Banks must stop using artificial intelligence to launch hundreds of people. – In general, they must use it to lend to poor customers: GFTN’s SopNandu Mohanty

However, the most urgent need for artificial intelligence, according to Sopnendu Mohanty, the co -founder of the Global Finance and Technology Network (GFTN), is to help banks obtain loans for low -income population and solve financial inclusion challenge.

GFTN is supported by the monetary authority in Singapore. It was previously known as Elevandi, who organized the annual Singapore Festival. Now, GFTN has expanded its specialty to provide advisory services for emerging markets on the best way to take advantage of technology in the financing sectors, with Singapore as a model.

During a Wednesday conversation in wealth Amnesty International Agency Singapore The conference, Mawhanti laid out why banks are still struggling to expand their lending.

He said: “When you borrow money from a bank, the bank asks you about the guarantee. This is the standard lending process.” However, “a low -income sector has no guarantee”, and this means that the traditional model of financing cannot serve these people.

“This model (solution) cannot need the global credit,” said Mohante, describing it as “an elephant in the room.”

The World Bank states that about a quarter of people in low and medium -income economies participate in the official borrowing from a bank or credit card company last year.

For Mohante, banks still focus on how to use artificial intelligence He increases Productivity – like allowing them to “launch hundreds of people”.

“This is not what we want to do artificial intelligence,” he said. Instead, AI can help instead in creating “credible, predictive, and golden behavioral data, which will replace the need for a guarantee.”

Many Southeast Asian companies, such as HoldSEA and Goto, they expand financial services and serve customers who have to continue, and benefit from the data collected from their main works such as horseback and e -commerce.

Mohnte, who was the first technical officer in the monetary authority in Singapore, the country’s central bank, also pointed out the importance of creating an infrastructure to deal with identity data. The Aadhaar system in India, which provided each Indian resident, has provided a unique identifier number – for some, the first identifier they might have ever.

However, Mohante also expressed his hope that within a decade, the identity may be removed from the hands of the government. “You do not need a state to control and present this reliable identity,” suggested, and instead depends on decentralized networks.

But in the short term, Mohante expressed concern about how to threaten artificial intelligence. He said, “My biggest priorities will now roam.” “If we do not raise our people, we are heading to a huge economic catastrophe.”

Earlier this year, Singapore launched a plan to improve efficiency in artificial intelligence across the entire workforce, including in sectors such as retail and manufacturing. The country also plans to double the number of “artificial intelligence practitioners” to 15,000 in the next few years.

On Tuesday, at Fortune Brainstorm Ai Singapore, Digital Minister Josephine Tio He said The “Artificial Intelligence Mercury” group will include professionals such as lawyers and doctors, as well as those from the manufacturing sector. She said that these practitioners “will become the first adoption of Amnesty International and then explain their peers how to benefit from it better.”