Latest News

Financial Institutions Utilize Diverse and Maturing Fintech Solutions

Published

5 years ago

May 20, 2019

Wladimir P.

Reading Time: 7 minutes

The evolution of technology has completely reshaped many industries around the world. Now, almost every industry has incorporated technology into their business models in order to thrive among the competition. Sectors ranging from communication, food, education, business, to even finance have all integrated innovative and advanced technology. Specifically, the financial world has been deeply impacted by the growth of technology. Moreover, banks and firms have been heavily investing in financial technology or “fintech” solutions to provide their consumers with exceptional services. Fintech is described as a technology that seeks to improve or potentially automate financial services. For instance, many banks have launched mobile banking services which eliminate the need for consumers to physically go to a bank. Instead, consumers can now access their bank accounts, make payments, and deposit funds in the palm of their hand. A large majority of global banks, insurers, and investment managers have already dove into the fintech industry, however, within the next 3 to 5 years, even more are expected to enter into the market. Furthermore, with the adoption of fintech solutions, companies can expect a 20% average return on investment on their innovation projects. Through the use of these technologies, companies are able to create and deploy low-cost personalized products for consumers. And as a result, the innovative products are having a significant impact on the consumer, pressuring traditional firms to adapt to the competition. According to data compiled by Mordor Intelligence, the global fintech market is expected to register a CAGR of 13.2% during the forecast period from 2019 to 2024. CLPS Incorporation (NASDAQ: CLPS), First Data Corporation (NYSE: FDC), Overstock.com, Inc (NASDAQ: OSTK), BGC Partners, Inc. (NASDAQ: BGCP), LendingClub Corporation (NYSE: LC)

Primarily, infrastructure-based technologies, through platformification and open application interfaces (APIs) are reshaping the fintech industry. Other operation advancements such as robotic process automation, chatbots, and Distributed Ledger Technology are all enabling greater agility, efficiency, and accuracy. According to Capgemini’s 2018 World Payments Report, there were approximately 600 billion total digital transaction. Furthermore, the report suggests that digital transactions are on pace to grow by 46% over the next four years, growing to 876 billion transactions by 2021. Capgemini also notes that the Asian markets are expected to lead the pack, exhibiting a CAGR of 29% during the period. Other developing markets include regions like Central Europe, the Middle East and Africa, which are expected to register a CAGR of 20%. However, concerns over fraud and security are expected to undermine the industry as consumers fear that cyber attackers can access their accounts or e-wallets and steal personal information or even digital currency. Nonetheless, tech companies and financial institutions have partnered together in order to provide more secure platforms. “If you have not heard about the Fintech revolution that is happening right now, you need to get out from under your rock. These revolutionary advancements are not just impacting the financial industry. They have the potential to change the way we conduct transactions in all aspects of business,” said Daniel Newman, Chief Executive Officer of Broadsuite Media Group and Principal Analyst at Futurum. “Technology has driven us to where we are. As an industry with a heavy focus on technology, it is obvious that changes will happen rapidly and frequently. With the Fintech revolution being the newest disruptor of choice, the banking industry and its consumers will need to hold on for the ride. It will take some time for this technology is gain enough speed to become widely accepted. However, it is definitely on the horizon. Only time will tell what we can expect when we visit our local bank for this is only the beginning.”

CLPS Incorporation (NASDAQ: CLPS) earlier this week announced, “a strategic investment in Economic Modeling Information Technology Co., Ltd. (“EMIT”), a financial big data company. Upon closing of the transaction, CLPS will hold a 30% ownership stake in EMIT.

Established in 2017, EMIT was founded by a team of PhD faculty members from Shanghai University of Finance and Economics (“SHUFE”) in cooperation with SHUFE’s Fintech Research Institute. EMIT provides financial modeling and analysis services to financial services companies and delivers a full range of value-added data mining and data analytics IT solutions to its clients that include intelligent investment systems, risk warning systems, and credit card decision engine core systems. EMIT’s “financial data modeling platform + financial risk warning platform” business model provides its customers with comprehensive financial data services, such as financial data strategic planning, service mode design, and risk control.

