Britain’s financial regulator, the Financial Conduct Authority, announced on Monday a new collaboration with U.S. chipmaker Nvidia to help banks safely explore the use of artificial intelligence.

As part of the initiative, the FCA will launch a “Supercharged Sandbox” — a regulatory testing environment designed to provide financial firms with enhanced access to high-quality data, technical expertise, and regulatory support. The aim is to accelerate responsible AI innovation in the financial sector.

The FCA in a press release stated that starting in October, financial services firms in the U.K. will be able to experiment with AI using Nvidia’s accelerated computing and AI Enterprise Software.

The initiative targets firms in the “discovery and experiment phase” of AI development, while a separate live testing service is available for those further along in their AI journey.

“This collaboration will help those that want to test AI ideas but who lack the capabilities to do so,” Jessica Rusu, the FCA’s chief data, intelligence and information officer, said in a statement. “We’ll help firms harness AI to benefit our markets and consumers, while supporting economic growth.”

The FCA’s new sandbox aims to help banks overcome challenges in deploying advanced AI tools, particularly around privacy and fraud concerns.

Popular large language models from providers like OpenAI and Google transmit data to servers abroad, prompting privacy regulators to worry about how this data is stored and managed. Additionally, there have been several cases of fraudsters using generative AI to carry out scams.

Nvidia produces the graphics processing units that power the training and operation of advanced AI models.

Nvidia’s CEO, Jensen Huang, is set to deliver a keynote address at a tech conference in London on Monday morning.