Artificial intelligence
Swift to launch AI fraud detection service in 2025
Global fraud in financial services is estimated to have cost $485b in 2023.
Swift to launch AI fraud detection service in 2025
Global fraud in financial services is estimated to have cost $485b in 2023.
Airwallex Capital launches Airwallex Yield for asset management
The service was first introduced in Australia.
Banks expand AI adoption amidst governance challenges
AI adoption in banking is increasing, but leaders emphasise careful deployment.
Companies urged to implement AI with focused use cases
Careful assessment and governance is the key.
Siam Commercial Bank teams up with Databricks for data, AI transformation
It is expected to help SCB personalise and manage AI services for its customers.
SmartStream unveils 9th version of Air offering for data management
It introduces two modules: Air Data and Air Cash.
SG AI fintechs score funding wins amidst fintech investment downturn
This bucked the global trend, where AI fintechs overall clinched less investments.
The Bank of East Asia builds data lakehouse for predicting trends, better CX
BEA will deploy a range of data analytics solutions from Google Cloud.
Techcombank launches AI-powered money management services
It will provide insights on payment behaviors and analyze transactions.
How AI is Modernising Data for the Financial Services Industry
In November, Singapore’s National AI Office (NAIO) collaborated with the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Office (SNDGO) in a programme to strengthen AI capabilities within Singapore’s financial sector by providing financing and access to government data. In fact, even before the pandemic, the financial services industry has already been witnessing an acceleration in digital transformation.
Why the banking and finance sector should not fear AI
As digital adoption hastens, there is now more data than ever. Just in 2020, data volume amounted to 59 trillion gigabytes globally and is expected to grow to more than 180 zettabytes by 2025. Yet, for all this abundance of data, the financial services industry remains surprisingly information-poor. Rapid change is needed if the industry is to unlock the riches of its data and turn what is currently a problem into an opportunity.
Commentary
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AI Governance: Navigating the Balance Between Innovation and Ethics