Exploring the Role of AI in the Central Banking Domain

Artificial Intelligence (AI) roared into the public consciousness in 2023. Its widespread use and, more importantly, its potential have become visible to all, not just the small specialist user community that has been working on it for years. Clearly, AI is of great interest to central banks from the policy makers through the cash issue department.

Artificial Intelligence and Central Banking 2023

In this context, the ‘Artificial Intelligence and Central Banking’ (AI-CB) Conference, 11-13 December 2023, has been organised by Lighthouse Communications. AI-CB aims to facilitate a comprehensive discussion on the opportunities and challenges that AI presents within the sphere of central banking.

According to the organisers, the AI-CB Conference is a direct response to the necessity for central banks to grapple with the implications of AI's continued integration into financial systems. While AI offers the potential to streamline processes, enhance decision-making, and improve operational efficiency, it also introduces inherent risks that must be carefully addressed. From potential algorithmic biases to the implications of automated decision-making on monetary policy, central banks face a complex array of challenges that necessitate comprehensive consideration.

In light of this, the AI-CB Conference seeks to foster a platform for engagement, where stakeholders and experts within the central banking sector can convene and exchange insights, strategies, and best practices. The conference will endeavour to shed light on how central banks can harness the power of AI while mitigating its potential drawbacks, thereby enabling them to adapt to the evolving landscape of AI in a responsible and informed manner.

The organisers want central banking professionals and AI experts to collaborate to ensure that the integration of AI remains in alignment with the ethical, regulatory, and economic considerations unique to the central banking sector.

Academics will talk about legal aspects and the possibility AI offers in forecasting, and experts in the AI sphere will explain how AI could support central banks in various areas. Several prominent speakers have already confirmed their participation and their details are published on the conference website.

Details about the conference, including registration and the conference agenda, can be found at www.ai-cb.org.

Central Bank AI Conference 2024

While AI-CB is online, Currency Research has announced that the Digital Currency Conference will be run in tandem with a Central Bank AI Conference, 23-24 September 2024 in London. This is a face-to-face event, exploring how AI affects central bank operations, regulations, research, and policy. The conference will look at the disruptive power of AI and its potential effects on central banks and the financial services industry.

The event will be chaired by Xiaochen Zhang, the founder and CEO of FinTech4Good, a global network that collaborates with startups, industry leaders, nonprofits, and investors to harness blockchain, AI, metaverse, and cloud computing for social good. He is also an Investor at Gaingels, a leading venture capital network that supports diverse and underrepresented founders in FinTech and artificial intelligence.

When Global Head of Innovation & GTM at Amazon Web Services (AWS), Xiaochen led a team that developed and delivered cutting-edge solutions in areas such as digital assets, central bank digital currency, green finance, and regulatory and supervisory technologies.

Registration is open and information about the Central Bank AI Conference can be found here.