FCA said it will launch Supercharged Sandbox to provide companies with better data access, technical expertise and support according to regulations to speed up the innovation process.
Accordingly, financial services institutions in the UK will be allowed to experiment with AI by using Nvidia's AI Enterprise software products and accelerator computers.
FCA notes that the initiative is for companies in the phase of AI discovery and testing. In addition, it will provide a separate live testing service for companies in the AI development stage.
Jessica Rusu - Director of Data, Intelligence and Information of FCA said: "This cooperation will help units that want to experiment with AI ideas but are unable to do so. We will help companies exploit AI to benefit the market and consumers.
FCA's new pilot program addresses an important issue for banks - which are facing the challenge of providing advanced AI tools to customers. This comes from concerns about risks related to privacy and fraud.
Edward Achtner - head of generative AI at HSBC informed that while banks like HSBC have been using AI for many years, new generative AI tools like OpenAI's ChatGPT come with risks in terms of data security.
Therefore, the partnership with Nvidia - a Graphics processing unit, GPUs, used to train and run powerful AI models, is considered a safe AI testing solution.
