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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