The FCA will allow finance firms to experiment with AI using computing and software from major US chipmaker Nvidia.

The regulator has launched what it calls a ‘supercharged sandbox’ to help firms experiment safely from October.

Through the collaboration announced today, firms will have the opportunity to use Nvidia-accelerated computing and Nvidia AI enterprise software.

It said the tie-up would 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 regulator said the sandbox was aimed at helping firms which are in the discovery and experimental phase with AI. An existing AI Live Testing service helps those further along in development and ready to use 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 said: “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 now apply to use Supercharged Sandbox through the FCA’s website. 

Successful applicants will be able to experiment from October.