Fintech leaders call for stricter AI regulation at Parliamentary summit

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Leaders from the financial services industry have called on the government and regulators to introduce robust legislation to boost market confidence in the use of artificial intelligence (AI).

Speaking at last night’s Parliamentary Digital Economy summit, which was organised by the Parliament Street think tank, hosted by Dean Russell MP for Watford, and chaired by Steven George-Hilley of Centropy PR, proposals were put forward to for financial services firms to further embrace quantum computing and AI, but only if they have the regulatory framework to do so responsibly.

Over 75 industry experts, academics and chief executives attended the debate, which included digital assets experts, personal and institutional investors along with software and fintech firms.

Digital assets expert Mimi Kufuor, Chief Operating Officer at KoinKoin said: “In the era of global digital asset transformation, our company serves as a crucial link between the evolving UK digital economy and the thriving African business sphere. Positioned as a vital conduit, we are poised to facilitate seamless transactions, fostering collaborative growth in these dynamic economic landscapes.”

Fergus Speight, EVP & GC at ZILO Technology said: “Fintech has an outsize role to play in raising the growth rate of the UK economy. Key ingredients for digital economy businesses are ideas, people, access to capital and policies to support these. Policymakers have a challenge to provide certainty and protect innovators, investors, and the public.”

Solomon Fazel, Implementation Manager, DKK Partners said: “It’s important to scrutinise taxation for businesses, but what’s more important is how the money is being spent and the impact that has on the digital economy.”

Geoff Garrett, Co-Founding Director, Henry Dannell said: “We operate in a relationship driven environment where the client/adviser interaction is paramount to driving successful outcomes. As the regulatory environment has become heightened, the adviser will now spend more time making sure the file illustrates why the advice given is both good advice and suitable for the clients’ requirements. This will inevitably lead to the clients spending less time with their adviser which is to their detriment. The Henry Dannell team are producing technology-based solutions to enhance the client journey and to allow more opportunity to develop those precious client/adviser relationships”.

Fraser Steward, co-founder of Lyfeguard said: “2024 is set to be an exciting year for fintech, where innovative digital solutions and open finance are set to redefine the financial landscape, making it more accessible, efficient, and inclusive than ever before.”