"Right now, there is an opportunity for human progress that could surpass the industrial revolution in both speed and breadth," UK PM Rishi Sunak said to the tech leaders from around the world at the London Tech Week 2023 launch.
London Tech Week returned for its 10th year with an action-packed week at the Queen Elizabeth II Centre in London, bringing together industry experts and entrepreneurs from across the globe.
"At a moment like this, when the tectonic plates of technology are shifting – not just in AI, but in quantum, synthetic biology, semiconductors, and much more – we cannot rest, satisfied with where we stand.
"We must act – and act quickly – if we want not only to retain our position as one of the world's tech capitals but to go even further and make this the best country in the world to start, grow, and invest in tech businesses. That is my goal. And I feel a sense of urgency and responsibility to make sure that we seize it, because one of my five priorities is to grow our economy. And the more we innovate, the more we grow," PM Sunak said in his speech.
With world-leading universities, more tech unicorns than France and Germany combined, and one of the most digitally literate societies in the world, it is evident that the UK is starting from a position of strength. Following his announcement that the UK will host the first major global summit on AI safety later this year, the Prime Minister also stressed the UK's leadership as a democratic AI power – already home to top AI labs, including Google DeepMind.
Taking part in the London Tech Week, several British Indian tech chiefs were clearly in sync with the UK Prime Minister's vision.
Through advanced analytics and artificial intelligence, Quatexa empowers organisations to make informed decisions, mitigate risks, and detect fraudulent activities. At London Tech Week, Vishal Marria, CEO of Quantexa, shared his ideas on the role of data-driven intelligence in shaping a safer and more secure digital ecosystem.
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"The UK is home to some of the world's top tech talent and has created several of the world's most innovative technology companies. Quantexa, an AI-driven decision intelligence company based in London, is a great example of the power of British innovation in action. In just seven years, the company has achieved a valuation of £1.5bn, employs over 650 people globally, and supports tens of thousands of users in some of the world's largest organisations on its platform for risk management, customer insights, and data unification," said Marria.
As a British Indian entrepreneur, he is encouraged by the UK Government's commitment to investing in emerging disciplines such as quantum computing and artificial intelligence and its determination to ensure that the UK tech market continues to thrive by taking a "pro-innovation" approach to much-needed regulation.
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"Our growing London tech ecosystem and our Government share a vision for building on our heritage of innovation in a fiercely competitive global economy. To achieve its goal of becoming a science and technology superpower, the UK must actively nurture this growing sector and make decisive, strategic investments that stimulate innovation," he added.
Another prominent speaker during the London Tech Week, T.S. Anil, CEO of Monzo Bank, shared his insights on the future of fintech, emphasising the importance of leveraging technology to drive financial inclusion and reshape traditional banking models. Under his guidance, Monzo has emerged as one of the leading digital banks.
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"As the UK's biggest digital bank with more than 7.5m customers, we are an example of how technology can improve people's lives and drive economic growth. The UK is a top destination for fintech companies and home to some of the most interesting and innovative scaling businesses. That leading position will be maintained by retaining and evolving the UK's world-class regulatory system, as well as helping to attract and develop the best talent, and we welcome policy measures and initiatives that support that."
*Info: London Tech Week 2023