At a recent parliamentary AI and FinTech Summit, a call was issued by top figures in the tech sector for the UK government to bolster regulation and investment in AI within the FinTech industry.
Hosted by Dean Russell, MP for Watford and chaired by Steven George-Hilley of Centropy PR, the summit saw over 90 experts, academics, and tech leaders come together to discuss and finalise the UK’s strategy for AI skill development.
The event underscored the urgent need for collaboration between the government and businesses to address the AI skills gap in the FinTech sector.
Simana Paul, Global VP of Engineering at SumUp, likened the significance of AI in the current century to the discovery of electricity in the 18th century, emphasizing the necessity for governance to ensure AI’s safe and beneficial integration into society. “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.
“Like we have put necessary controls to make electricity safe for everyone, we need AI governance. In the current turbulent macroeconomic conditions, when the investment in FinTech is drying up, embracing AI would be the differentiator to survive and thrive,” Paul said.
Dr. Adeshola, CEO of Tritek Consulting, highlighted the critical role of tackling the UK’s digital AI skills crisis in driving economic growth and generating meaningful employment. He stressed the importance of expanding the talent pool, increasing diversity, and offering broader opportunities to build a dynamic and digitally adept workforce.
Libero Raspa, UK Director at adesso, and FinTech entrepreneur Khalid Talukder, Co-Founder of DKK Partners, also voiced their perspectives on the challenges and imperatives of AI adoption within companies. They stressed the necessity of a responsible approach to AI, addressing data protection, IT security, and infrastructure challenges, while recognizing the transformative potential of AI technology for the FinTech industry and the wider economy.
This summit marks a pivotal moment in the UK’s journey towards integrating AI within its digital economy, highlighting the essential collaboration between government and industry to nurture a skilled, diverse, and innovative workforce capable of steering the country towards sustainable growth and technological leadership in the global arena.
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