TD Bank Commits CAD $25 Million to AI Development Over Three Years
TD Bank Group has pledged up to C$25 million over three years for the development and adoption of artificial intelligence (AI). The initiative will be conducted in collaboration with Cohere, a Canadian technology company specializing in enterprise AI models. Layer 6, an AI research division acquired by TD in 2018, is central to this effort as it functions as the bank's center of excellence for AI. The partnership aims to explore practical applications of AI within TD’s operations to enhance productivity and client experience while leveraging Cohere's technical expertise. A team from Cohere will work alongside Layer 6 at MaRS Discovery District in Toronto, facilitating closer collaboration on real-world use cases. The initiative is part of a broader strategy by the bank to advance AI literacy and research across Canada. Separately, TD Bank has joined five other Canadian banks in exploring digital money options based on tokenized deposits. This project aims to improve payment efficiency while maintaining regulatory oversight.
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Topics: Artificial Intelligence Banking Innovation Partnerships