Mr. Raymond Lin, Co-Founder and Chief Executive Officer of CLPS, commented, ‘Big data has become an important area of technological advancement in the financial industry. Our strategic investment in EMIT allows us to expand upon our expertise in providing the financial industry with applications of industry-leading technologies. EMIT’s expertise in data modeling, deep learning and machine learning, and blockchain technology will benefit CLPS’s future development by further expanding our client network. In addition, by offering applications of data mining, we will be able to extend our competitive edge in the banking, insurance and financial sectors.’

About CLPS Incorporation: Headquartered in Shanghai, China, CLPS Incorporation (the “Company”) (Nasdaq: CLPS) is a global leading information technology (“IT”), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia and Hong Kong and their PRC-based IT centers. The Company maintains ten delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Chengdu, Guangzhou and Shenzhen. The remaining three global centers are located in Hong Kong, Singapore and Australia. For further information regarding the Company, please visit: http://ir.clpsglobal.com.”

First Data Corporation (NYSE: FDC) is a global leader in commerce-enabling technology, serving approximately 6 million business locations and 4,000 financial institutions in more than 100 countries around the world. First Data Corporation and Fiserv (NASDAQ: FISV) recently announced that their boards of directors had unanimously approved a definitive merger agreement under which Fiserv will acquire First Data in an all-stock transaction. The transaction unites two premier companies to create one of the world’s leading payments and financial technology providers, and an enhanced value proposition for its clients. This highly complementary combination will offer leading technology capabilities that enable a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover cloud-based point-of-sale solution. The combined company will offer comprehensive distribution channels and have deep expertise in partnering with financial institutions, merchants and billers of all sizes, as well as software developers. “I have long admired what Fiserv has achieved over the years, and I look forward to working with the talented associates of both companies as we set a higher standard of innovation and service in the industry,” said First Data Chairman and Chief Executive Officer Frank Bisignano. “Our goal at First Data has always been to provide our clients with the most comprehensive suite of innovative, highly-differentiated solutions and services, and I am excited by the significant value that the combination with Fiserv creates for all stakeholders.”

Overstock.com, Inc (NASDAQ: OSTK) is an online retailer and technology company based in Salt Lake City, Utah. Overstock.com, Inc. and its subsidiary tZERO Group, Inc. recently announced that Hong Kong-based private equity firm GSR Capital has retained tZERO to develop a smart contract token that will be utilized for an upcoming sale of cobalt. Subject to compliance with applicable regulatory requirements, the sale is expected to offer recurring tranches of electric vehicle (EV) battery-grade cobalt, with up to USD 200 Million of the material projected to be available for sale in 2019, with more planned for 2020. tZERO Group, Inc. is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. tZERO and GSR Capital intend to build an ecosystem in Asia for tokenized commodity purchase contracts that would simplify the process of identifying, purchasing and tracking the supply of rare minerals. The companies also envision adding a security token trading platform in the region, subject to compliance with applicable regulatory requirements. “We are excited to work with GSR and their partner on this innovative cobalt token offering,” said Overstock Chief Executive Officer and tZERO Executive Chairman, Patrick M. Byrne. “Smart contract automation of these transactions will significantly reduce overall costs while effectively improving transparency in rare earth metals purchases throughout the supply chain process. We look forward to bringing the future of commodities purchasing to the global marketplace.”

BGC Partners, Inc. (NASDAQ: BGCP) is a leading global brokerage and financial technology company. BGC Partners, Inc. recently announced that it has completed the acquisition of Ed Broking Group Limited, an independent Lloyd’s of London insurance broker with a strong reputation across Accident and Health, Aerospace, Cargo, Energy, Financial and Political Risks, Marine, Professional and Executive Risk, Property and Casualty, Specialty and Reinsurance. Ed will become part of BGC’s insurance division, which was established in 2017 with the acquisition of Besso Insurance Group Limited. Steve Hearn, currently Group Chief Executive Officer of Ed, will become Head of BGC’s insurance division. Mr. Hearn will report directly into Mr. Lynn. Under the terms of the agreement, BGC acquired 100% of Ed, which includes broking operations under the Ed brand in the UK, Singapore, Hong Kong, Dubai, Miami and China; Ed’s German marine broking arm Junge & Co. Versicherungsmakler GmbH; Ed’s managing general agent (MGA) operations Globe Underwriting Limited based in the UK; Epsilon Insurance Broking Services Pty Ltd in Australia; and Cooper Gay (France) SAS, which is based in Paris. Shaun D. Lynn, President of BGC Partners, commented on the announcement: “We are delighted to complete the purchase of Ed, a company with a great reputation, a global footprint and an excellent management team that will continue to build on BGC’s success in growing the insurance brokerage business.”

