UK’s FCA teams up with Nvidia to let banks experiment with AI

London – The British Financial Services Watchtow announced on Monday a new link with US Chipmaker Nvidia To let the banks experiment with artificial intelligence safely.

The Financial Conduct Authority said that it will launch a so-called supercharged sandbox which “will give companies access to better data, technical expertise and regulatory support to accelerate innovation”.

From October, financial service institutions in the United Kingdom will be authorized to experiment with AI using accelerated IT products and Enterprise, Nvidia Watchdog, Watchdog said in a press release.

The initiative is designed for companies in the “discovery and experience phase” with AI, noted the FCA, adding that a separate live test service exists further in the development of AI.

“This collaboration will help those who want to test the ideas of AI but who do not have the ability to do so,” said Jessica Rusu, responsible for data, intelligence and information for the FCA, in a press release. “We will help companies operate AI to benefit our markets and consumers, while supporting economic growth.”

The new FCA sandbox tackles a key problem for banks, which faced shipping challenges of new advanced AI tools to their customers in the midst of concerns about the risks concerning confidentiality and fraud.

Big languages ​​models like Openai and Google refer data to facilities abroad – and privacy regulators have lifted the alarm on how this information is stored and processed. There have been several cases of malicious actors using generative AI to defraud people.

NVIDIA is at the origin of the graphic processing units, or GPU, used to form and execute powerful AI models. The CEO of the company, Jensen Huang, should give an opening speech during a technological conference in London on Monday morning.

Last year, Edward Achtner, told a London Tech conference in the HSBC he saw ” Successful theater“In finance, with regard to artificial intelligence – by suggesting that certain financial service companies are pmenting advances in AI without innovations of tangible products to show it.

He added that, although banks like HSBC have used AI for many years, new generative AI tools like the Openai Chatppt are delivered with their own risk of unique compliance.