Mastercard CEO Michael Miebach on Friday said Generative Artificial Intelligence (GenAI) offers 'tremendous opportunities' and companies should follow self-regulation to unlock its potential.
Miebach also suggested that companies using GenAI should follow four key principles -- transparency, privacy and security, accountability and integrity -- before a full fledged regulation comes in for the sector.
When there were concerns of data security and privacy, digital finance companies had adopted a self-regulation model, he said.
Mastercard very simply said you are a customer, you control your data, you benefit from your data and it's the industry's job to keep it safe. Can we do the same thing with AI. As an industry can (we do) a self regulation and that (can) lead into regulatory frameworks. Absolutely we can, said the CEO of the US-based payments technology major.
As a company that deals in trust, and safety and security, our focus in AI has always been to make payment transaction safe and secure. We need to balance the excitement about what this technology could do with the risk that is out there, Miebach said.
Stating that GenAI has tremendous opportunities, the CEO said want of regulation should not slow us down because we need this GenAI technology and we need it quick.
Also Read
Generative AI deals expected in 2 quarters; will not be mega wins: TCS CEO
OneWeb satellites soon to offer space-based internet services globally
PM Modi to address FedEx, Mastercard, other US CEOs during US trip
Samsung launches new OLED TV with Neural Quantum Processor 4K in India
Prez Biden appoints Indian-American biz leader to serve on Export Council
As Europe cracks down on Big Tech, here are things that will change
India needs to export talents skilled in AI: Microsoft Vice Chair
Nvidia CEO Huang dispels fears of semiconductor chip shortage amid AI boom
Meta platforms to launch AI model for writing computer codes Aug 24
Tech giants powering deepfake AI algorithms used in porn industry: Report
There is a need to unlock the tremendous opportunity out of GenAI, Miebach added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)