Hours of Content
OpenGov Asia is delighted to extend a special invitation to you for an exclusive OpenGov Breakfast Insight. This event is specifically designed to explore the vast potential of Generative AI in fostering innovation within organisations. It will focus on establishing a clear vision of how Generative AI adoption can ensure organisations fully benefit from the transformative capabilities of this technology. This is a closed-door, invitation-only, interactive session with the financial services industry leaders from Malaysia.
The Malaysian government’s priority is to transform the nation into a high-income digital economy leader. Their strategy centres around harnessing technology to boost productivity, foster inclusivity, and stimulate innovation. This approach entails ensuring that the advantages of digital progress reach all segments of society, enhancing competitiveness for established enterprises, and cultivating a conducive ecosystem that nurtures pioneering ventures.
Recognising the rapid advancements in artificial intelligence worldwide, the Malaysian financial services industry is proactively transitioning to generative AI to remain competitive. By embracing this transformative technology, the country aims to drive innovation, increase productivity, and improve various sectors of the economy.
According to IBM, despite the increasing adoption of AI, only 35% of companies have currently integrated it into their operations, while an additional 42% are actively exploring its potential. However, the financial services industry is experiencing a significant upsurge in the utilisation of Generative AI, a specialised branch of artificial intelligence focused on generating new data or content based on patterns extracted from existing data.
The financial services industry acknowledges Generative AI’s potential in tasks like fraud detection, risk assessment, personalised customer experiences, and market analysis. With its transformative impact, including hyper-personalised content creation and streamlined processes, embracing this innovation today promises future growth, increased productivity, and limitless possibilities for the industry.
However, the financial services industry encounters challenges, similar to other sectors, in transitioning Generative AI projects from pilot stages to successful production, with only a portion achieving the desired outcomes.
To effectively adopt Generative AI, the financial services industry must have the capability to both understand the decision-making process of AI models and effectively communicate it to regulators, customers, and internal stakeholders.
Transparent and interpretable AI systems play a crucial role in building trust as they allow users to understand how the AI arrives at its decisions, enabling them to validate the results and have confidence in the technology’s reliability. These systems also facilitate regulatory compliance by providing auditable and accountable processes, ensuring that AI applications adhere to the necessary rules and standards.
AI-First Mindset: Develop Clear Focus
The lack of proper oversight in the financial services industry prevents them from identifying, quantifying, or managing the inherent risks associated with adopting such emerging technology. To harness the potential of Generative AI safely and responsibly, the industry must first understand its goals and the necessary changes required to achieve its vision of using Generative AI.
Large Language Models (LLM): Train, Tune and Deploy
By refining their parameter-tuning approach, organisations can unlock the true potential of LLMs, leading to improved productivity, better decision-making, and enhanced knowledge sharing throughout the entire organisation.
Through the process of fine-tuning LLMs, the financial services industry can customise these models to automate specific tasks and domains, ensuring they provide more precise and contextually relevant outputs. This enables its effective deployment in various applications, including semantic search, document classification, language translation and summarisation.
Facing Threats and Security Concerns with Generative AI
In adopting Generative AI, organisations must priotitise cybersecurity and core banking modernisation to establish governance practices to protect data privacy, mitigate adversarial attacks, manage biases, safeguard intellectual property, and ensure secure deployment. Robust data governance, model evaluation, ethical review boards, continuous monitoring, and compliance measures are essential for responsible and secure adoption.
OpenGov Breakfast Insights are concise, to-the-point, strategic-level discussions designed to bring learning to the highest level! The unique proposition of an OpenGov Asia Breakfast Insight is the integration of cutting-edge inputs from expert speakers and interactive discussion among the participants.
This session will allow delegates to:
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Kossan Rubber Industries Bhd
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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.
CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.
Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.
Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.
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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.
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