The UK government will invest £100 million in AI research and training regulators on the technology. A good portion of the cash infusion will be spent on new research hubs across the UK.
Bridgewise, an AI financial intelligence platform, has shared insights following this announcement. Bridgewise is a Fintech that provides insights on 44,000 public companies worldwide by deploying AI algorithms “to generate research reports and detailed buy/sell/hold recommendations.”
Its institutional customers reportedly include eToro and Suno.
Gaby Diamant, CEO at Bridgewise, believes that this is “a bold move in the UK’s quest to become a leader in AI development, and that for AI to innovate safely, it is vital that the right frameworks and safeguards are in place.”
He also argues that the emphasis must now be “on defining responsible AI to reap the benefits of this technology.”
Gaby Diamant, Founder and CEO at Bridgewise, comments:
“It’s positive to see the UK put its money where its mouth is when it comes to leading the charge on AI. As the presence of this evolving technology advances across all sectors, it is vital that regulators keep up with the speed of innovation. Training regulators about AI is a welcome step in this transition and will help ensure that future frameworks account for both the risks and opportunities this once-in-a-generation technology presents.”
He added that the UK has “a hotbed of talent, skills and research in this field, and by empowering those at the forefront of AI development, the government is putting the right processes in place to create an environment conducive to productivity and growth.
He further noted:
“The cat is well and truly out the bag with AI and we must renew our focus on responsible, safe innovation. Close collaboration between industry players and regulators will be key in defining responsible AI and making sure all sectors can safely reap the benefits of this technology. This is particularly the case in capital markets and financial services, where AI can transform long-standing legacy processes and open up swathes of new data and information, but only if the right regulation is in place.”