Global securities regulators are launching a competition for developers to come up with solutions to educate retail investors about the risks and opportunities posed by the use of artificial intelligence.
Alongside the U.K. Financial Conduct Authority’s (FCA) AI Lab, the International Organization of Securities Commissions (IOSCO) is seeking submissions to its first “techsprint” to work on a couple of challenges — one, helping retail investors avoid AI-powered frauds and scams, and second, empowering retail investors to use AI as a learning tool.
The competition is open to applications until April 30.
Teams that are selected will work on one or both of the problems, with oversight from IOSCO and its members, before presenting their projects on Oct. 8 in Madrid during World Investor Week.
“As AI drives the rapid evolution of markets, strengthening the digital skills and vigilance of retail investors has become critical to their financial literacy and protection,” said Camille Beaudoin, chair of the IOSCO Committee on Retail Investors, and director of financial education expertise and partnerships at the Autorité des marchés financiers, in a release.
“This TechSprint is proving to be a powerful platform for mobilizing expertise and innovation, advancing the collective mission of IOSCO members to better protect and educate investors,” she added.