(Yicai) July 31 -- The International Finance Forum (IFF) announced the establishment of its Artificial Intelligence (AI) Committee during an inaugural webinar on July 29 in efforts to integrate AI technologies, foster innovation and collaboration, and promote dialogues in the development of AI. 

The Committee is comprised of leading experts in AI, legal veterans, industry experts, academics, and practitioners. The Committee will serve as a pioneering dialogue mechanism that will bring together a diverse array of AI stakeholders to discuss and share key AI advancements.

In his opening remarks, IFF Executive Vice President Zhu Xian said: “under the esteemed leadership of the International Finance Forum, this Committee serves as a centralized platform for exchange, fostering collaboration among leaders in technology, finance, academia, and policy-making. Our collective aim is to harness the transformative power of AI, while navigating its implications for the future of our global economy and society.” 

The Committee will foster research and development in AI applications in various sectors, help establish ethical standards and guidelines, promote international collaboration and dialogues, and share insights into AI technologies and integration with a broader audience. 

Rudolf Scharping, member of the IFF AI Committee and former Chairman of the Party of European Socialists, stressed the importance of data security when developing artificial intelligence. “(When) it comes to artificial intelligence with regard to security, we have to talk about data volume. We have to talk about critical infrastructure. We have to talk about energy generation, specifically electricity generation.” 

During the inaugural meeting, Committee members discussed the advantages and challenges of AI integration, as well as regulatory and ethical issues faced by wide applications of AI technologies. 

According to Committee member Volker Römermann, Honorary Professor at Humboldt University of Berlin, AI will help solve manpower deficiency and promote efficiency, but the skeptical views on AI in Europe in turn could slow down its development in the continent. 

Committee member Rudolf Mellinghoff, who was former President of the Federal Fiscal Court of Germany and former Justice of the Federal Constitutional Court of Germany, thinks the adaptation of AI into the legal system in Europe will be immensely challenging.

David Wood, Committee member, Chair of the London Futurists and co-founder of Symbian, sees AI as a very powerful double-edged sword. “It could certainly help legal processes. But in the wrong hands, it could cause problems.”

The meeting was moderated by Committee member Patrick Glauner, Professor of Artificial Intelligence at Deggendorf Institute of Technology and founder and CEO of skyrocket.ai.