<img src="https://ml.globenewswire.com/Resource/Download/d09330fb-0f1b-4b21-b49a-9dfefae6d771?size=2" nborder="0" align="left" hspace="5" vspace="5" title="Screenshot 2025-02-25 222045.png" alt="TaxTec"/><img alt="TaxTec" data-mce-style="display: block; margin-left: auto; margin-right: auto;" height="363" src="https://ml.globenewswire.com/Resource/Download/b80b00c6-6e79-4936-99c2-270540c0d3bc/unnamed-71-.jpg" style="display:block; margin-left:auto; margin-right:auto;" width="512" data-dpi="96" data-caption="TaxTec " data-filename="unnamed (71).jpg" /> LONDON, July 21, 2026 <a href="https://www.globenewswire.com" target="_blank">(GLOBE NEWSWIRE)</a> -- Austen Little, Head of Product Development at withholding tax reclamation experts <a href="https://taxtec.com/" rel="nofollow" target="_blank" title="">TaxTec</a>, has released a summary guidance note on the deployment of AI in highly regulated financial services applications. The <a href="https://taxtec.com/news/artificial-intelligence-fintech-development/" rel="nofollow" target="_blank" title="">guidance</a> draws on TaxTec’s historical and recent product and service development experience to highlight several areas of risk when using or implementing artificial intelligence in capital markets financial services. Mr Little’s guidance note builds on advice from authorities such as the OECD [1], The World Economic Forum [2] and the International Monetary Fund [3], amongst others, urging caution over the risks of machine learning in financial services processes and decision making. Mr Little highlights the fact that many financial markets processes, many of which are in the throes of regulatory digitalization, still present challenges for effective AI deployment, including: <ul type="disc"><li>Data quality issues – especially where processes are international and span multiple legislatures</li><li>The rate of digital evolution of the sector and changing regulatory regimes</li><li>The requirements for ‘explainability’ of client decisions (risk, approvals, entitlements)</li><li>The nature and scale of ‘harms’ possibly resulting from AI agent mistakes, and their likely impact on financial institutions</li><li>The AI-generated tension between financial services risk appetite and client service standards/reputation</li><li>Data governance and privacy considerations in data-hungry AI-driven world</li></ul> Striking a balanced argument, however, Mr Little’s guidance note also highlights where the power and efficiency of AI can be safely deployed and generate substantial value. He points out specific examples from the world of withholding tax reclamation in order to give precise examples that readers can recognize and which are drawn from TaxTec’s real life experience. These include: <ul type="disc"><li>Document management</li><li>Data extraction</li><li>Data quality enhancement</li><li>Research assistance</li><li>Workflow management</li><li>Status monitoring</li><li>Analytics &amp; forecasting </li></ul> Readers wishing to download their copy of the TaxTec guidance note on AI in capital markets financial services should visit: <a href="https://taxtec.com/news/artificial-intelligence-fintech-development/" rel="nofollow" target="_blank" title="">https://taxtec.com/news/artificial-intelligence-fintech-development/</a>. About TaxTec Founded in 2023, <a href="https://taxtec.com/" rel="nofollow" target="_blank" title="">TaxTec</a> is revolutionizing tax recovery for institutional investors and their agents. Utilizing the latest AI-enabled digital technology, their highly automated global tax recovery proposition and client-centric service model maximize reclaim opportunities for their clients across all major markets. TaxTec clients recover more tax at a lower cost, enhancing their investment returns. 1. OECD, Supervision of artificial intelligence in finance: Challenges, policies and practices, 27 January 2026 <a href="https://www.oecd.org/en/publications/supervision-of-artificial-intelligence-in-finance_92743dc1-en.html" rel="nofollow" target="_blank" title="">https://www.oecd.org/en/publications/supervision-of-artificial-intelligence-in-finance_92743dc1-en.html</a> 2. World Economic Forum, The AI Playbook for Financial Services: Insight Report, June 2026 <a href="https://reports.weforum.org/docs/WEF_The_AI_Playbook_for_Financial_Services_2026.pdf" rel="nofollow" target="_blank" title="">https://reports.weforum.org/docs/WEF_The_AI_Playbook_for_Financial_Services_2026.pdf</a> 3. IMF eLibrary, Regulatory Considerations Regarding Accelerated Use of AI in Securities Markets, 24 December 2025 <a href="https://www.elibrary.imf.org/view/journals/005/2025/016/article-A001-en.xml" rel="nofollow" target="_blank" title="">https://www.elibrary.imf.org/view/journals/005/2025/016/article-A001-en.xml</a> Contact Sarah Nurgat ThoughtSpark Ltd sarah@thoughtsparkagency.com <img alt="" src='https://ml.globenewswire.com/media/YTEyY2Q4MmQtZmEzMC00OTAwLTgzZDctN2ViZmRlNWI2NGVlLTUwMDEzMzA4MC0yMDI2LTA3LTIxLWVu/tiny/Taxtec.png' referrerpolicy='no-referrer-when-downgrade' />

GlobeNewswire Inc.

TaxTec Development Head Raises Red Flag Framework for AI Deployment in Highly Regulated Fintech

Latest news from the world of business and finance – both local and global

MONEY FM 89.3 is Singapore's first and only Business and Personal Finance station, featuring local and international business and financial news.

MONEY FM 89.3

Discover newsletters from our DJs on LinkedIn