First-ever community based, open-content, AI-enables, dynamic Master Taxonomy for the global Financial Services Industry: UK and Singapore in partnership.
Financial regulators, banks, and consumers in the UK and Singapore are about to get a shared, machine-readable dictionary for the entire financial industry. The project integrates AI into 'WikiKore', a digital encyclopaedia of financial terms, to solve a basic problem: the industry’s technical language is inconsistent, jargon-heavy, and often incomprehensible to customers. Without standardised definitions, regulators cannot easily enforce transparency, and consumers cannot compare products fairly. The consortium—Kore Labs, the National Innovation Centre for Data, and Crowe-Singapore—will build a proof-of-concept prototype that uses AI to plan, reason, and predict how terms relate across global markets. If successful, WikiKore will become the first open-source, community-maintained taxonomy for financial services, owned by non-profit or academic partners. This could set new international standards for product governance, making it easier for regulators in the UK and Singapore to ensure fair outcomes, and for businesses to operate across borders without translation errors. The project is applied, not fundamental science: it directly targets a practical barrier to market efficiency and consumer protection.
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This project will demonstrate and integrate AI/ML capabilities into 'WikiKore', a game-changing innovation that enables more sustainable, effective, inclusive and considered financial markets. This project brings together: \* The award-winning team at **Kore Labs**: 'Best Digital Product Governance SaaS Solution 2024 and 2025'-Wealth and Finance International, 'Innovate Finance Women in FinTech Powerlist 2020/21/22/23, selected for the FCA's Innovation Pathways in 2023 (ongoing) \* **National Innovation Centre for Data**: Global hub to facilitate links between innovators, businesses and academia (funded under the UK Government's Department for Business, Energy and Industrial Strategy) \* **Crowe-Singapore (Singapore):** Specialist regulatory advisory company in the financial services sector and working closely with the Monetary Authority of Singapore (FCA equivalent) Innovate UK funding will enable the established team at Kore Labs to build on concept work completed in an IUK-funded project (10004689). This concept involves the use of collaboratively created open data sources that can be orchestrated and federated (similar in approach to Gaia-X (European initiative for secure and federated data infrastructure and services)) to enable interoperability and standardisation in complex data sets on a global scale. In this project, the consortium will start to implement and prove (Proof-of-Concept to Prototype) aspects of AI & ML to enable advanced capabilities including planning, reasoning and prediction. This represents the 'next-generation' of AI capabilities and will position the partners ahead of the wave of novel applications of AI/ML. A key obstacle to transparency, governance and fairness in financial markets is the non-standardised technical language used by the financial industry, which is beset with complex terminology, jargon and ambiguity, often incomprehensible to consumers. This is true in the UK, Singapore and globally. WikiKore will be the first-ever all-encompassing digital encyclopaedia of taxonomy for the global financial industry which is set to drive international product governance in financial services and address the key challenge of standardisation of technical language. This will establish a new state-of-the-art, setting new standards for efficiency and transparency in financial markets whilst directly addressing the aims of global regulators to achieve best outcomes for consumers and businesses worldwide. In the medium-term, Kore will pass ownership of the Opensource Content of Wikikore to non-profit/academic/NGO partners such as NICD.
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