Fintech leaders urge stricter AI regulation

More than 75 experts discussed AI regulation at a UK Parliamentary summit

Leaders from the fintech industry have called for stricter regulation to boost market confidence in the use of AI.  

Speaking at the UK’s Parliamentary Digital Economy summit, proposals were put forward for financial services firms to embrace quantum computing and AI, but only if they have the regulatory framework to do so responsibly.  

More than 75 industry experts, academics and chief executives attended the debate, which included digital assets experts, investors and fintech firms. The summit was organised by Parliament Street, a think tank rooted in the values of the Conservative Party. 

Fergus Speight, executive vice president and general counsel 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.”   

Even with tighter regulations, which can stifle innovation, Fraser Steward, co-founder of Lyfeguard, believes 2024 will be an exciting year for fintech. He said: “Innovative digital solutions and open finance are set to redefine the financial landscape, making it more accessible, efficient and inclusive than ever before.” 

Image: Centropy PR  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.