China Banking and Insurance Regulatory Commission: Strengthening the governance of artificial intelligence security development and applications.

The China Banking and Insurance Regulatory Commission released guidance on the safe development and application of artificial intelligence in the banking and insurance industries. It emphasizes the need to strengthen the governance of AI development and application. Financial institutions in the banking and insurance industries that develop and apply AI should appoint a special committee responsible for managing AI development and application, coordinate the formulation of development plans, promote the construction of capability systems, and establish regulatory standards.