What is the project about?

This project which is done in collaboration betw of Copenhagen and The Technical University of Denmark is aimed at supporting fintech's navigate the EU AI Act.

With increased EU legislation and notably the EU's AI Act regarding companies' use of AI, more stringent ethical and technical requirements will be set for companies that offer solutions and products based on AI. Fintech's and companies in the financial industry which use so-called high-risk systems, will be required to, among other things, to carry out risk assessments that ensure 'fairness', 'transparency' and 'accountability' in their solutions and products.

However, it can be difficult for fintechs with limited in-house legal expertise to interpret standards in relation to to the AI act, and the overall purpose of this project is to support the development of a new technological service for Danish fintechs who want to anticipate new legislative requirements so that they can turn these into competitive advantages and not barriers.

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‍Project activities:

Several activities will be executed as part of the project including:

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• Technical Legal White Paper; The project is launched with a focus on the development of a technical-legal white paper, which is targeted at fintech startups. The focus is on the implementation of AI, and on regulation and compliance. The purpose of this white paper is to guide these companies in how they can effectively navigate through the impending EU regulation of high-risk AI systems. The document takes companies through self-evaluations in relation to The AI Act.

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• Definition of new technological service for fintechs: The project partners will based on workshops and dialogues with the private partners in the project map current knowledge gaps, needs and challenges that fintech's encounter in their efforts to interpret and comply with the AI Act. Based on this input the partners will define the content of a new technological service /which can offered as a test-pilot program through TEF.

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Host Institution(s):​

University of Copenhagen

Research team:​

Léonard Van Rompaey, PostDoc

Filippo Castorio, Research Assistant

Alexandra Andhov, Associate Professor

Partners:

• Technical University of Denmark
  
  • DTU Compute
  • European Testing and Experimentation Facility (TEF)
• Alvenir
• TrustStamp
• More to be confirmed

‍Grant:​

300.000 DKR

Project Period

19.3.24-31.12.24

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