Tech executives in the UK assemble at a parliamentary meeting to improve AI skills.

Leading personalities in the tech sector called on the UK government to increase regulation and investment in AI within the FinTech sector during a recent parliamentary AI and FinTech Summit.

Tyree Schoen

March 20, 2024

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Over 90 experts, academics, and tech leaders gathered at the summit, which was chaired by Steven George-Hilley of Centropy PR and hosted by Dean Russell, MP of Watford, to discuss and finalize the UK's AI talent development strategy.

The incident made clear how urgently the government and private sector must work together to close the AI skills gap in the FinTech industry.

SumUp's global vice president of engineering, Simana Paul, compared the importance of artificial intelligence (AI) in the twenty-first century to the discovery of electricity in the eighteenth, highlighting the need for regulation to guarantee AI's safe and constructive incorporation into society. "The discovery and invention in artificial intelligence in the twenty-first century can be likened to the 18th-century discovery of electricity, which was accepted by humanity and developed throughout time.

We require AI governance, just as we have implemented the essential safeguards to ensure that electricity is safe for all. “Embracing AI would be the differentiator to survive and thrive in the current turbulent macroeconomic conditions, when the investment in FinTech is drying up,” Paul stated.

Dr. Adeshola, CEO of Tritek Consulting, emphasized that addressing the digital AI skills shortage in the UK is essential to promoting economic expansion and creating well-paying jobs. In order to create a vibrant and technologically savvy workforce, he emphasized the significance of broadening the talent pool, boosting diversity, and providing more chances.

Adesso's UK Director Libero Raspa and DKK Partners' co-founder and fintech entrepreneur Khalid Talukder discussed the difficulties and requirements of implementing AI in businesses. They acknowledged the revolutionary potential of AI technology for the FinTech sector and the larger economy, but they also emphasized the need for a responsible approach to AI that addresses issues of data protection, IT security, and infrastructure.

This summit represents a turning point in the UK's efforts to incorporate AI into its digital economy by emphasizing the need for industry and government cooperation in developing a trained, diverse, and creative labor force that can lead the nation to both sustained economic growth and technological leadership in the international arena.