30/01/24

Artificial Intelligence And IFCs

Artificial intelligence (AI) is transforming the financial services industry. For tax neutral IFCs such as Cayman, Bermuda, and Jersey, it has the potential to increase competitiveness and facilitate economic diversification. The benefits could be enormous, but to realise this potential, jurisdictions will have to be open to the new technology. Two factors underpin such openness. First, enabling businesses to access the skills to ensure that AI can be implemented successfully and appropriately. Second, avoiding excessively prescriptive and precautionary restrictions on the development and use of AI.