Leaders from the technology industry have issued an urgent warning for the government to increase regulation and investment in Artificial Intelligence (AI) technology.
Speaking at the Parliamentary AI and FinTech Summit, which was hosted by Dean Russell, MP for Watford, and chaired by Steven George-Hilley of Centropy PR, proposals were put forward for businesses to work with the government to increase training around AI in the FinTech industry.
Over 90 industry experts, academics and tech leaders attended the debate, where the UK’s plans for AI skills were finalised.
Simana Paul, Global VP of Engineering at SumUp said: “The discovery and innovation in AI in the current century can be compared to the discovery of electricity in the 18th century, which was embraced by humanity and has evolved over time. As we have put necessary controls to make electricity safe for everyone, we need AI governance. In the current turbulent macro-economic conditions, when the investment in FinTech is drying up, embracing AI would be the differentiator to survive and thrive.”
Khalid Talukder, Co-founder of DKK Partners, added: “Innovative technology is the driver behind the future growth of not just the FinTech industry but the wider economy as a whole. Collaboration between the government and industry in areas such as AI is essential to improve core business processes such as treasury management for SMEs that can only lead economic growth by being more efficient.”
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