Latest news with #JessicaRusu
Yahoo
an hour ago
- Business
- Yahoo
UK FCA Partners With Nvidia (NVDA) for AI Testing Sandbox
Britain's Financial Conduct Authority announced Monday a partnership with Nvidia (NVDA, Financials) to help financial firms test artificial intelligence tools through a new Supercharged Sandbox program set to launch in October. Warning! GuruFocus has detected 4 Warning Signs with NVDA. The initiative will give selected firms access to Nvidia's full-stack accelerated computing platform, AI software, and better datasets in a secure, regulatory-compliant environment, according to an FCA statement. The goal is to support AI experimentation at early stages while ensuring consumer protection and market stability. This collaboration will help those that want to test AI ideas but who lack the capabilities to do so, said Jessica Rusu, the FCA's chief data, information and intelligence officer. Nvidia, which has seen widespread adoption of its GPUs in AI use cases across industries, said the sandbox would allow financial companies to trial innovations in data analysis, automation, and risk management. AI is fundamentally reshaping the financial sector, said Jochen Papenbrock, Nvidia's EMEA head of financial technology. He said the program will support sector-wide growth by giving firms a secure place to explore applications with regulatory oversight. The partnership follows UK Finance Minister Rachel Reeves' push for regulators to remove barriers to economic expansion. She has urged agencies such as the FCA and the Bank of England's Prudential Regulation Authority to help cut red tape. This article first appeared on GuruFocus. Sign in to access your portfolio
Finextra
5 hours ago
- Business
- Finextra
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. 0 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.
Yahoo
7 hours ago
- Business
- Yahoo
UK banks to experiment with Nvidia AI in ‘supercharged sandbox' scheme
The UK's financial regulator is to allow banks and other City firms to experiment with the US chipmaker Nvidia's leading AI products to 'speed up innovation' and fulfil government orders to boost UK growth. The Financial Conduct Authority (FCA) said it was launching a 'supercharged sandbox' that would give successful applicants the chance to experiment safely with cutting-edge AI under the watchdog's supervision, allowing them to use Nvidia's accelerated computing products. The regulator is not dictating what those experiments might be, but some firms have previously suggested that AI could be used to identify and intercept authorised push payment fraud, in which victims are tricked into sending money to criminals' bank accounts, or help identify stock market manipulation. Related: UK ministers delay AI regulation amid plans for more 'comprehensive' bill The FCA's chief data, intelligence and information officer, Jessica Rusu, said: '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 AI sandbox programme is open to applications, with plans to begin operating in October, nearly a year after the chancellor, Rachel Reeves, ordered the FCA to encourage more risk-taking across the City to help spur growth and competitiveness. The government has been heaping pressure on UK watchdogs to do more to support the economy, amid accusations that red tape has been a barrier to business and inward investment. The FCA's focus on AI comes despite fears that the technology could lead to job losses across a swathe of sectors, including financial services, unless the government implements proper controls. The move chimes, however, with Keir Starmer's calls in January for a huge rollout of AI, including 'sector champions' that could drive Britain's role in developing and deploying AI. The collaboration with Nvidia will be hailed by enthusiasts of the new technology. The Silicon Valley company, founded in 1993, has been the engine of the AI market boom, with hype around the technology propelling the firm's valuation to more than $3tn (£2.2tn). Nvidia's head of financial technology for Europe, the Middle East and Africa, Jochen Papenbrock, said: '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.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Business
- Yahoo
UK financial regulator partners with Nvidia in AI 'sandbox'
LONDON -Financial firms in Britain will be able to test artificial intelligence tools later this year in a regulatory "sandbox" launched on Monday by the country's financial watchdog, part of a broader government strategy to support innovation and economic growth. The Financial Conduct Authority (FCA) has partnered with U.S. chipmaker Nvidia to provide access to advanced computing power and bespoke AI software through what it calls a "Supercharged Sandbox." A sandbox refers to a controlled environment where companies can test new ideas such as products, services or technologies. The programme is intended to help firms in the early stages of exploring AI, offering access to technical expertise, better datasets and regulatory support, the FCA said. It is open to all financial services companies experimenting with AI. "This collaboration will help those that want to test AI ideas but who lack the capabilities to do so," Jessica Rusu, the FCA's chief data, information and intelligence officer, said. "We'll help firms harness AI to benefit our markets and consumers, while supporting economic growth." Finance minister Rachel Reeves has urged Britain's regulators to remove barriers to economic growth, describing it as an "absolute top priority" for the government. In April, she said she was pleased with how the FCA and the Prudential Regulation Authority, part of the Bank of England, were responding to her call to cut red tape. Nvidia said the initiative would allow firms to explore AI-powered innovations in a secure environment, using its accelerated computing platform. "AI is fundamentally reshaping the financial sector," said Jochen Papenbrock, EMEA head of financial technology at Nvidia, citing improvements in data analysis, automation and risk management. He added that the sandbox will provide firms with a "secure environment to explore AI innovations using Nvidia's full-stack accelerated computing platform, supporting industry-wide growth and efficiency." The testing is set to begin in October.
The Star
7 hours ago
- Business
- The Star
UK financial regulator partners with Nvidia in AI 'sandbox'
A NVIDIA logo is displayed on a building in Taipei, Taiwan April 16, 2025. REUTERS/Ann Wang/File Photo LONDON -Financial firms in Britain will be able to test artificial intelligence tools later this year in a regulatory "sandbox" launched on Monday by the country's financial watchdog, part of a broader government strategy to support innovation and economic growth. The Financial Conduct Authority (FCA) has partnered with U.S. chipmaker Nvidia to provide access to advanced computing power and bespoke AI software through what it calls a "Supercharged Sandbox." A sandbox refers to a controlled environment where companies can test new ideas such as products, services or technologies. The programme is intended to help firms in the early stages of exploring AI, offering access to technical expertise, better datasets and regulatory support, the FCA said. It is open to all financial services companies experimenting with AI. "This collaboration will help those that want to test AI ideas but who lack the capabilities to do so," Jessica Rusu, the FCA's chief data, information and intelligence officer, said. "We'll help firms harness AI to benefit our markets and consumers, while supporting economic growth." Finance minister Rachel Reeves has urged Britain's regulators to remove barriers to economic growth, describing it as an "absolute top priority" for the government. In April, she said she was pleased with how the FCA and the Prudential Regulation Authority, part of the Bank of England, were responding to her call to cut red tape. Nvidia said the initiative would allow firms to explore AI-powered innovations in a secure environment, using its accelerated computing platform. "AI is fundamentally reshaping the financial sector," said Jochen Papenbrock, EMEA head of financial technology at Nvidia, citing improvements in data analysis, automation and risk management. He added that the sandbox will provide firms with a "secure environment to explore AI innovations using Nvidia's full-stack accelerated computing platform, supporting industry-wide growth and efficiency." The testing is set to begin in October. (Reporting by Sam Tabahriti; Editing by David Holmes)
