionary Government voiced these concerns, stressing the importance of broader engagement and public involvement in AI-related conversations. There is an understanding that generating widespread interest and expediting AI-related discussions is pivotal in Zanzibar's digital transformation and future economic growth. This viewpoint aligns with the Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure, which emphasizes the significance of fostering inclusive and sustainable technological advancements.

Gender disparity in technology was another critical issue addressed during the summit. Presenters highlighted the fact that women are lagging behind in terms of technological progress and that the fintech sector is not adequately serving their needs. Bridging the gender divide in technology is of utmost importance as it aligns with SDG 5: Gender Equality and SDG 10: Reduced Inequalities. The central argument posited is that women should be at the forefront of fintech and technological advancements, and their active participation and representation are vital in achieving gender equality.

Additionally, speakers stressed the significance of incorporating marginalized groups into the financial system. They acknowledged the challenges faced by marginalized communities, such as farmers and fisherfolk, and emphasized the necessity of providing them with inclusive financial tools. This objective corresponds to SDG 1: No Poverty and SDG 8: Decent Work and Economic Growth, as an inclusive financial system can help uplift marginalized groups from poverty and foster sustainable economic progress.

In conclusion, the AI for Good Global Summit delved into crucial topics that are pivotal for Zanzibar's economic prosperity, expanded AI discussions, the goal of addressing the gender gap in technology, and the necessitation of including marginalized groups in the financial system. Participants emphasized Zanzibar's embrace of the digital economy, the generation of widespread public interest in AI discussions, empowering women in fintech and technology, and ensuring the financial system's inclusivity towards marginalized communities. These insights serve as catalysts for sustainable development and the advancement of SDG objectives.

Tamaz Georgadze

Raisin is a platform that focuses on building marketplaces for bank savings, providing customers with the opportunity to optimize their interest rates and diversify their savings across multiple institutions. This not only allows customers to potentially earn higher returns but also helps them spread their risk by distributing funds across different banks.

Raisin targets the mid-size banking sector, which often lacks the resources and capabilities to compete in today's modern infrastructure. Raisin supports these banks by helping them with funding, cross-border operations, and multilingual call centers. This partnership allows mid-size banks to access the expertise needed to compete effectively.

In addition to serving the mid-size banking sector, Raisin also delivers its products directly to customers and through partnerships with financial institutions such as Aviva, Deutsche Bank, and AJ Bell. This demonstrates the trust these institutions have in Raisin's ability to provide value-added solutions.

Tamaz Georgadze's company has been in operation for 10 years and manages €60 billion in assets. Raisin can offer its clients better rates compared to traditional banks. Georgadze explains that Raisin has a higher chance of offering competitive rates due to its ability to optimize rates for its clients.

Regulators face challenges in balancing financial stability, competition, and consumer protection. Excessive risk aversion can hinder innovation. A constructive dialogue between regulators and the industry is crucial for progress and effective risk management.

The public sector faces difficulties in attracting talent, especially compared to the private sector. This lack of mobility further worsens the issue. Making public sector jobs more appealing is vital to attract individuals with the required knowledge and expertise for effective regulation.

Research conducted by Georgadze's firm reveals that women tend to require more confidence and knowledge before making financial decisions. Providing appropriate information and financial education is crucial to empower marginalized individuals and ensure financial accessibility is accompanied by informed choices.

In summary, Raisin fills a gap in the banking industry, particularly for mid-size banks. It offers customers the opportunity to optimize rates and diversify savings. Raisin serves the mid-size banking sector and partners with established institutions. The platform can offer better rates than traditional banks. The industry faces challenges in regulation and talent attraction, particularly in the public sector. Additionally, the financial decision-making behaviors of individuals differ, with women requiring more confidence and knowledge.



Speech speed

160 words per minute

Speech length

531 words

Speech time

199 secs


Charlotte Hogg

Speech speed

199 words per minute

Speech length

1987 words

Speech time

599 secs


David Schwimmer

Speech speed

166 words per minute

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1685 words

Speech time

611 secs


Ricardo Bonilla González

Speech speed

150 words per minute

Speech length

827 words

Speech time

331 secs


Tamaz Georgadze

Speech speed

184 words per minute

Speech length

1659 words

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542 secs


Teresa Clarke

Speech speed

194 words per minute

Speech length

1481 words

Speech time

459 secs