LendingClub Corporation (NYSE: LC) was founded to transform the banking system to make credit more affordable and investing more rewarding. Leading fintech analytics platforms, dv01 recently announced an expanded reporting partnership with LendingClub, securing its role as loan data agent for all completed CLUB Certificate transactions. Prior to this partnership, dv01 has provided reporting services for USD 2.75 Billion of LendingClub securitizations. As loan data agent, dv01 will receive loan data directly from LendingClub, which it will normalize, validate, and roll up for monthly servicer reporting. The company will also prepare and provide monthly loan tapes; reconcile the monthly remittance report; and provide approved investors access to the data through dv01’s portal, which features a suite of reporting, analytics, and cashflow tools designed specifically for the online lending asset class. “LendingClub’s previous work with dv01 has made it clear that investors appreciate the ability to conduct deep analysis into structured products, both before and after purchase,” said Valerie Kay, Chief Capital Officer of LendingClub. “The unique structure of these CLUB Certificate transactions appealed to a new investor audience, and we’re excited to offer these investors access to dv01’s reporting and analytics portal as part of their introduction to the online lending asset class.”

SOURCE FinancialBuzz.com

Artificial Intelligence

Leo Wang, CEO of Duotech, Addresses Impact of AI on Fintech Industry During Chinese New Year Speech

Published

2 months ago

February 22, 2024

Wladimir P.

Leo Wang, CEO of Duotech, delivered a captivating speech during the Chinese New Year festivities, shedding light on the transformative power of artificial intelligence (AI) in the fintech industry. Wang’s address resonated strongly with the young professional audience, who make up nearly 70% of Duotech’s staff strength.

Wang began his speech by highlighting the significant impact AI has had on the fintech industry over the last few years. Citing recent statistics from industry reports, he noted that AI adoption in finance has surged, with an estimated 89% of financial services firms globally using AI in some form.

“The fintech landscape has undergone a profound transformation fuelled by AI technologies,” Wang stated. “From algorithmic trading to fraud detection, AI has revolutionised traditional financial practices, enhancing efficiency, accuracy, and security.”

Wang referenced another study which revealed that AI-powered solutions have contributed to a 20% reduction in costs and a 30% increase in revenue for financial institutions. “These statistics underscore the tangible benefits AI brings to the table, driving innovation and profitability in the fintech sector,” Wang added.

In his speech, Wang encouraged the younger generation to embrace AI technologies, emphasising the immense opportunities for growth and innovation in the evolving fintech landscape. He urged them to stay up to date on industry advancements and leverage AI skills to drive positive change within their organisations.

Furthermore, Wang showcased Duotech’s cutting-edge AI solutions tailored for the finance industry, designed to enhance trading strategies, bolster cybersecurity, and streamline compliance processes.

Wang concluded his speech by reaffirming Duotech’s commitment to driving innovation in the fintech industry through AI-powered solutions. “At Duotech, we’re dedicated to leveraging AI to revolutionise finance and empower the younger generation to shape the future of our industry,” he said.

Artificial Intelligence

WeLASER, CLOSER TO PESTICIDE-FREE AGRICULTURE

Published

4 months ago

December 18, 2023

Wladimir P.

After 3 years of work, an international partnership has realised a precision weeding tool proving that herbicide free agriculture is at hand.

The partnership formed by research centres, universities, private companies and farmers’ organisations from Spain, Germany, Denmark, France, Poland, Belgium, Italy and the Netherlands, by WeLASER project funded by the EU within its “Horizon 2020” programme, has completed the first stage of the development of the a precision weeding prototype tool that allows progress in eradicating the use of herbicides, improving the productivity and competitiveness of crops, thus eliminating health risks and the adverse environmental effects of chemicals.

The prototype includes an autonomous vehicle that drives through the crop and is equipped with an advanced detection system based on artificial intelligence (AI) through image acquisition and data processing, which allows it to distinguish and localize the centre of growth of the weed to be eradicated. Once targeted through the scanner, it directs the high-powered fibre laser source to that meristem. This fast modulation concept allows precise energy pulses to be directed for highly efficient weed treatment. Data management are managed by a cloud computing architecture and the system includes the IoT technology.

