Beijing Promotes High-Quality Development of Digital Finance, Encourages Application of Technologies like Large Language Models

Beijing Promotes High-Quality Development of Digital Finance, Encourages Application of Technologies like Large Language ModelsThe Office of the Financial Committee of the CPC Beijing Municipal Committee and five other departments recently issued a notice on the "Opinions on Promoting High-Quality Development of Digital Finance in Beijing," which clearly proposes encouraging the application of digital technologies, including large language models, in the financial field to drive high-quality development of digital finance.The notice points out that financial institutions should be encouraged to use large language models to improve their credit assessment, operational management, and capital management levels

Beijing Promotes High-Quality Development of Digital Finance, Encourages Application of Technologies like Large Language Models

The Office of the Financial Committee of the CPC Beijing Municipal Committee and five other departments recently issued a notice on the "Opinions on Promoting High-Quality Development of Digital Finance in Beijing," which clearly proposes encouraging the application of digital technologies, including large language models, in the financial field to drive high-quality development of digital finance.

The notice points out that financial institutions should be encouraged to use large language models to improve their credit assessment, operational management, and capital management levels. Specifically, financial institutions can utilize large language model technology to build intelligent risk assessment and early warning systems, monitor market changes and potential risks in real-time, and take timely countermeasures to reduce the likelihood of financial risks. In addition, financial institutions can develop financial compliance large language model assistants to provide compliance review, legal and regulatory interpretation, and other services for financial businesses, enhancing risk management efficiency and accuracy.

Beyond large language models, the notice emphasizes the application of other digital technologies in the financial field. For example, it promotes the use of blockchain advanced computing platforms and artificial intelligence public computing platforms to provide accurate and efficient computing support for financial business development. This will effectively address challenges such as large volumes of financial data and complex computations, providing financial institutions with more powerful computing capabilities to promote financial service innovation and development.

Furthermore, the notice encourages the expansion of application scenarios for privacy computing technologies such as multi-party secure computation, federated learning, and trusted computing in the financial field. These technologies can enable data sharing and collaborative computing while protecting data privacy, creating new possibilities for data collaboration among financial institutions.

Regarding financial cloud, the notice proposes supporting financial institutions in building efficient and secure financial cloud ecosystems that comply with regulatory requirements. This will provide financial institutions with more secure and reliable cloud services, facilitating the digital transformation of financial businesses.

The notice also stresses the strengthening of the application of artificial intelligence, big data analysis, and other technologies in financial supervision to more accurately and effectively identify and monitor financial risks. By utilizing these technologies, regulatory authorities can gain a more comprehensive understanding of market information, timely identify and respond to financial risks, and maintain financial market stability.

In conclusion, the "Opinions" issued by Beijing this time provide a clear direction for the development of digital finance, encouraging financial institutions to actively embrace digital technologies, drive innovation and development in financial businesses, enhance the efficiency and quality of financial services, and provide stronger financial support for economic and social development.