FinTech Weekly - AI Disrupts Everything - Issue #454

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AI reshapes industries, challenging traditional norms and sparking innovation. Discover how AI's rapid integration is transforming fintech and beyond.

February 08, 2024

In this edition of FinTech Weekly, we're steering into the dynamic intersection where artificial intelligence (AI) redefines the contours of finance and technology. The discourse has shifted from speculative to concrete, with AI's influence penetrating defense, banking, and more. Nations are recalibrating their military strategies with AI, while the financial sector leverages this technology for enhanced analytics and operational efficiency. The real intrigue, however, lies in the balance between breakthroughs and ethical considerations, between innovation's pace and its societal ripples. We're witnessing a transformation where previously unaffected sectors are now at the forefront of adopting AI. This evolution is not just about technological upgrades; it's a cultural shift, prompting a reassessment of our interaction with the digital architects of tomorrow. This week's FinTech Weekly goes beyond mere updates; it probes the broader implications of AI's dominance in finance and other realms, challenging professionals to adapt to an era where AI's role is both transformative and omnipresent. This and much more in this number of FinTech Weekly: discover top fintech news and events and stay ahead of the competition!

Russia and China compare notes on ‘military use of artificial intelligence’
Russia and China compare notes on ‘military use of artificial intelligence’
— via SCMP

China and Russia have committed to deepening their cooperation on the military use of artificial intelligence (AI), signifying a strategic move in the technological rivalry with the United States. Officials from both countries discussed AI's potential for military applications and agreed on the importance of collaborating within the UN's Group of Governmental Experts on Lethal Autonomous Weapons Systems. The talks, held in Beijing, emphasized the aligned views of Russia and China on AI in warfare and highlighted the necessity for ongoing cooperation in both bilateral and multilateral settings.

CDAO Financial Services
CDAO Financial Services
— via Corinium Global Intelligence

Join your data & analytics peers serving the Financial Services industries as you discover the latest trends and challenges facing your role.

FinTech World Forum 2024
FinTech World Forum 2024
— via FinTech World Forum 2024

FinTech World Forum 2024 is based in London UK Europe as one of leading fintech events 2023 for global financial services, finance and banking technology industry. Its focuses on Mobile Payments, Lending, Insurance, Blockchain, Bitcoin, Investment, Money, Crypto, Cryptocurrency, Digital, Innovation, Wallet, Pensions, Funds, Payment, Tech, Financial Services, Technology, Bank, Wealth Management, Insurtech, Regtech and Wealthtech. For more info visit: https://fintechconferences.com/

Impact Investing World Forum 2024
Impact Investing World Forum 2024
— via Impact Investing World Forum (ESG – IIWF)

Impact Investing Conference 2024 in London is the Impact Investing World Forum (IIWF) 2024 as one of leading social impact investment events for ESG Funds, UN SDGs, Investor and sustainable investing in UK Europe Oxford University. The event brings together hedge funds, wealth management, private equity, venture capital, foundations, endowments, bonds and ESG investing professionals. More info: https://impactinvestingconferences.

Government to fund generative AI developments in Japan
— via NHK

Japan is allocating funds to foster the domestic development of generative artificial intelligence (AI), aiming to compete with leading technologies like ChatGPT in the US. Industry Minister Saito Ken announced the government's plan to accelerate AI development to ensure Japan remains at the forefront of innovation. To support this initiative, the industry ministry will distribute 8.4 billion yen (over $56 million) to seven entities, including startups and a university. These recipients will also get six months of free access to Google's cloud services, financed by the ministry, to utilize vast data sets essential for training generative AI models. The focus will be on creating large language models tailored for the Japanese language, targeting applications across various sectors, notably in autonomous driving.

Crypto and AI Ads Omitted from Super Bowl LVIII Commercial Slots
— via CoinGape

Super Bowl LVIII will feature a return to more traditional commercials, eschewing advertisements for cryptocurrency and artificial intelligence. The game, pitting the Kansas City Chiefs against the San Francisco 49ers, is set for February 11 and is anticipated to attract millions of viewers. This year, the focus of advertisements will shift towards humor and amusement, moving away from the tech-centric themes prevalent in recent years, excluding 2023. Major companies like BMW, Budweiser, State Farm, Oreo, DoorDash, and Hellman’s Mayonnaise have secured advertising slots, aiming to engage a broader audience with classic Super Bowl ad motifs, after a period where tech ads, particularly from the cryptocurrency and AI sectors, frequently featured.

