AI Empowers, Finance Transforms - Issue #444

Stella Cramer and Yaru Chia, in their examination of Generative AI's predictions, highlight several crucial considerations for fintech companies using AI. They discuss the immediate and future issues that these companies need to address, including the ethical use of AI, ensuring data privacy and security, adherence to regulatory standards, and the importance of maintaining robust and reliable technological systems. Their insights draw attention to the complexities and challenges fintechs face as they navigate the rapidly evolving AI landscape.

Brian Armstrong, CEO and Co-Founder of Coinbase, is attending the exclusive Global Investment Summit in the UK, a key international market. Organized by the UK Government and hosted by Prime Minister Sunak, the biannual summit brings together 200 CEOs from various industries, including finance and technology. This year's theme, "Innovation for Human Progress," focuses on showcasing British innovations across sectors like AI, quantum technology, and clean growth. The platform's invitation to the summit, being the sole pure-play digital asset attendee, highlights the growing global momentum and recognition of cryptocurrencies and blockchain technology.

Indonesia's central bank, in collaboration with major fintech associations, has introduced ethical guidelines for AI use in fintech. This move, emphasizing responsible AI implementation, aims to mitigate risks and ensure consumer protection, reflecting a commitment to balancing technological advancement with ethical standards and data security.

Mia-Platform has partnered with Genio Diligence to integrate AI-assisted credit checks into its embedded finance platform. This collaboration aims to address fraud prevention and compliance in the UK's growing consumer and business lending sector. Genio Diligence's AI solutions will be available via Mia-Platform's Marketplace, enhancing the digital transformation capabilities of finance sector developers​.

Arab Finance for Information Technology has launched GuROW, an AI-based app targeting young investors and entrepreneurs. The app offers news, financial advisory services, and investment tools to assist users in understanding their economic needs and achieving financial goals. The platform is designed to foster the development of the Egyptian investment market using advanced technology​.

This comprehensive analysis delves into the global competition in generative AI, highlighting the race for development and adoption by key players like the US and China, and the underperformance of the EU in patents and venture capital investment. The US leads in AI firm market capitalization and GPU production, crucial for AI development. China, dominating in AI patent applications, actively supports its AI sector with government subsidies. The article discusses the impact of generative AI on various sectors, including defense, economy, trade, and biometrics, underscoring the strategic importance of skilled AI workforce and the implications of export controls on AI development. It also notes the need for cross-industry collaborations for AI infrastructure development.

Phare Health, a London-based startup, has raised £2.5 million in seed funding to develop AI tools for hospitals in the UK and Europe. The company's first product uses large language models to convert patient notes into structured data, improving hospitals' financial and operational management. The funding, led by General Catalyst, will support team expansion and enhance AI and healthcare expertise​.