FCA sets up 'Supercharged Sandbox' for AI experimentation
The UK's Financial Conduct Authority is to set up a 'Supercharged Sandbox' to help firms experiment with innovative AI applications.
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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Through a new collaboration, firms will have the opportunity to experiment with AI using Nvidia's full stack accelerated computing platform.
The FCA says the initiative will provide access to better data, technical expertise and regulatory support to help firms who are in the discovery and experiment phase with AI.
Jessica Rusu, the FCA's chief data, intelligence and information officer, says: "This collaboration will help those that want to test AI ideas but who lack the capabilities to do so. We'll help firms harness AI to benefit our markets and consumers, while supporting economic growth."
The new programme arrives just a month after the regulator launched an AI Live Testing service to aid firms who are further along in development and ready to use AI.
The FCA last month hosted a roundtable with banking industry leaders over concerns that onerous compliance requirements are stifling investment in artificial intelligence.
This came after the banking watchdog found that respondents to a recent FCA and Bank of England survey identified data protection and the Consumer Duty to be in the top three regulatory constraints to AI deployment within financial services.
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