Focusing on the ethical challenges of artificial intelligence (AI) and part of the University of Manchester (UOM) Bicentenary event series which celebrates 200 years of learning, innovation and research, the discussion highlighted the growing importance of ethical considerations as AI rapidly becomes mainstream. in sectors like finance and banking, both globally and in Malaysia.
Moderated by Robin Lee, Managing Director of HAWK Asia Pacific, the event opened with a keynote address titled “AI and Ethics – Building Responsible AI”, followed by a panel discussion on “Navigating Ethical Dilemmas in AI “. Discussion topics included the need for ethical frameworks in AI deployment, identifying the balance between innovation and risk, and the importance of ensuring responsible use of AI.
Panelists included Mohammad Ridzuan Abdul Aziz, executive and country director for Malaysia and Indonesia at WorldRemit, an online direct remittance platform.
Also on the panel was UoM alumna Wendy Leong, founder and CEO of Mobiva and Veriva Systems, companies specializing in compliance management solutions for banking and financial institutions.
Also present was Zamir Rashid, CEO and Managing Director of Innoveam, which provides 3D technology solutions for industrial applications in Southeast Asia. Both brought unique perspectives on the ethical challenges of AI within their respective sectors.
Ridzuan discussed the growing role of AI in finance, highlighting the need for ethical considerations, particularly in areas such as investing and insurance. He noted that limited-memory AI is already in use, from Perodua’s autonomous vehicles to banking functions such as credit analysis.
As digital banks integrate AI into broader ecosystems, Ridzuan highlighted the importance of explainable algorithms in maintaining trust. He also highlighted the need for Malaysians to continually improve their digital literacy to adapt to these changes.
Zamir gave a brief overview of the complexities of AI deployment and reiterated the importance of transparent and ethical AI practices in industrial applications like oil and gas. His points also highlighted the challenges around data, algorithms and training needed for responsible digital transformation.
While AI is starting to create value for businesses, he noted that its application still lags behind in Malaysia. Zamir urged business leaders to better understand these technologies, create demand for digital transformation, and explore synthetic data modeling to improve predictive capabilities across industries.
Leong shared learnings from his experience with AI in enterprise mobility and emergency management solutions, describing the steps his company is taking to eliminate bias in AI algorithms. She highlighted her work in developing generative AI to improve workflow automation and leverage data from community leaders for real-time insights.
She highlighted the need for hybrid skills in various sectors, noting that in Malaysia, we need to introduce hybrid skills with critical thinking and design theory with emphasis on language and creativity. Generative AI must be deployed in local institutions to drive future progress.
“AI is transforming industries on a global scale, and if we are to use it to its fullest potential, it is absolutely imperative that its ethical dimensions are also considered.
As established in our other programs, we believe in developing sustainable digital leaders, and this event was an important step towards achieving this goal,” said Lim Bee Ing, regional director of UoMSEA.
Lim May May, Chief Executive Officer of the ICA, said: “At the ICA, we believe the intersection of AI and compliance presents immense opportunities to reshape industries, but only if we establish trust through ethical practices. »
Organizations must embrace the innovation capabilities of AI while engaging in strong ethical frameworks. By fostering transparency and accountability in AI deployment, we can ensure that innovation and integrity go hand in hand. This event was a crucial platform to spark these vital conversations.
Like UdM celebrates its 200-year legacy, this discussion illustrates a continued commitment to its broader educational goals, innovation, leadership and global influence. To this end, UoMSEA is currently holding its Global MBA workshops in Kuala Lumpur and preparing for the launch of its upcoming Master of Financial Management program in Malaysia, expanding its reach and accessibility globally.
To learn more, please visit www.manchester.edu.sg
