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This increasing adoption of AI in the region demonstrates a growing commitment to AI-driven innovation and technological advancement that could impact economic growth in the long term. Finally, fostering collaboration between governments, academic institutions, and the private sector holds the key to accelerated progress.
“Treasury is proud to be playing a key role in spurring responsible innovation, especially in relation to AI and financial institutions. Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services,” Under Secretary for Domestic Finance Nellie Liang said in a statement.
But timelines, bureaucratic hurdles, and intricacies of the procurement process prevent the swift adoption of cutting-edge technology and potential for collaboration with innovative organizations that are essential for reforming existing processes. Continually promoting competition helps to ensure access to innovative solutions.
Innovation has always driven education technology ( EdTech ), and in 2025, artificial intelligence ( AI ) is leading the next wave. Companies are using AI to streamline business functions, from sales and marketing functions like forecasting, email marketing, and upselling, to finance, human resources (HR), and customer support.
Through this AI RFI, Treasury continues to engage with stakeholders to deepen its understanding of current uses, opportunities, and associated risks of AI in the financial sector, Nellie Liang, Treasurys under secretary for domestic finance, said in a statement.
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