On Monday 15 July, The Bank of England announced mathematician Alan Turing was selected as the new face of the £50 note. Turing was a pioneer of computer science and artificial intelligence. As an Asset Manager built on artificial intelligence (“AI”) and committed to innovation, Pagaya recognizes Turing as the man who laid the theoretical foundations for computer science. In June of 2019, three pioneers of AI received the highest honor in computer science, the Turing Award. “It is the innovators that dared to think differently that make modern AI and consequently Pagaya’s credit models possible,” said Avital Pardo, Chief Technology Officer at Pagaya.
During the Second World War, Turing was instrumental in the Allied victory over Nazi Germany as Turing designed the machine which cracked Nazi code. It is estimated that Turing’s innovation shortened the War by four years. The Bank of England reports the note will include “Technical drawings for the British Bombe, the machine specified by Turing and one of the primary tools used to break Enigma-enciphered messages during WWII.”
Mark Carney, Governor of the Bank of England, said, “As the father of computer science and artificial intelligence, as well as war hero, Alan Turing’s contributions were far ranging and path-breaking. Turing is a giant on whose shoulders so many now stand.”
We could not agree more with Turing’s quote which will appear on the £50 note, “This is only a foretaste of what is to come, and only the shadow of what is going to be.” The quote is relevant today as Pagaya continues to innovate in the asset management industry by offering investment opportunities made possible by machine learning and artificial intelligence.