Fundvis’ Post

🚀 AI is capturing the attention of Taiwan financial industry! Less than one month to apply the PoC Selection! 🚀 FinTechSpace is thrilled to host its first international fintech seminar this year, themed “Fintech Seminar – #AI is the Future”. With the support of FSC, the Vice Chairman Chen of the FSC emphasized the FSC’s commitment to 𝒉𝒆𝒍𝒑 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒊𝒏𝒔𝒕𝒊𝒕𝒖𝒕𝒊𝒐𝒏𝒔 𝒍𝒆𝒗𝒆𝒓𝒂𝒈𝒆 𝑨𝑰 𝒕𝒆𝒄𝒉𝒏𝒐𝒍𝒐𝒈𝒚 in his opening remarks in the seminar. The FSC plans to 𝒓𝒆𝒍𝒆𝒂𝒔𝒆 𝒕𝒉𝒆 "𝑨𝑰 𝑼𝒔𝒂𝒈𝒆 𝑮𝒖𝒊𝒅𝒆𝒍𝒊𝒏𝒆𝒔 𝒇𝒐𝒓 𝒕𝒉𝒆 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑰𝒏𝒅𝒖𝒔𝒕𝒓𝒚" 𝒃𝒚 𝒕𝒉𝒆 𝒆𝒏𝒅 𝒐𝒇 𝑱𝒖𝒏𝒆, aiming to 𝒅𝒓𝒊𝒗𝒆 𝒊𝒏𝒏𝒐𝒗𝒂𝒕𝒊𝒐𝒏 while 𝒃𝒂𝒍𝒂𝒏𝒄𝒊𝒏𝒈 𝒓𝒊𝒔𝒌 𝒎𝒂𝒏𝒂𝒈𝒆𝒎𝒆𝒏𝒕 and 𝒑𝒓𝒐𝒕𝒆𝒄𝒕𝒊𝒏𝒈 𝒄𝒐𝒏𝒔𝒖𝒎𝒆𝒓 𝒓𝒊𝒈𝒉𝒕𝒔. Key takeaways are coming soon on FTS’s website, but first of all, We extend our heartfelt thanks and resounding applause to all our speakers: Marcus Tsai David Mudd & BSI team (Otto Lin, Tracy Huang) Tomas Krilavičius Tatsuro Shirakawa & EY Japan @Frank Shen Jan Szilagyi & Toggle AI Stanley C. & Cymetrics, OneDegree Mavis Hsu & 勤業眾信 台新金控 Taiwan Business Bank Taiwan Cooperative Bank 合作金庫商業銀行 and our 260+ participants!! As the seminar is just the start of the "2024 Digital Sandbox AI Finance PoC Selection", let’s take a deeper look about what you might interested, and 𝐠𝐞𝐭 𝐲𝐨𝐮𝐫 𝐭𝐢𝐜𝐤𝐞𝐭 𝐭𝐨 𝐬𝐭𝐚𝐫𝐭 𝐚 𝐏𝐎𝐂 𝐰𝐢𝐭𝐡 𝐓𝐚𝐢𝐰𝐚𝐧 𝐅𝐈𝐬! 🔸 Five major financial institutions in Taiwan revealed their needs in areas such as #CustomerService, #OperationalOptimization, #MarketAnalysis, and #FraudDetection. 🔸 CEO Wu of Lifemap, one of the POC winners in 2023, shared their collaboration experience with LINE Taiwan after they won the honour. CEO Wu encouraged participants to position themselves as #bridges, combining financial and corporate concepts to create new ideas. 🔸 The POC selection this year is partnered with #AWS. Manager Nadia shared in-depth insights on AWS's generative AI services and resources, including #SolutionArchitects, #IntelligentCustomerService, #Text2SQL, and #FinancialReportSummaries. Key considerations for AI financial services were also discussed. ==================================== ✨ Apply for "2024 Digital Sandbox AI Finance PoC Selection." 📍 Application Deadline: 2024/6/28 (Fri) 📍 Event Information: https://reurl.cc/Ke4NVn 📍 DM us if you would like to know more! ====================================

