Reported about 1 year ago
On July 4, 2024, Huang Zhechong, the director of the Taiwan Academy of Banking and Finance, visited the western US with the Bankers Association to explore Silicon Valley's tech giants such as Microsoft, Nvidia, and Google's various imaginations for AI financial services, as well as how Wells Fargo, the largest bank in the west, is adapting to ESG finance development with technology. The visit led to reflections on the past and future of financial development in a small town, reminiscent of the rich history of the town of Virginia City, once the wealthiest town in the US in the 1860s due to its mining resources. The town's prosperity was intertwined with the development of financial services, such as innovative banking operations and encrypted telegram systems by Wells Fargo, mirroring the need for stagecoach and security services in the banking sector. The arrival of the AI age presents new challenges like fraud and hacking, necessitating a 'zero trust' mindset in financial transactions. This analogy is likened to being a 'wild bounty hunter' in the digital era's wild west, underscoring the evolving security threats facing financial institutions.
Source: YAHOO