“The development of full artificial intelligence could spell the end of the human race. It would take off on its own and redesign itself at an ever-increasing rate. Humans, who are limited by slow biological evolution, could not compete and would be superseded.”
A little over a decade ago, Stephen Hawking, one of the world’s most celebrated theoretical physicists, issued this stark warning to the BBC. He cautioned that humanity’s pursuit of thinking machines might ultimately threaten our very survival.
Fast forward to today, and the alarm bells are ringing louder than ever. From mass layoffs triggered by AI to a ChatGPT model openly defying shutdown commands, the reality of AI is playing out in far murkier shades of grey than most of us imagined.
Where does this path with AI lead, and what does it mean for the future of finance and society?
To discuss this enthralling topic, Vincent Fong, the Chief Editor of Fintech News Malaysia, sat down with Foong Chee Mun, CEO of YTL AI Labs and Chief Product Officer of Ryt Bank, for a candid conversation on AI’s promise, perils, and its profound impact on finance and society.
What Are AI’s Greatest Threats to Humanity?
“The technology itself isn’t evil. The technology was invented for its inherent good, but unfortunately, with all its inherent good, it can be used in the wrong way,” Chee Mun said.
He warns that we are underplaying how much of society will change with AI. “We underestimate how prevalent AI is in the very near future.” He shares that while there’s no exact way to measure AI use, it could, for example, soar from 15% now to 80% to 90% in three years.
Vincent shared a parallel to smartphones, from which Chee Mun points out how nobody foresaw their total dominance over daily life. But unlike smartphones, which are merely the medium connecting people to content, AI represents something deeper.
“AI is intelligence, the final product. And with intelligence comes culture. It will be woven into our daily lives, our work, our businesses, far more than the smartphone ever was,” Chee Mun explained.
He shares that we, as a society, should confront when jobs are being taken over by AI. He poses two stirring questions:
“How can we help the people who are being displaced? How do we embrace the technology and use it to educate the next generation, so that they are more productive in the world of AI?”
Raising Kids to Succeed in an AI World
Chee Mun also divulges about preparing the next generation for the future of work.
“It’s probably the first time in history where parents have no idea how to give career advice to kids.” He pointed out that many of today’s roles, like data scientists or LLM engineers, didn’t exist a decade ago.
He predicts that by the time his own 11-year-old enters the workforce, entirely new titles may have emerged.
He continues by saying that the focus should be more on the humanity factor rather than out-computing AI.
“You cannot out-compute an AI or computer, but you can out-human a computer.”
Chee Mun chips in more, saying that one has to keep learning all one’s life to adapt and survive. The days when a university degree could set a person up for a single career throughout their lifetime are bygones.
How Ryt Bank Wants to Redefine Banking
Ryt Bank, which is aiming for a public launch soon, intends to show the world what AI in banking can truly look like. The bank has already opened a waitlist for early adopters, allowing interested users to secure early access ahead of its rollout.
“For the longest time, AI to humanity has been invisible, but this will be one of the few examples where AI is visible and directly interacting with you, and that’s really exciting.”
Chee Mun elaborates, saying those building these systems, like him, know the roadmap. “What you’re seeing now is just the tip. The near future will bring even more.”
Ryt Bank hopes to change the way people generally perceive what banking services are. The bank also hopes to change how banking partnerships work behind the scenes. He adds on,
“A lot of times, banks don’t partner with other companies because the cost of integration is high. Hopefully, with technology, we can even democratise that part of it.”
Chee Mun expands and shares that he’s especially passionate about the human-AI interface with Ryt Bank, as it goes beyond convenience and humanising the banking service. It could possibly be the only way for select people with (physical) challenges to access banking easily, adding a whole new dimension to inclusion.
Chee Mun’s bold prediction? That we are still underestimating how important AI is in the next three years.
Soon, at its launch, Ryt Bank customers can expect 3% per annum interest on savings accounts, alongside Ryt AI, an intelligent banking assistant built to handle everyday financial tasks seamlessly within a secure app for Malaysians.
Users will soon be able to snap a photo or upload a file, and Ryt AI will instantly read and auto‑fill the payment details. The feature is currently in beta.
Watch the Full Conversation
This article only covers the surface of the questions AI raises: from bold opportunities to the jobs it will create and the ones it may erase.
Watch the full episode of Fintech Fireside Asia below to hear Foong Chee Mun’s unfiltered take on how AI could reshape banking, work, and humanity itself.
Source of featured image: Fintech Fireside Asia on YouTube
