Mastercard CEO Urges Self-Regulation to Unlock Potential of AI Technology
According to Mastercard CEO Michael Miebach, there are significant prospects with Generative Artificial Intelligence (GenAI), and businesses should adopt self-regulation to fully utilize its potential.
Miebach also suggested that companies using GenAI should adhere to four key principles – transparency, privacy and security, accountability and integrity – before full-scale regulation of the industry.
When there were concerns about data security and privacy, digital finance companies had adopted a self-regulatory model, he said.
“Mastercard said very simply that you are the customer, you control your data, you benefit from your data and it is the job of the industry to keep it safe. Can we do the same with artificial intelligence. As an industry, we can (we do) self-regulate and that (can) lead to a regulatory framework. Absolutely we can,” said the CEO of the US-based payment technology.
“As a confidential company, the focus of artificial intelligence has always been to make payment transactions secure. We have to balance the excitement of what this technology can do with the risk that exists, Miebach said.
Noting that GenAI has huge potential, the CEO said “the desire for regulation should not slow us down because we need this GenAI technology and we need it fast.”
It is necessary to unlock the enormous potential of GenAI, Miebach added.
