The UK's Financial Conduct Authority (FCA) has partnered with American chipmaker NVIDIA (NVDA, Financial) to enable banks to conduct artificial intelligence experiments in a secure environment. The FCA has announced a new initiative called the "Super Sandbox," designed to accelerate innovation by offering better data resources, technical support, and regulatory guidance.
Starting in October, UK financial institutions can use NVIDIA's accelerated computing and enterprise-level AI software for AI experiments. This program targets institutions in the "AI exploration phase," while those at more advanced stages have alternative testing services available.
Jessica Rusu, FCA's Chief Data and Information Officer, noted that the collaboration aims to assist companies with AI ideas that lack implementation capabilities. The initiative seeks to help financial institutions leverage AI to drive economic growth and create value for markets and consumers.
The regulatory sandbox addresses banking challenges, such as privacy concerns and fraud risks, when deploying advanced AI tools to customers. Companies like OpenAI and Google require data to be processed on overseas servers, raising privacy concerns. Additionally, there have been instances of fraud using generative AI.
Globally, most AI models depend on NVIDIA's GPUs for training and operation. NVIDIA's CEO, Jensen Huang, is scheduled to deliver a keynote speech at a tech summit in London.
