Financial firms are being invited to experiment with AI in a new regulatory sandbox launched by the U.K.’s Financial Conduct Authority (FCA).
The FCA announced plans for a “Supercharged Sandbox” — building on its existing digital sandbox — that will enable firms to test AI innovations using advanced computing power supplied by Nvidia’s AI platform and software.
“This Supercharged Sandbox will give firms access to better data, technical expertise and regulatory support to speed up innovation. It is open to any financial services firm looking to innovate and experiment with AI,” the regulator 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,” said Jessica Rusu, chief data, intelligence and information officer at the FCA, in a release.
Applications to participate in the project are open now, with experiments scheduled to start in October.