Former deputy governor of the central bank, Li Dongrong: Artificial intelligence is expected to solve the high cost problem of traditional cross-border payments.

Li Dongrong, former vice governor of the People's Bank of China, pointed out in his speech that the Greater Bay Area has achieved many significant results in cross-border finance, but still faces some historic challenges and new emerging issues, which require the attention and joint efforts of all sectors of society to address. He stated that in terms of regulation, it is necessary to deepen regulatory coordination and cooperation, steadily promote policy implementation. This not only requires specific guidance, promotion, and implementation from regulatory authorities, but also practical support and implementation from financial institutions, in order to effectively address the "last mile" of policy implementation. Li Dongrong also stated that "new artificial intelligence technology can effectively solve the high cost of traditional cross-border payments, improve payment efficiency and user experience, and reduce the risk of financial fraud."