FinTech Weekly - FinTech's AI Awakening - Issue #471

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Insights into how artificial intelligence is driving efficiency, innovation, and growth in fintech.

June 06, 2024

FinTech Weekly brings you the latest in artificial intelligence transforming the financial technology landscape. From tech giants forming alliances to revolutionize AI accelerator chips, to startups collaborating with cloud giants for enhanced compliance and customer onboarding, AI is at the forefront of fintech innovation. Explore the understated potential of AI as discussed by industry leaders, learn about new international associations pushing blockchain integration, and stay updated on regulatory guidelines ensuring customer protection. This and much more in this number of FinTech Weekly: discover top fintech news and events, and stay ahead of the competition!

Tech giants form an industry group to help develop next-gen AI chip components
Tech giants form an industry group to help develop next-gen AI chip components
— via TechCrunch

Intel, Google, Microsoft, Meta, and other tech giants are forming the Ultra Accelerator Link (UALink) Promoter Group to advance the development of components linking AI accelerator chips in data centers. Announced on Thursday, the group includes AMD, Hewlett Packard Enterprise, Broadcom, and Cisco, though Arm is not yet a member. They aim to establish a new industry standard for connecting AI accelerators, which include GPUs and custom-designed chips, to enhance the training, fine-tuning, and deployment of AI models in an increasing number of servers.

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/

Greifeld: The hype around artificial intelligence is underdone
— via CNBC

Robert Greifeld, former Nasdaq Chairman and CEO, believes the excitement surrounding artificial intelligence is understated. He discusses the future of AI, implying that its potential impact is greater than currently recognized.

International Association of Crypto-Economy and AI Created in Kyrgyzstan
— via The Times of Central Asia

The International Association of Crypto-Economy and Artificial Intelligence has been established in Kyrgyzstan, supported by the Russian Association of Crypto-Economy, Artificial Intelligence and Blockchain (RAKIB), TASS reports. RAKIB, which unites blockchain market participants and investors, aims to integrate blockchain technologies into the economy and legalize electronic currencies. Alexander Brazhnikov, RAKIB’s executive director, announced at the Kazan Crypto-forum that the new association will focus on digital security, cross-border payments, and project creation. Officially registered a week ago, the association's headquarters will be in Bishkek. Brazhnikov mentioned potential cooperation from various countries, with over 15 nations expected to join by the end of 2024.

EU watchdog says banks must take full responsibility when using AI
— via Reuters

Banks and investment firms in the European Union must uphold boardroom responsibility and their legal obligation to protect customers when using artificial intelligence (AI), the bloc's securities watchdog, the European Securities and Markets Authority (ESMA), stated in its first AI-related announcement. On Thursday, ESMA outlined how financial firms within the 27-country bloc can integrate AI into daily operations while complying with the EU's MiFID securities law.

Google Cloud and iBind Partner to Streamline Banks’ Onboarding Experience
— via PYMNTS

iBind Systems, a FinTech startup in Bangalore, India, announced a collaboration with Google Cloud to modernize onboarding for banks and financial institutions. By integrating iBind’s corporate banking SaaS product with Google Cloud’s generative AI technologies, the partnership aims to streamline onboarding and enhance risk assessment for corporate banking. A key objective is to introduce the Entity Digital Locker within iBind’s Corporate Identity Platform, offering solutions like KYC, anti-money laundering, entitlement management, credit assessment, and digital signatures, thereby simplifying secure data-sharing and access to financial services.

Artificial Intelligence in Fintech: Applications and Ethical Concerns
— via APN News

Artificial Intelligence (AI) is revolutionizing the financial technology (fintech) sector, enabling rapid and precise analysis of vast data sets. This transformative technology brings unparalleled opportunities for innovation, efficiency, and improved customer experiences. The article delves into AI applications in fintech and the ethical considerations surrounding its implementation.

60-second read: Top five ways AI can boost compliance in fintech
— via Lexology

Adam Baldwin, Head of Digital Advisory (Legal, Regulatory & Compliance) at BNP Paribas, suggests that employing AI in client risk profiling and customer support models can enhance compliance in the fintech sector.

Generative AI in Fintech Market to Reach US$4 Billion by 2028
— via Analytics Insight

The Generative AI in Fintech market is projected to grow from US$1.12 billion in 2023 to US$4.35 billion by 2028, with a CAGR of 31.26%. As financial institutions adapt to the digital landscape, generative AI offers innovative solutions for operational efficiency, decision-making, and personalized customer experiences. Leveraging advanced algorithms and extensive datasets, generative AI helps automate operations, reduce risk, identify next-best actions, and expand market share. This article examines the future of generative AI in fintech and the evolving trends shaping the market.

Jobs

Head of Design and Research
Head of Design and Research
— via Upside

The D&R teams are a diverse group of individuals who are unified by a common vision - Build first class user experiences for both our consumers and merchants to enable Upside's business.

Principal Software Engineer
Principal Software Engineer
— via Forward Financing

Our Engineering team serves as a key driver of innovation at Forward Financing. We build the software that powers a FinTech product that serves Small Businesses across the country.

Head of Product Marketing
Head of Product Marketing
— via Peach

Peach is looking for an experienced product marketing leader to help define our positioning and go-to-market strategy.

Show all Job Postings
Show all Job Postings
— via Fintech Weekly

Exciting opportunities await in the dynamic world of fintech! Explore all of FintechWeekly's current job listings. Whether you're an industry veteran or a budding professional, our curated selection has something for everyone.

Promote your Job at FintechWeekly
Promote your Job at FintechWeekly
— via Fintech Weekly

Unlock access to a community of top-tier fintech professionals by posting your job listings on FintechWeekly. Starting from just €299, you can amplify your recruitment reach and find the perfect match for your team. Post your job today and attract the talent you need to elevate your business.







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