This paper discusses the design of the legal and regulatory framework for using artificial intelligence (AI) in the financial services markets to enhance access to finance (financial inclusion). The author argues that the development of AI should continue to adhere to the regulatory objectives of market safety, consumer protection, and market integrity. However, to ensure equality and fairness, access to finance should be made a clear policy choice. In the first part, the author discusses how AI can lead to systemic risks and market manipulation on trading platforms. For example, by examining the use of algorithms for trading on the capital market, the author discerns the regulatory objectives and the possible methods of regulation for peer-to-peer platforms. In the second part, the author discusses how the use of AI to provide consumers with investment advice, such as financial advice provided from robo-advisers, can close the investment advisory gap and provide consumers with access to finance. The current regime does not provide adequate protection to financial consumers in this regard. In the third part, the author discusses how AI can be used as a form of RegTech to streamline compliance processes, thereby increasing competition in financial markets and providing a benefit to consumers. However, this use may be in conflict with privacy, data protection, and ethical concerns. The author makes policy recommendations and suggests some directions for governance in the use of AI in financial services to enhance access to finance. The findings of this paper are relevant to research on the future governance of AI in financial services, public policy innovation, and urban development.

中文翻译：

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金融服务行业人工智能监管融资渠道

本文讨论了在金融服务市场中使用人工智能 (AI) 以增强融资渠道（金融包容性）的法律和监管框架的设计。笔者认为，人工智能的发展应继续坚持市场安全、消费者保护和市场诚信的监管目标。然而，为确保平等和公平，融资渠道应成为明确的政策选择。在第一部分，作者讨论了人工智能如何导致交易平台上的系统性风险和市场操纵。例如，通过研究在资本市场上交易算法的使用，作者识别了 P2P 平台的监管目标和可能的监管方法。在第二部分，作者讨论了如何使用人工智能为消费者提供投资建议，例如机器人顾问提供的财务建议，如何缩小投资咨询差距并为消费者提供融资渠道。在这方面，现行制度并没有为金融消费者提供足够的保护。在第三部分，作者讨论了如何将人工智能用作监管科技的一种形式来简化合规流程，从而增加金融市场的竞争并为消费者提供利益。但是，这种使用可能会与隐私、数据保护和道德问题相冲突。作者提出了政策建议，并提出了一些在金融服务中使用人工智能的治理方向，以增加获得融资的机会。