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LONDON - Insig AI plc (AIM:INSG), a data science and machine learning company, has announced a new purchase order from the UK’s Financial Conduct Authority (FCA). The FCA has subscribed to Insig AI’s Transparency and Disclosure Index (TDI), a service designed to enhance the oversight of UK-listed companies’ disclosures.
The FCA’s subscription also includes access to the Greenwashing Identifier (GWI), an application that uses artificial intelligence and blockchain to detect discrepancies and unverified claims in various data sets. These include corporate annual and ESG reports, earnings call transcripts, and social media posts, among others. Insig AI, acting as the exclusive agent for ImpactScope’s sales to international regulators and asset managers, facilitates the FCA’s use of this tool.
Previously, in 2023, Insig AI contributed its data and software to the FCA’s TechSprint initiative, part of the Global Financial Innovation Network’s efforts to tackle greenwashing. The event brought together 13 international regulators to explore how AI and machine learning can be employed to verify ESG-related product claims and identify greenwashing activities.
Insig AI’s CEO, Richard Bernstein, expressed pride in the company’s collaboration with the FCA, emphasizing the commercial significance of the partnership rather than its immediate financial impact. He noted that Insig AI’s repository of machine-readable corporate reports and disclosures would support the FCA’s regulatory activities.
The FCA’s adoption of Insig AI’s technologies marks a step forward in the regulatory body’s commitment to leveraging advanced technological solutions to improve market transparency and combat deceptive practices such as greenwashing.
This news is based on a press release statement from Insig AI plc.
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