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Summarize
UK banks getting access to NVIDIA's tech in new scheme
The initiative aims to boost economic growth

UK banks getting access to NVIDIA's tech in new scheme

Jun 09, 2025
01:23 pm

What's the story

The UK's finance watchdog, the Financial Conduct Authority (FCA), is set to launch a new initiative, the "supercharged sandbox." This program will allow banks and other financial firms to experiment with NVIDIA's advanced artificial intelligence (AI) tools. The move is aimed at accelerating innovation and boosting economic growth in the country. The FCA said successful applicants will be able to safely explore cutting-edge AI under its supervision using NVIDIA's accelerated computing products.

Use cases

Potential use cases of the technology

The FCA hasn't specified what experiments could be conducted with NVIDIA's AI tools. However, some firms have previously suggested that this technology could be used to detect and prevent authorized push payment fraud. These are scams where victims are tricked into transferring money to criminals' bank accounts. The tech may also help in identifying stock market manipulation activities.

Program launch

FCA's AI sandbox program open for applications

The FCA's AI sandbox program is now open for applications and will start operating in October. The move comes nearly a year after Chancellor Jeremy Hunt asked the FCA to promote more risk-taking in the City to spur growth and competitiveness. The government is urging UK watchdogs to do more to support the economy amid criticism that red tape has been a barrier to business and inward investment.

Risk mitigation

Focus on AI despite job loss fears

The FCA's focus on AI comes despite fears that the technology could lead to job losses across various sectors, including financial services. This is unless the government implements proper controls. The move aligns with UK PM Keir Starmer's calls for a major rollout of AI, including "sector champions" that could boost Britain's role in developing and deploying this technology.

Tech partnership

NVIDIA's European head of financial technology

NVIDIA, a leading player in the AI market, will be collaborating with the FCA for this initiative. The company's European head of financial technology, Jochen Papenbrock, said AI is fundamentally reshaping the financial sector by automating processes and improving decision-making. He added that "the FCA's supercharged sandbox provides firms with a secure environment to explore AI innovations using NVIDIA's full-stack accelerated computing platform."