Citi, HSBC, StanChart Adopt Ant International’s Forex AI Tool
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Citi, HSBC, StanChart Embrace Ant International’s Advanced Forex AI Tool
Ant International Launches Upgraded AI Model for Global Banks
By Selena Li
AI Adoption Accelerates in Financial Institutions
HONG KONG, Aug 20 (Reuters) – Ant International launched an upgraded version of its artificial intelligence model on Thursday, signing up major global banks as financial institutions accelerate the adoption of specialised AI to manage liquidity risks.
Falcon Time-Series Transformer Model 2.0 Partnerships
The Singapore-based fintech giant rolled out its Falcon Time-Series Transformer Model 2.0 and has partnered with six large banks including Citi, HSBC, Deutsche Bank, Standard Chartered, and Barclays, according to Kelvin Li, the firm’s general manager of platform tech.
Global Race to Embed AI in Core Operations
The launch comes amid an accelerating global race among financial institutions to embed AI into their core operations.
Specialisation in Financial Scenarios
Li said the model specialises in financial scenarios and has an edge over general-purpose large models, which have “yet to achieve a universal breakthrough in the financial sector.”
Cost-Saving Potential of Advanced AI
“Precise forecasting can slash foreign exchange hedging and allocation costs by over 60%,” Li said.
Ant International’s Expansion and Fundraising
Ant International, an overseas affiliate of the Jack Ma-founded Chinese fintech firm Ant Group, raised $1.2 billion last month in its latest equity fundraising as it seeks to expand.
(Reporting by Selena Li; Editing by Thomas Derpinghaus)