UK Financial Services Leaders Demand AI for Real-Time Insights Kuljit Bawa, Managing Director, EMEIA at ActiveOps said: “It’s positive to see that despite the current challenges facing financial services organisations, there is a growing demand for AI that is bolstered by a great deal of optimism about impact that it will have on operations teams and businesses as a whole. “Four out of five leaders are aware of the advantages that AI can bring, especially when it comes to managing and overseeing large scale operations, and that really is half the battle. Our research makes it crystal clear that belief in its potential aren’t the inhibitors to AI adoption. In fact, this is what will propel it into tech stacks across the UK and unleash the power of real time data.” https://lnkd.in/egm-A9pK Alex Henderson Helen Elma Harriet ActiveOps Bhavesh Vaghela Zoë Dudding Tom Bradley #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Sebi has proposed new rules holding financial entities fully accountable for AI-driven outcomes, emphasising data security, investor protection, and transparency in India’s rapidly digitising financial markets. #AI #SEBI https://lnkd.in/gaMmZict

Kleos: The MAS has introduced a quantum track under FSTI 3.0 to help FIs develop quantum capabilities in Singapore. This initiative includes three different types of grants. This initiative aims to help FIs set up AI innovation centers in Singapore for AI model building and training, deploying high-impact AI models, governance and risk management, and testing and monitoring. #AI #technology #risk #data #governance #regtech #esg #innovation

BSA | The Software Alliance submitted comments in response to the US Treasury Department’s (“Treasury”) Rulemaking restricting investments in certain national security technologies. Excerpts: * We are grateful for Treasury’s outreach to industry and other stakeholders. * We support Treasury’s goal of restricting investment that would accelerate the development of military, intelligence, surveillance, and cyber-enabled capabilities in countries of concern. * Treasury is right to recognize that: - Maintaining US engagement with global research networks and engineering talent, as well as visibility into the technology edge in countries of concern (e.g., AI-related applications in solar and wind technologies, advanced batteries, and next generation vehicles), are necessary for US enterprises to help solve pressing global challenges.   - Various circumstances have already reduced the attractiveness of countries of concern as investment destinations relative to countries that offer a greater degree of transparency, stability, & accountability * Treasury’s new outbound investment controls should be carefully calibrated to account for the foregoing circumstances and should be no more burdensome than necessary to achieve their intended aims. Specific recommendations: INTENT TO PIVOT * Treasury’s NPRM expands the scope of notifiable or prohibited investments to include situations in which a US person “intends to pivot an existing entity’s operations into a new covered activity.” * We support the objective behind this proposed language. However, we consider the current proposal to be unreasonably vague and overbroad – producing a potentially legally indefensible result that would be extremely difficult to administer. * We recommend that Treasury further refine this provision to clarify that an investor or its affiliated entity will be deemed to have demonstrated such an “intent to pivot” in situations in which the investor or affiliated entity has allocated some clearly defined, beyond de minimis capital in support of such a “pivot.” * Seeking to determine “intent” in the absence of *some* objective evidentiary indicia is notoriously difficult. We urge Treasury to clarify that an “allocation of capital investment” clearly substantiates the existence of such “intent.” FRONTIER AI MODELS The NPRM now newly requires notification of “transactions involving frontier AI models … defined based on a set of technical parameters.” Treasury defines “frontier AI model” with reference to specific technical parameters, i.e., “10∧24, 10∧25, or 10∧26 computational operations (e.g., integer or floating-point operations).” We recommend that Treasury align with the White House AI EO, whcih applies reporting requirements for “dual-use foundation models” to models with a computing power of 10∧26 integer or floating-point operations. This also accounts for the fact that some widely available commercial AI applications have been trained at the 10∧25 level. 

Sebi has proposed new rules holding financial entities fully accountable for AI-driven outcomes, emphasising data security, investor protection, and transparency in India’s rapidly digitising financial markets. #AI #SEBI https://lnkd.in/gXjnPuTG

🚀 The Hive 3.0 is Now Live! 🚀 I'm Happy to announce the launch of The Hive 3.0, our state-of-art AI platform that empowers businesses to build specialized AI solutions for a variety of use cases, including banking, legal, and investments. Powered by our eWave RAG engine, an integral part of The Hive ecosystem, The Hive 3 enables AI to analyze various types of data while ensuring the highest level of data security and user control. Use Cases Examples: 🏦 Banking: Enhance fraud detection, risk assessment, customer service, and credit analysis. ⚖️ Legal: Streamline contract review, case analysis, and compliance monitoring. 📈 Investments: Improve portfolio management, market analysis, and trading strategies. The Hive 3.0: 🌟 eWave RAG: The Strongest RAG Solution in market. 🔒 Data Security: Your data is safe, each user has full control over their data, and we prioritize the protection of sensitive information. 🌐 Multiple AI Deployment: Deploy and share AI instances easily. 📊 Massive Data Capacity: Up to 2TB for premium users, more for enterprise 🌍 Limited Access: Currently available in approved regions only. Stay tuned for more updates on The Hive 3!  www.ewavetec.com

