KUALA LUMPUR: The banking sector is looking closely at the opportunities offered by generative artificial intelligence (AI) as it has the potential to unlock US$113.4 billion in productive capacity in the Malaysian economy.

The Asian Institute of Chartered Bankers (AICB) chairman Tan Seri Azman Hashim said the financial sector has always been a pioneer in technological innovation, and the banking sector has been using AI in its value chain for some time.

"We, as stewards of the country's financial health, recognise the pivotal role that the banking industry plays in building the nation's burgeoning digital economy," he said in his welcome address at the Malaysian Banking Conference 2024: Banking in the Era of GenAI - Reshaping Banking, Innovating for the New Economy and Accelerating Sustainability.

 -BERNAMA