NEWS
Science Minister signs agreements with Israel for innovation and AI
During a visit to Israel and the Occupied Palestinian Territories ( OPTs ), Science Minister , Sam Gyimah , signed new landmark agreements which will boost innovation and academic and scientific collaboration between the UK and Israel .
The two new agreements in science and innovation will focus on improvements around ageing and artificial intelligence ( AI ), two of the government ’ s four Industrial Strategy Grand Challenges . Working
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New Head of Technology and Innovation for Bank of Israel appointed
The Technology and Innovation Division in the Banking Supervision Department was established in 2016 to provide a response to the significant technological changes the banking system is undergoing and is expected to continue experiencing in the coming years . The division assists the Supervisor of Banks in setting the department ’ s policy on matters of technology and innovation , and in removing regulatory barriers to the assimilation of innovative technologies . It guides the banks and credit card companies in areas of technology and acts to strengthen technology risk management in the banking system .
Since its establishment , the division has led the writing of the department ’ s new policy regarding online banking , which enables the banking system to adopt innovative technologies with various interfaces with customers . In addition , the division is leading and assisting in infrastructural projects such as the open banking project
( API ), the establishment of a system for transferring from one bank to another and more . Following a tenders ’ process within
with partners in Israel , the UK will look to develop new technologies and opportunities in these areas to ensure we take advantage of these major global changes .
Science Minister , Sam Gyimah , said : “ The UK has a strong science and innovation relationship with Israel and this week I have signed two landmark agreements which will take this to the next level . There are so many strategic opportunities for these two innovation power houses . Increased collaboration will help to realise this potential .
“ Many of the challenges we face , from an ageing society to disruption caused by AI and Big Data , are felt around the world . With our commitment to embrace the opportunities of these through our Industrial Strategy Grand Challenges , we need to work with our international partners , like Israel , to ensure we take advantage of these global changes and improve people ’ s lives for the better .”
The government to government innovation agreement , signed with the Israel Innovation Authority , is being supported by a multi-year £ 4 million bilateral programme . The programme , receiving £ 2 million of funding from each country , will be led by Innovate UK and will support developing new innovative ideas in a number of areas , including artificial intelligence and advanced materials .
the Bank of Israel , Mr Daniel Hahiashvili is being appointed Head of the Technology and Innovation Division in the Banking Supervision Department . He will replace Mr Dudi Bavli who established the division two years ago and who will move on to establish a new function within the Banking Supervision Department that will concentrate on model risk management , including Big Data analytics .
Supervisor of Banks Dr Hedva Ber , commented : “ The large changes that the banking system is undergoing and is expected to undergo due to technological innovations requires the Banking Supervision Department to adjust to the new environment .
“ The Technology and Innovation Division that we established in 2016 is leading strategic processes and guiding the banking system through these changes .”
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