The Chinese central bank has issued a new set of assessment standards for artificial intelligence (AI)-based fintech applications.
The People’s Bank of China (PBOC) issued the “Evaluation Specification of Artificial Intelligence Algorithm in Financial Application” (人工智能算法金融应用评价规范) on 26 March, which came into effect immediately.
The Evaluation Specification is an “artificial intelligence financial application algorithm assessment framework” which “systemically outlines basic requirements, algorithms assessment measures and judgement rules for the application of AI to the financial sector,” and is applicable to financial institutions, algorithm providers and third party security assessment organisations.
With regard to AI algorithm assessment methods, the Specification highlights the use of report inspections, system inspections, personnel interviews, systems testing, shock testing, and algorithm testing, while also providing specific assessment content and judgement standards for security, interpretability and functionality.
