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July 4, 2018

ICAEW launches AI and big data scheme

By Joe Pickard

The Institute of Chartered Accountants in England and Wales (ICAEW) has launched an initiative to use AI and big data for corporate finance transactions.

ICAEW will collaborate with governments, professional service firms, regulators, financial institutions and other stakeholders in an effort to help companies manage the risks involved in advanced digital technologies.

The scheme was announced at ICAEW’s conference, ‘Boosting Finance for the UK’s Industrial Strategy’ held in London on 4 July. The conference is part of a wider ICAEW programme to help with investment into the UK government’s Industrial Strategy Challenge Fund.

The Fund is part of the UK government’s industrial strategy which aims to increase funding in research and development by £4.7bn ($6.21bn) over four years.

ICAEW CEO Michael Izza said: “It is clearly vital that the government and other business organisations do more to attract venture capital to the UK. The government has provided an additional £2.5bn of British Patient Capital to support UK investment. This has the potential for the scale-up of new ventures and projects that emerge from the Industrial Strategy Challenge Fund.

“But we want Britain to be best in class when it comes to financing the kinds of industries, like cutting edge technology, where we lead the world. This is why we are keen to work closely with government, UKRI and other stakeholders to increase awareness amongst businesses and technologists of the new opportunities presented by the Industrial Strategy.”

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