Deutsche Bank has joined the World Economic Forum’s (WEF’s) Centre for the Fourth Industrial Revolution, a project that aims to maximise the benefits and minimise the adverse effects of emerging technology.

The German lender joined the San Francisco-based center that also has BBVA, Sberbank, Accenture and Microsoft as partners.

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The centre was established last year, after concerns that up to 7.1 million jobs will be vanished in 15 major economies due to use of modern technologies during the fourth industrial revolution.

The WEF aims to bring together business leaders, governments, start-ups, civil society, academia and international organisations and develop policy frameworks and build collaboration to help shape the world’s tech-driven future.

Deutsche Bank said it will work with governments, policy makers, regulators, industry and academia to set up a framework which best facilitates emerging technologies.

Deutsche Bank group chief operating officer Kim Hammonds said: “Digital innovation is central to the bank’s growth and our service to clients.

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“Emerging technologies are already transforming our industry and banks are on a journey to becoming platform companies. Being involved in the Centre for the Fourth Industrial Revolution will position us to drive and influence the rules and standards that govern this exciting space.”