The Financial Conduct Authority (FCA) has announced today that it will launch a Supercharged Sandbox to help firms experiment safely with AI to support innovation.
Through a new collaboration, announced by the regulator today, firms will have the opportunity to experiment with AI using NVIDIA accelerated computing and NVIDIA AI Enterprise 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 sandbox will help firms who are in the discovery and experiment phase with AI. An existing AI Live Testing service helps those further along in development and ready to use AI.
In its new strategy, the FCA has committed to supporting economic growth by enabling innovation and harnessing technological advances like AI.
Jessica Rusu, the FCA’s chief data, intelligence and information officer, 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.”
Dr Jochen Papenbrock, EMEA head of financial technology, NVIDIA added: “AI is fundamentally reshaping the financial sector by automating processes, enhancing data analysis, and improving decision-making, which leads to greater efficiency, accuracy, and risk management across a wide range of financial activities.
“The FCA’s Supercharged Sandbox provides firms with a secure environment to explore AI innovations using NVIDIA’s full stack accelerated computing platform, supporting industry-wide growth and efficiency.”
Firms can apply to use Supercharged Sandbox now through the FCA’s website.
Successful applicants will be able to experiment from October.
