Montréal, June 19, 2024 - The Autorité des marchés financiers (the "AMF") and Mila - Quebec Artificial Intelligence Institute, a world-class deep learning research center founded by renowned professor Yoshua Bengio, are delighted to announce a three-year strategic partnership agreement. This collaboration for the advancement of artificial intelligence ("AI") in the financial sector will generate significant benefits for all players in this vital sector of the Quebec economy.
The AMF is interested in AI from multiple angles: the opportunities and risks that this technology brings to the financial sector, its responsible use by industry participants, and the opportunities it offers as a driver of productivity and efficiency in its own activities. This partnership will enable the AMF to be supported by high-caliber AI experts to carry out its work in monitoring and integrating AI into financial sector activities, in line with best practices.
Complementary expertise
The AMF, seeking to update its surveillance and consumer protection activities, will benefit from Mila's complementary expertise on several fronts:
- Joint work in AI and deep learning development and research, in line with ethical and responsible principles;
- Direct access to Mila's ecosystem, including over 1,400 researchers, students and professors, as well as numerous corporate partners and tech start-ups;
- Access to Mila's offices in Montreal, fostering synergy between the AMF's AI needs and the research carried out at Mila.
"Used conscientiously, artificial intelligence has enormous potential to benefit organisations, professionals in the financial sector, and society at large,” said Stéphane Létourneau, Executive Vice-President of Mila. “Mila is delighted to be working with the AMF to harness the strengths of AI to address challenges in financial market regulation. This partnership underscores Mila's commitment to leveraging cutting-edge technologies for the public good.”
This partnership underlines the AMF's concrete commitment to innovation by integrating AI in a responsible and ethical framework. It is also a vote of confidence in a Montreal-based organization with a global reach, whose commitment and values need no longer be proven.
About the Autorité des marchés financiers
In its role as regulator, the AMF works to maintain a financial sector that is dynamic, operates with integrity and warrants public trust. It regulates, in whole or in part, activities in the following sectors: insurance, securities and derivatives, distribution of financial products and services, deposit institutions, mortgage brokerage and credit assessment.
About Mila
Founded by Professor Yoshua Bengio of the University of Montreal, Mila is the world’s largest academic research center for deep learning, bringing together over 1,200 specialized researchers in machine learning. Based in Montreal and funded in part by the Government of Canada through the Pan-Canadian AI Strategy, Mila's mission is to be a global center for scientific advancements that inspire innovation and the growth of AI for the benefit of all. Mila is a globally recognized non-profit organization for its significant contributions to deep learning, especially in the fields of language modeling, automatic translation, object recognition, and generative models.
