Fintech, large language models match made in heaven

The rapid emergence of new technologies, particularly AI represented by large language models, is driving transformative changes in China's financial sector. However, more efforts are needed to overcome regulatory and ethical challenges to fully tap their potential, experts said.

The comments came after a series of policy documents were issued to support and nurture new quality productive forces in the financial industry. In April, the China Banking and Insurance Regulatory Commission, the Ministry of Industry and Information Technology, and the National Development and Reform Commission jointly released a notice to deepen AI-related financial services in manufacturing to aid the advancement of new industrialization. The document emphasized the need for lenders and insurers to implement innovation-driven development strategies.

Xin Guobin, vice-minister of industry and information technology, said a technology-industry-finance integration initiative has been launched to explore industrial and financial cooperation in innovative ways. Over the past three years, the initiative has facilitated over 830 billion yuan ($114 billion) in corporate financing, supporting more than 290,000 high-quality enterprises and involving over 2,400 financial institutions.