The computational needs of the supervisory institution and the possibility of developing advanced AI models for specific applications will be analysed
The Banco de España and the Barcelona Supercomputing Center-Centro Nacional de Supercomputación (BSC-CNS) have signed a Memorandum of Understanding for strategic collaboration. The agreement, signed by Banco de España Governor José Luis Escrivá and BSC Director Mateo Valero, commits the two institutions to close cooperation in a number of areas.
Firstly, BSC will work with the Banco de España to assess its computational needs for research projects. Second, the two institutions will jointly explore the possibility of launching a research programme focused on social sciences, which could include a line of analysis in artificial intelligence (AI) applied to the financial sector.
In addition, BSC will explore with the Banco de España the design and development of a regulatory test environment (sandbox) that will allow the supervisor to evaluate new financial technologies in a controlled environment, if it is designated as the supervisor of the banking sector under the European AI Regulation approved in 2023.
Finally, both institutions will jointly explore the application of the ALIA language model at the Banco de España and the possibility of developing advanced AI models for specific uses, such as data analysis or economic projections.
Escrivá pointed out that this agreement "represents a major step forward in the promotion of AI in the financial sector, due to the number and depth of the aspects it covers". In this sense, he stressed that "it ranges from the world of research to test environments and the possible development of specialised language models based on ALIA, which shows the breadth of aspects of this collaboration.”
Valero stressed: "Supercomputing and AI are fundamental tools for tackling the major challenges facing our country, such as those in the financial sector. The objective of this agreement is based on BSC's experience in advanced computational resources and open and transparent AI models, such as ALIA, to optimise decision-making and financial analysis, and to evaluate technological innovations in the sector.”