Britain’s financial watchdog is ramping up AI innovation in the financial sector with the launch of a new ‘supercharged sandbox’ to support firms experimenting with artificial intelligence.
The Financial Conduct Authority (FCA) has partnered with US tech giant Nvidia to provide firms with better access to data, technical support and regulatory expertise as they develop AI systems.
Open to those at both the early and advanced stages of AI development, the launch forms part of the FCA’s strategy to ‘support economic growth’ the regulator said.
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Jessica Rusu, the FCA’s chief data, intelligence and information officer, said the collaboration with Nvidia ‘will help those that want to test AI ideas but who lack the capabilities to do so.’
Dr Jochen Papenbrock, EMEA head of financial technology at Nvidia added: ‘AI is fundamentally reshaping the financial sector by automating processes, enhancing data analysis, and improving decision-making, which leads to greater efficiency, accuracy, and risk management across a wide range of financial activities.
‘The FCA’s Supercharged Sandbox provides firms with a secure environment to explore AI innovations using Nvidia’s full stack accelerated computing platform, supporting industry-wide growth and efficiency.’
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The partnership comes as Nvidia’s chief executive criticised the UK’s limited computing infrastructure, during a speech at London Tech Week.
Supporting Labour’s promise to invest £1 billion in the country’s computing power, Jensen Huang said: ‘The ability to build these AI supercomputers here in the UK will naturally attract more startups, it will naturally enable all of the rich ecosystem of researchers here.’
Britain is ‘an incredible place to invest,’ he added.
Applications to use the Supercharged Sandbox can be made through the FCA’s website, with successful applicants to begin testing from October.
