Scotiabank donates $750K to University of Ottawa AI and society initiative

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Scotiabank announced a donation Wednesday to fund new research at the University of Ottawa into artificial intelligence’s impact on society.

The Big Six Canadian bank will donate $750,000 to launch the Scotiabank AI & Society Initiative at the local post-secondary institution.

The funding will be split between two projects: the first will focus on how AI can be designed for inclusion and ethical behaviour; the second will explore global regulations on AI and how they affect Canadian policymakers.

Scotiabank senior vice-president Lora Paglia said in a statement that the bank wants to ensure its investments in AI don’t just revolve around implementing cool new applications but also address the responsible development of the emerging technology.

Scotiabank’s donation will fund postdoctoral fellowships, international internships and other opportunities for students, according to a release.