Milan, 29 November 2023 — BlackSheep MadTech Fund discusses the impact of AI in the finance market and the AI Act regulation introduced by the European Parliament, in an interview published by Milano Finanza.
Umberto Bottesini, co-founder and managing partner of BlackSheep MadTech Fund, was asked to comment on the growing use of AI in financial services and the regulatory challenges it poses. Key themes included:
- AI accountability in finance — who bears responsibility when an AI system violates a client's risk profile or makes erroneous investment recommendations?
- A long history of automation — the use of automation in financial markets began in 2014 with large US investment funds; European regulators are now catching up.
- The AI Act's implications for trading — unlike general AI applications, financial AI is often not explicitly addressed in the EU AI Act's current text.
- Emerging use cases — from portfolio management to fraud detection and customer care, AI is transforming finance. BlackSheep closely monitors these developments as a specialist investor in AI technologies.
BlackSheep MadTech Fund is managed by Eureka! Venture SGR and focuses on investments in innovative marketing technology, advertising technology, and AI-native enterprise software.