Central banks are adopting AI despite inherent risks
— via CoinGeek

A study by the Bank for International Settlements (BIS) on central banks' use of artificial intelligence (AI) has highlighted potential risks with the technology's adoption. The report, “Artificial intelligence in central banking,” examines the roles and hazards of using large language models (LLMs) by central banks, noting their early adoption for data analysis. Central banks primarily utilize AI for gathering and processing complex data, employing machine learning for operations including data sampling, cleaning, and integration. Additionally, AI aids in financial analysis for monetary policy decisions, with techniques like neural networks and random forest models providing real-time insights into inflation expectations and the impact of policy measures, partly by analyzing social media content.

Generative A.I.’s Biggest Impact Will Be in Banking and Tech, Report Says
— via The New York Times

A new era of artificial intelligence, highlighted by technologies like OpenAI's ChatGPT, is expected to significantly affect high-paying white-collar jobs, shifting the focus from the traditional automation concerns of blue-collar sectors. Research by the Burning Glass Institute and SHRM suggests that industries such as banking and tech will see a considerable impact, with roles like business analysts, software developers, and lawyers particularly at risk. This shift underscores the need for workers, especially those in technology and with college degrees, to adapt to a future where AI plays a crucial role in their professions. Financial and tech companies, including major names like Goldman Sachs, JPMorgan Chase, and Google, are among those predicted to experience notable disruptions due to generative AI advancements.

Ant Group inks strategic partnership with Shanghai to help the city’s AI ambitions
— via SCMP

Ant Group has formed a partnership with the Shanghai municipal government to enhance cooperation in blockchain and artificial intelligence (AI). This collaboration aims to support the development of an AI industry ecosystem and a blockchain innovation platform in Shanghai, as stated in a recent announcement. The agreement was formalized at a ceremony attended by Shanghai Mayor Gong Zheng and Eric Jing Xiandong, the chairman and chief executive of Ant Group, the fintech arm of Alibaba Group Holding.

Agricultural Fintech Traive Secures $20M for Expansion and New Product Launch
— via contxto

Banco do Brasil has led an investment in Traive through the BB Impacto ASG I Fund to support technological innovation, operational expansion in Brazil, and the launch of a novel credit trading platform. Utilizing AI, Traive's system analyzes over 2,500 data points for agricultural sector risk profiling, a method acknowledged by the ACM. The investment will aid Traive's technological upgrades, growth, and market diversification efforts. Founded in 2017 and based in the US, Traive plans to extend its international reach. Banco do Brasil's Rodrigo Vasconcelos highlights the investment's role in accelerating the bank's digital transformation and enhancing its agricultural sector services, aiming to improve credit solutions and promote sustainable practices.

UK arts union ‘ready’ to strike if AI agreements aren’t reached
— via UKTN

The British performers' union, Equity, is prepared to take industrial action similar to the 2023 Hollywood strikes unless agreements concerning AI and intellectual property rights are met. Liam Budd, an official from Equity, highlighted the union's readiness for action as it seeks to update film and TV contracts to include terms on AI usage. Equity has been vocal about its concerns regarding AI's impact on the arts since launching its "Stop AI Stealing the Show" campaign in June 2022. Budd has also criticized the UK government's passive stance on AI regulation, arguing that the delay in legislation is detrimental to the creative industry amidst the rapid advancement of generative AI technologies.

Jobs

Platform Engineer (Backend), India
Platform Engineer (Backend), India
— via One

Software Engineers at ONE build the products & systems that serve our customers and run our company. Besides writing, reviewing, and shipping code, engineers collaborate with others across the company, from product, design, and data to, customer support, ops, and compliance.

Director of Customer Onboarding
Director of Customer Onboarding
— via Finexio

We are looking for a Director of Customer Onboarding to tackle an exciting opportunity to re-envision and scale our Customer Onboarding organization through our next phase of growth.

Senior Vice President, User Experience and Design
Senior Vice President, User Experience and Design
— via Genesys

The SVP of User Experience (UX) and Design will lead all aspects of the user experience across the Genesys product portfolio.







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