Meetup AI Act & EuropeanAI Regulation
Meetup on AI Act & European AI Regulation powered by our partner DLA PIPER
Thank you to all the participants, speakers and companies that made this event a great success!!
The financial industry, which is constantly seeking growth, speed, efficiency, and optimisation, is fertile ground for the emergence and development of innovative solutions based on artificial intelligence, including machine learning, which already has a number of applications in the market and is growing rapidly. Financial institutions have an incentive to use AI and machine learning, which provide many advantages such as cost reduction, process automation, risk-management optimisation, improved productivity, and increased profitability. Furthermore, new innovative firms, Fintechs, are developing new technologies to optimise and rethink the provision of financial services.
AI and machine learning are already being used in the financial markets, in particular with respect to investment, fraud management and lending. The adoption of these disruptive technologies was stimulated by technological progress and the increasing availability of the big data used by artificial intelligence and machine learning models, but also by quest for profitability, competition with other companies, and the need to comply with financial regulations.
Artificial Intelligence will be soon regulated in the EU by the AI Act, the world’s first comprehensive AI law and the financial services sector (including Fintech) will be impacted.
Our meetup described the main use cases of AI by financial institutions, as well as the role that Fintechs play in it. We also presented the existing regulations already applicable while discovering the future impact that the AI Act will have on FinTech companies, as well as on the rest of the financial services sector.
We had the pleasure of hosting Dan-Flaviu Nechita, Head of Cabinet of Dragoș Tudorache (MEP), who directly worked on the AI Act, as well as Nicolas Kalokyris, lead lawyer at DLA Piper law firm. Both provided an overview of the existing regulation on AI and also what the AI A ct will change for our industry.
Following that, we had Dagmar Schouterden from Discai and Laurent Bodson from Gambit Financial Services, who explained the consequences and opportunities of AI regulation on their activities.
We also welcomed several AI-focused fintech companies to pitch their businesses, and we conclude the evening with a panel discussion moderated by Pierre Berger (Partner at DLA Piper) to answer all your questions.
Event replay
Did you miss the webinar? Here is the replay for you.
