AI Leadership Forum: Mapping the Future of AI in Wales

AI Leadership Forum: Mapping the Future of AI in Wales

At our recent AI Leadership Forum roundtable, experts from academia and business came together to explore the evolving landscape of AI—from the rise of Deepseek to the latest on the UK Government’s AI strategy. The conversation focused on how Wales can create a competitive edge by leveraging AI technology to solve unique, niche problems, positioning itself as a distinctive global player. Here are the key takeaways from our roundtable discussion.

The Challenges and Opportunities for AI in Wales

1. Unlocking Wales’ AI Potential through Niche Solutions

Artificial intelligence (AI) is revolutionising industries from fintech to healthcare, reshaping how businesses operate and innovate. However, many startups face challenges when it comes to deeply understanding how AI can practically enhance their business models. For Wales, the path to global influence lies not in competing directly with giants like Google or AWS, but in carving out niche solutions. By addressing specific, targeted problems and deeply understanding the intricacies of specific AI technologies, Welsh companies can establish a unique competitive edge in the global market.

Wales has already demonstrated success in AI adoption within MedTech, and fintech companies have particularly excelled by integrating AI-driven solutions into regulatory compliance, fraud detection, and personalised financial services. To build on these successes, Wales needs an ecosystem that provides SMEs with tailored resources, strategic mentorship, and targeted guidance to effectively leverage AI for sustained innovation.

2. Enhancing Access to Capital and Intellectual Resources

Funding—both financial and intellectual—was a significant theme of the discussion. While various grants and funding opportunities exist in Wales, startups often find navigating this complex landscape challenging. In Wales, the risk appetite remains lower compared to regions like the US, where investors take bigger risks with more startups. However, Deepseek’s success highlights that access to vast financial resources might not always be necessary (although, DeepSeek’s AI training costs remain subject to further speculation and scrutiny); intellectual capital and the right ecosystem play a critical role. Welsh fintechs and AI-focused startups could particularly benefit from increased collaboration among key stakeholders, clearer signposting, and comprehensive roadmaps that detail funding opportunities within both private and public sectors. Additionally, navigating the grant system can be time-consuming and could be considered   a specialist task. Early-stage startups might consider delegating these tasks to consultants or seeking guidance from experienced mentors.

To build on existing strengths, Wales must foster deeper collaboration between startups, academia, government, and the private sector, creating an interconnected ecosystem where knowledge and resources flow freely, ultimately enabling startups to thrive.

3. The Role of Universities in AI Innovation

Academia plays a pivotal role in AI development, but there’s often a disconnect between university research and commercial applications. Intellectual property (IP) ownership remains a critical discussion point, with universities needing to balance research transparency with commercialisation opportunities to ensure businesses benefit from cutting-edge discoveries.

A more structured approach is needed to connect AI research with practical industry applications, particularly in fintech, where AI-powered predictive analytics and compliance solutions could be refined in collaboration with academic institutions. Universities and AI spinouts could replicate the success seen in other industries, such as oil and gas, where long-term university-industry relationships have led to high-value commercialisation.

Navigating the Ethical and Societal Impacts of AI

4. AI and the Workforce: Friend or Foe?

The fear of AI replacing human jobs was a recurring concern. Rather than replacing workers, AI should be seen as a tool to enhance human productivity. AI creates opportunities for employees to focus on higher-value tasks, provided companies are proactive in integrating AI into the workplace in a way that empowers workers rather than making them redundant.

For fintech companies, AI could lead to better customer experience through AI-powered chatbots, automated underwriting, and fraud prevention systems, ultimately creating new roles in AI oversight, data management, and compliance. Ensuring AI literacy and upskilling within the workforce will be critical for successfully navigating these changes.

Additionally, AI’s role in decision-making, particularly in insurance and lending, must be transparent and explainable to prevent bias and ensure regulatory compliance.

5. Ethics and Transparency in AI

The ethical considerations surrounding AI are complex. Questions about AI-generated content disclosure, misinformation prevention, and deepfake risks continue to challenge regulators. The Artificial Intelligence Act (AI Act) will soon require greater transparency in AI usage, it will not entirely deter malicious misuse, making proactive safeguards and ongoing vigilance essential.

Cybersecurity, misinformation, and ethical AI development must remain at the forefront of policy discussions. The fintech sector is particularly vulnerable to ethical challenges, such as biased AI-driven lending decisions or automated trading algorithms that lack proper oversight. Welsh fintech firms have an opportunity to lead by example, embedding ethical AI principles into their operations.

Additionally, AI’s role in automating decision-making processes within fintech and insurance must be monitored to ensure fairness, particularly when AI is used for credit scoring or risk assessment.

Next Steps for Wales’ AI Ecosystem

The AI Leadership Forum roundtable was a step toward shaping the future of AI in Wales. Here is what to expect from the FinTech Wales AI Forum next: 

✅ A more structured AI community to foster collaboration, including regular meetups and knowledge share between the community.
✅ Regular publication of AI related content.
✅ Call for more support from the Government that allows SMEs to play a key role in. 

The conversation is just beginning. By working together, Wales can position itself as a leader in ethical, impactful AI innovation. If you’re interested in being part of the discussion, stay tuned for future roundtables and AI-focused events!