Although this project is currently concluding this first phase of development, further work will be needed, for example, to reduce the time required to work in the field, to make the prototype easier to handle and connect, and to reduce production costs in order to achieve a marketable model on the market.

A project of maximum cooperation between entities from all over Europe

WeLASER is the result of the cooperation of 10 partners from 8 EU member states. On the Spanish side, the Centro de Automática y Robótica (CAR) belonging to the Consejo Superior de Investigaciones Científicas (CSIC) and coordinator of the project and the Coordinadora de Organizaciones de Agricultores y Ganaderos (COAG); on the German side, the Laser Zentrum Hannover e.V. (LZH) and the company Futonics Laser GmbH (FUT); from Denmark, the Department of Plant and Environmental Sciences of the University of Copenhagen (CPH); from France, the company AgreenCulture (AGC); from Italy, the Interdepartmental Centre for Industrial Agri-Food Research of the University of Bologna (UNIBO); from Poland, the Instytut Ekologii Terenów Uprzemysłowionych (Institute of Ecology of Industrial Areas) (IETU) in Katowice; from Belgium, the Department of Agricultural Economics of the Faculty of Biosciences Engineering of the University of Ghent; and from the Netherlands (UGENT), Van Den Borne Projecten BV, the innovation department of the Van Den Borne Aardappelen (VDBP) farm located in Reusel.

For Pablo González de Santos, from the CSIC’s Centro de Automática y Robótica, coordinator of the project, “WeLASER has been a perfect collaboration between leading organisations in each of their fields of work, which has made it possible to have the latest technologies and advances necessary for the development of such a cutting-edge and necessary project”.

Beyond the development of the prototype, this project has resulted in the development of different innovations with multiple applications such as a high-power fibre laser source for the control of adventitious weeds through precise energy pulses, with an innovative pump and cooling concept that minimises the energy demand of the laser for the weeding process; an improved power supply system for autonomous robotic platforms; an intelligent navigation manager for autonomous robots applicable to precision farming that enables navigation throughout the farm, not limited exclusively to the crop field and integrates different Artificial Intelligence (AI) methodologies to identify various types of crops, including wide and narrow crops; and an AI-based laser weed control implement that enables a wide working range for individualised plant treatment in crops of different types, while complying with all safety regulations required for working with laser technology.

Ensuring food production on a safe planet

Faced with an increasingly growing population in an environment of climate change like the one we live in, humanity´s great challenge is how to guarantee food production without harming the environment or the health of the population with increasingly efficient and less polluting production systems.

In Europe alone, around 130 million tonnes of synthetic herbicides are used each year (not counting other chemicals), substances which, when applied, do not discriminate between beneficial plants and insects in the soil that are not their target and which, moreover, can have effects on the health of animals and humans.

In addition, weeds are developing resistance, which means that existing herbicides are becoming less and less effective.

For González de Santos, “The WeLASER consortium is motivated to adopt smarter farming methods and build more sustainable food production systems while preserving the environment and health. WeLASER opens up a reliable and safe option and offers breakthroughs to solve a global problem”.

Artificial Intelligence

Huawei and MDES Signed MoU to Establish Thailand as a Regional AI Hub

Published

4 months ago

December 18, 2023

Wladimir P.

Huawei Cloud Thailand, in collaboration with Thailand’s Ministry of Digital Economy and Society (MDES), today hosted the Huawei Cloud AI Summit Thailand 2023. The event brought together hundreds of government representatives, industry experts, local customers, partners, and Chinese enterprises to discuss Thailand’s AI development and digital transformation. During the summit, Huawei Cloud and MDES signed a memorandum of understanding (MoU) on digital development with the aim to provide support towards AI development, industry applications, ecosystem building, and talent cultivation. This partnership will help Thailand establish itself as a regional AI hub through digitalization.

In his keynote address, H.E. Mr. Prasert Jantararuangtong，Minister of Digital Economy and Society of Thailand, explained that MDES aims to drive forward Cloud-First policies as the new growth engine of Thailand and believes that cloud and AI are the future of the country: “As a representative from MDES, I would like to thank Huawei Thailand for taking the leading role within the private sector in setting up this important event and bringing the global experience of Huawei and its partners to Thailand, as well as for helping foster the country’s cloud and AI digital ecosystems. Through cooperation with private sector partners like Huawei, we will continue to promote Thailand as an AI hub of the region. MDES will fully support the country to accelerate digital transformation, cultivate talents, achieve economic sustainability, and enhance the overall quality of life for Thai people.”

