Major technology companies signed a pact on Friday to voluntarily adopt “reasonable precautions” to prevent artificial intelligence tools from being used to disrupt democratic elections around the world.
Tech executives from Adobe, Amazon, Google, IBM, Meta, Microsoft, OpenAI and TikTok gathered at the Munich Security Conference to announce a new voluntary framework for how they will respond to AI-generated deepfakes that deliberately trick voters.
Twelve other companies – including Elon Musk's X – are also signing on to the accord.
“Everybody recognises that no one tech company, no one government, no one civil society organisation is able to deal with the advent of this technology and its possible nefarious use on their own,” said Nick Clegg, president of global affairs for Meta, the parent company of Facebook and Instagram, in an interview ahead of the summit.
The accord is largely symbolic, but takes aim at increasingly realistic AI-generated images, audio and video “that deceptively fake or alter the appearance, voice, or actions of political candidates, election officials, and other key stakeholders in a democratic election, or that provide false information to voters about when, where, and how they can lawfully vote”.
The companies are not committing to ban or remove deepfakes. Instead, the accord outlines methods they will use to try to detect and label deceptive AI content when it is created or distributed on their platforms.
It notes the companies will share best practices with each other and provide “swift and proportionate responses” when that content starts to spread.
The vagueness of the commitments and lack of any binding requirements likely helped win over a diverse number of companies, but may disappoint pro-democracy activists and watchdogs looking for stronger assurances.
“The language isn't quite as strong as one might have expected,” said Rachel Orey, senior associate director of the Elections Project at the Bipartisan Policy Centre.
“I think we should give credit where credit is due, and acknowledge that the companies do have a vested interest in their tools not being used to undermine free and fair elections. That said, it is voluntary, and we'll be keeping an eye on whether they follow through.”
The agreement at the German city's annual security meeting comes as more than 50 countries are due to hold national elections in 2024. Some have already done so, including Bangladesh, Taiwan, Pakistan and most recently Indonesia.
Attempts at AI-generated election interference have already begun, such as when AI robocalls that mimicked US President Joe Biden’s voice tried to discourage people from voting in New Hampshire’s primary election last month.
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- Premier League-standard football pitch
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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