Toronto-based Bank of Nova Scotia announced on Thursday that it’s donating $5 million to the Vector Institute, a new independent research facility in downtown Toronto focused on the development of artificial intelligence (AI).
The Vector Institute is a non-profit enterprise funded by the private sector and the federal and Ontario governments. It aims to focus on the fields of deep learning and machine learning and will bring together institutions, incubators, accelerators, start-ups, scale-ups and established companies to advance AI research and drive the adoption and commercialization of AI technologies across Canada.
“As a founding member of the Vector Institute, we’re pleased to work with our growing network of partners in the public and private sectors,” says Brian Porter, president and CEO of Scotiabank, in a statment. “These efforts are helping to strengthen Ontario’s economy by advancing our AI ecosystem, supporting leading talent, research and development and commercialization opportunities.”
Scotiabank’s donation to the Vector Institute builds on the bank’s other recent commitments to foster the growth and development of AI in Canada, including a $1-million donation to NextAI to build an AI ecosystem in Canada.
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“Through our previous donations and our support of the Vector Institute, we are investing not only in Canadian AI talent and the advancement of the AI sector, but also in the current and future needs of our customers,” says Michael Zerbs, chief technology officer with Scotiabank, in a statement.
“AI is an important tool for Scotiabank,” he adds. “It’s helping us to better understand customer sentiment, behaviour and needs, allowing us to better manage risk, identify abnormal account activity, and provide our customers with the best strategies for improving their portfolios.”
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