We are very thankful to the Secretary for Financial Services and the Treasury Christopher Hui for introducing the InvestLM to the attendees of the Hong Kong Fintech Week 2024 today. The Policy Statement on Responsible Application of AI in the Financial Market, issued today by the Financial Services and the Treasury Bureau, has also encouraged financial institutions to make use of this and other AI models and infrastructures. Developed by HKUST’s research team, InvestLM is Hong Kong's first open-source large language model (LLM) for financial generative AI (GenAI) applications. At HKUST, we are delighted to contribute our expertise and computing resources to support the local financial industry, particularly small-to-medium financial firms, in leveraging the model's robust capabilities in generating financial text. We will soon offer a web-based interactive GenAI service for users of registered financial firms, utilizing this financial domain-specific LLM. Trained extensively on financial texts, InvestLM can provide more accurate, helpful and relevant responses in analyzing and generating financial text than general-purpose LLMs, thereby enhancing the work efficiency of finance and investment professionals. We look forward to collaborating with the financial sector to harness the full potential of GenAI for various value-adding applications. The Bureau's Policy Statement is accessible at the following link: https://lnkd.in/gNWENERQ #HKUSTBusinessSchool #HKUST #Fintech #GenerativeAI #LLM

IoD Finance and FinTech Group - AI Act and its impacts on the European financial sector With the recent adoption of the Artificial Intelligence (AI) Act, the European Union has solidified its leadership in AI regulation globally. This landmark legislation marks a crucial step towards promoting responsible AI use in the financial sector and harnessing its benefits for European citizens. However, there's much work ahead to fully implement the AI Act and realize its potential. Here's how the AI Act will impact the finance sector: Heightened Requirements for AI Applications: The AI Act introduces stricter requirements for high-risk AI use cases in finance, such as creditworthiness assessments and insurance risk evaluations. European standardization bodies will further develop these requirements, and national competent authorities (NCAs) will ensure compliance. Regulation of General Purpose AI Systems: The Act imposes new obligations on general-purpose AI systems, including large language models and generative AI applications. Financial institutions, collaborating with service providers like Bigtechs, are exploring these tools, anticipating their mainstream adoption soon. Oversight and Enforcement: The establishment of the European Commission's AI Office will oversee compliance with rules for general-purpose AI systems. Financial institutions remain responsible for outsourced tools and services, with oversight frameworks like the Digital Operational Resilience Act playing a supportive role. Existing AI Use Cases: Most AI applications in financial services will continue under existing legislation. Supervisors will assess the adequacy of current rules for areas like claims management and fraud detection, considering factors like proportionality and accountability. European Data Strategy: Legislation such as the Data Act and the Data Governance Act complements the AI Act, enabling access to diverse datasets for innovation in financial products and services. Financial Data Access Regulation (FiDA): FiDA aims to open consumer data held by financial institutions to third parties, fostering competition and empowering consumers to make informed choices. Supervisory Challenges and Opportunities: NCAs must integrate new frameworks into their supervisory activities and embrace technologies like Suptech for more efficient oversight. Initiatives such as the ESA's Digital Finance Supervisory Academy support upskilling efforts. International Cooperation: Promoting convergence with emergent European regulations at the international level, such as the IAIS's forthcoming AI application paper, will ensure harmonized approaches across borders. As valued members of IoD Finance and FinTech Group, let's stay informed and engaged as we navigate these transformative changes in AI regulation. 🚀🔍 #AIRegulation #Finance #Fintech #EuropeanUnion

Did you know that 94% of financial services firms in Europe are making some level of investment in AI? Given the European Council’s recent approval of the Artificial Intelligence Act, my colleague Tom Carey highlights the findings of our Digital Transformation and Next-Gen Tech Study and how firms can prepare for the upcoming regulation. Read it in Global Trading. http://spklr.io/6044vQos