The Ministry of Finance has set up an advisory committee dedicated to artificial intelligence (AI) in the finance sector. Its first meeting was held on Friday 16 January, confirming Luxembourg’s desire to structure the development and responsible deployment of AI within its financial centre.

This committee brings together high-level executives from the international financial sector and the academic world. It is tasked with advising the Minister of Finance, Gilles Roth (CSV), on strategic directions related to the use of AI in financial services to support competitiveness, resilience and value creation for the economy and society.

The committee is co-chaired by the Minister for Finance, Gilles Roth; and the lawyer at the Court, honorary professor and former Minister for Cooperation and Humanitarian Action, Jean-Louis Schiltz (CSV). Its members include Franklin Templeton chairman and CEO Jenny Johnson; American International Group (AIG) chairman and CEO Peter Zaffino; Ant Group chairman Eric Xiandong Jing; Paytm founder and CEO Vijay Shekhar Sharma; as well as MIT professor of information technology Alex “Sandy” Pentland; and Imperial College London professor of practice in AI and innovation David Shrier.

For “responsible use of AI”

Also participating as observers, the ambassador and permanent representative of Luxembourg to the European Union, Nicolas Mackel; the director general of the Commission de Surveillance du Secteur Financier (CSSF), Claude Marx; the managing director of Luxembourg for Finance, Tom Théobald; and the managing director of the Luxembourg House of Financial Technology (Lhoft), Nasir Zubairi.

“By bringing together some of the most experienced leaders from the financial and academic spheres, we are creating a platform that will help Luxembourg anticipate change, support innovation and promote the responsible use of AI,” Gilles Roth stressed.

The first face-to-face meeting of the advisory committee was preceded by an official dinner hosted by H.R.H. Grand Duke Guillaume.