At the recent Parliamentary Digital Economy summit held on Tuesday, 6th February 2024, financial technology (fintech) leaders proposed stricter legislation for artificial intelligence (AI).
The fintech professionals appealed to the United Kingdom government and regulatory bodies to promote stronger confidence in AI, allowing it to be used responsibly within financial services.
The summit, which was hosted by the Parliament Street think tank and Dean Russell MP for Watford, saw more than 75 industry experts, academics and executives discuss the potential for finance firms to further utilise AI and quantum computing. Amongst the guests were digital asset experts, personal and institutional investors, and representatives from a range of fintech and software firms.
Mimi Kufuor, Chief Operating Officer at KoinKoin, emphasised the company's role as a bridge between the expanding UK digital economy and the thriving African business domain. Kufuor stated, "In the era of global digital asset transformation...we are poised to facilitate seamless transactions, fostering collaborative growth in these dynamic economic landscapes."
Touching on the political responsibilities that affect the sector, Fergus Speight, Executive Vice President & GC at ZILO Technology, reminded policymakers of their duty to endorse innovation while protecting stakeholders. "Policymakers have a challenge to provide certainty and protect innovators, investors, and the public," he stated.
Solomon Fazel, Implementation Manager at DKK Partners, highlighted the need for examining not only how businesses are taxed, but also on how the revenue is used, assessing its potential impact on the digital economy.
Geoff Garrett, Co-Founding Director at Henry Dannell, focussed on client and adviser relationships in a regulatory-heavy environment. "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," Garrett said. He explained that the Henry Dannell team is working on tech-based solutions to enrich the client journey and provide more opportunities to nurture crucial client/adviser relationships.
Fraser Steward, co-founder of Lyfeguard, shared his optimism about the fintech sphere. "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," he said.
As artificial intelligence continues to impact finance and other industries, the calls for more stringent regulation underline the sector's fast-paced evolution and its recognition of the need for robust legislation to sustain growth and public trust.