Scotiabank donates CAD 750k to University of Ottawa AI research
Canadian multinational Scotiabank has announced a donation of CAD 750,000 ($ 566,512) to the University of Ottawa for the launching of a new AI fund.
Named the Scotiabank Fund for the AI & Society Initiative, the new project will initiate two new research projects at the university. One will support research focused on design ethics and inclusive AI systems, while the other will focus on global AI regulations and their impact on Canadian policy makers.
The bank hopes that the pair of projects will help identify solutions to “essential issues related to ethical AI and technology development”, and offer students opportunities to gain experience “in an emerging field that will have profound implications for Canadian society in the years to come.”
Jacques Frémont, president and vice-chancellor of the University of Ottawa, says: “As we shift more and more of our social decision-making to intelligent algorithms, it is vital that we also critically assess the implications of these tools to ensure that they are designed and managed for the benefit of all. By supporting this work, Scotiabank’s gift will ultimately benefit all Canadians.”
Lora Paglia, senior vice president of global risk management analytics at Scotiabank, says the firm is committed to being a leader in the development of “principles, guidelines and training for the appropriate application of this powerful technology”.
She adds: “This partnership with the University of Ottawa allows us to help our future leaders as they build the future of AI.”
Earlier this year FinTech Futures surveyed its readers on their investments, hopes, fears, and dreams for the development of AI and machine learning.
We found that 83% of firms believe AI to be a core part of their business strategy going forward and 53% are already live, or planning to go live this year, with an AI or ML solution.
To discover just how ready the market is for this technology, read our new report “Rise of the Machines”.