Artificial intelligence, or AI, is considered an equalizer to bridge the technology gap between rich and poor nations.

Experts, however, said that AI could exacerbate global inequality as the finance industry has long relied on AI to make decisions on loans, weigh risks for institutions and enable easier banking for customers.

Thus, increasing AI involvement in financial services could determine who has access to banking and loans with automated tools defining and determining people and regions too risky for support.

The profiling function of AI systems is developed to determine risks and investments.

Those already with the means will continue to use AI "to refine and determine eligibility for investment and future potential" that developing nations may find hard to match.

"From the United Kingdom and the United States to China and Russia, governments across the world are discussing the future of AI and how it should be governed," said Heather Ashby, associate director of Disruptive Technologies and Artificial Intelligence at the think tank United States Institute of Peace.

After the United Kingdom-government-sponsored AI Safety Summit last November, countries from the Netherlands and Brazil to Rwanda and the Philippines agreed to continue inclusive global dialogue on AI safety and risks.

Discussions on AI use and development are also being held among multilateral institutions. The United Nations launched a High-level Advisory Body on Artificial Intelligence through the Office of the Secretary General's Ambassador on Technology.

The advisory group is expected to raise, the most ambitious global governance discussions on AI by bringing a diverse group of experts together to consider AI risks, computing capacity, and algorithms among other topics.

The UN is expected to convene a large group of experts that can provide a shot in the arm to reinvigorate multilateralism.

Since 2018, the European Union has also evolved its approach to AI but has consistently sought to mitigate harm from emerging and advancing technologies.