UK financial companies can test their artificial intelligence tools later this year in the “sandbox,” regulations launched on Monday by the country's financial watchdog, part of a broader government strategy to support innovation and economic growth.
The Financial Conduct Authority (FCA) is affiliated with Chipmaker Nvidia 
NVDA It provides access to sophisticated computing power and custom-made AI software through what is known as a “supercharge sandbox.”
A sandbox refers to a regulatory environment where companies can test new ideas such as products, services, and technologies.
The program aims to help businesses during the early stages of AI research and provide access to technical expertise, better data sets and regulatory support, the FCA said. It is open to all financial services companies experimenting with AI.
“This collaboration will be useful for those who want to test AI ideas but don't have the ability to do so,” said Jessica Russ, FCA's key data, information and information director. “We will help businesses leverage AI to benefit markets and consumers while supporting economic growth.”
Finance Minister Rachel Reeves has urged UK regulators to remove barriers to economic growth, calling it an “absolute priority” for the government.
In April, she said she was pleased with how the FCA and Prudential regulators, part of the Bank of England, were responding to the cut red tape call.
Nvidia said the initiative will allow businesses to use their accelerated computing platform to explore AI-powered innovations in a secure environment.
“AI is fundamentally restructuring the financial sector,” said Jochen Papenbrock, EMEA Head of Nvidia's Financial Technology, citing improved data analytics, automation and risk management.
He added that Sandbox “provides a safe environment for exploring AI innovation using NVIDIA's full-stack accelerated computing platform, supporting growth and efficiency across the industry.”
Testing is set to start in October.