Sarana Boonbaichaiyapruck, Clinical Professor and Chairman of National Broadcasting and Telecommunications Commission (NBTC), stated that the event witnessed the fast development of cloud and AI technology. As a Thai regulator, NBTC will take could and AI into consideration for policy making to digitalize the Thai society and economy.

In Thailand, for Thailand: Establishing Thailand as a Regional AI Hub

AI stands as a driving force behind the current wave of global technological advancements and industry transformations, creating a profound impact on human society and reshaping industries. By recognizing AI’s transformative potential, Thailand remains committed to enhancing its global competitiveness by strengthening its AI capabilities and becoming a regional AI hub. Huawei Cloud is proud to support this vision through its ‘In Thailand, for Thailand‘ commitment.

David Li, CEO of Huawei Thailand, highlighted Huawei Cloud’s commitment to enabling cloud and AI development in Thailand: “Huawei Cloud is firmly dedicated to its ‘In Thailand, for Thailand‘ commitments and has personally witnessed, contributed to, and benefitted from Thailand’s digitalization over the past two decades. Thailand now finds itself at a critical juncture in its digital transformation journey. Recognizing this, Huawei Cloud remains steadfast in its commitment to invest in the local cloud ecosystem and its capabilities. By building a robust digital foundation in Thailand and constructing AI infrastructure for the government and enterprises, Huawei Cloud is empowering the nation to harness the transformative power of AI. This will in turn lead to the proliferation of AI applications across industries, ultimately benefiting Thai people and driving the country’s digital progress.”

At the summit, Huawei Cloud served as a bridge between Chinese and Thai enterprises with the aim of empowering Thailand with advanced AI technologies, applications, and expertise from China. By leveraging its extensive localization experiences in over 170 countries and regions, Huawei Cloud is ready to provide valuable insights into global and regional industries and now stands as the preferred partner for Thai enterprises seeking global expansion and for Chinese enterprises venturing into the Thai market.

Huawei Cloud: A Better Cloud for Thailand

With its cutting-edge technologies and industry expertise, Huawei Cloud aims to build the cloud foundation for an intelligent future, providing better options for each customer. At the summit, Huawei Cloud showcased a range of cutting-edge AI solutions and models specifically tailored to Thailand’s needs, including models for the Thai language, meteorology, government, and AI solutions for the finance and retail sectors.

Huawei Cloud’s government model brings intelligence to government processes and city affairs, from perception and understanding to handling and decision-making. Citizen’s requests can be assigned automatically and managed round the clock, enabling governments to deliver high-quality services without concerns about human resource shortages.

The Thai language model, trained on Thai corpus and converged with Huawei’s industry knowledge accumulated over three decades, continuously optimizes by learning massive amounts of the Thai language data. This breakthrough removes language barriers to accessing foundation models, allowing Thailand to transition from an AI user to an AI creator.

In meteorology, Huawei Cloud collaborated with the Thai Meteorological Department to develop its Pangu weather model for Thailand in an endeavor to deepen the digitization of Thailand’s agricultural and tourism sectors. The model has already surpassed current state-of-the-art numerical weather prediction (NWP) methods with prediction speeds several orders of magnitude faster. In the past, predicting the trajectory of a typhoon for the next 10 days took 5 hours. Now, the Pangu weather model can do the same calculations in just 10 seconds.

Talent is indispensable for AI transformation, but their acquisition requires concerted efforts from both the public and private sectors. At the summit, Huawei Cloud, MDES, the Digital Economy Promotion Agency (depa), universities such as Chulalongkorn University, AI associations, enterprises, and partners came together to launch the Cloud & AI Community Thailand. This collaborative initiative aims to nurture AI technology development and cooperation, ultimately elevating Thailand’s presence in the global AI landscape.

Equipped with a robust portfolio of innovative AI technologies, extensive industry expertise, and exceptional customer service, Huawei Cloud is poised to support Thailand in its quest to become a prominent AI hub in the region. Through sustained investments in the local ecosystem and industries, Huawei Cloud demonstrates its unwavering commitment to fostering the high-quality growth of Thailand’s digital economy.