AI Shapes FinTech - Issue #473 June 20th, 2024

Ant Group invested 21.2 billion yuan (US$2.9 billion) in technology last year, focusing on artificial intelligence to spur innovation for consumers, small and micro enterprises, and partners, according to its latest sustainability report. The Alibaba Group affiliate has increased its R&D spending by 12.7% annually since 2021. Over 87 million small and micro-sized enterprises have benefited from Ant's technology, aiding their digitalization efforts, the report noted.

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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/

Ashley Fox, CEO and Founder of Empify and former Wall Street analyst, joined Bloomberg Radio to discuss her fintech startup, which focuses on helping people build wealth. Fox has transitioned from her Wall Street career to become a worldwide wealth-building educator.

Director, Security Engineering & Operations

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The venture capital and incubation arm of the world’s largest crypto exchange is advancing AI technology-focused integration with blockchain in its latest investment. Binance Labs announced its investment in Zircuit, a new Layer-2 network with AI-enabled "sequencer level" security.

U.S. banking customers are increasingly open to the idea of artificial intelligence (AI) in their personal banking, according to a new report. The Banking Disruption Index from GFT reveals that 44% of U.S. consumers are content with AI in their banking experience, provided they have visibility into its use. They also have strong opinions on which banking functions AI should be involved with.

Climate change and advancements in artificial intelligence could transform fintech, according to a report by venture capital firm Team8's Venture Creation Fintech fund. The report, published earlier this year, explores the potential impacts of these factors on the industry's future.

Remote working fintech Deel has introduced a new AI tool designed to enhance various tasks. Deel states that this AI tool helps double-check compliance rules and assists in analyzing global workforce data, enabling faster and smarter business decisions using AI. As explained in a blog post, users can simply ask questions, and Deel AI provides answers, reports, and data.

Iana Dimitrova, CEO of OpenPayd, noted the market has "recalibrated," now valuing businesses with proven use cases and solid models, unlike three to four years ago when massive VC funding backed ambitious ideas. Despite lighter attendance, FinTech funding has dropped from a record $238.9 billion three years ago to $113.7 billion last year. Nium CEO Prajit Nanu highlighted that investors' focus on AI has sometimes overshadowed FinTech innovations.

Unforeseen advancements in financial technology (fintech) continue to transform the financial landscape and consumer experiences. Innovations such as digital payments, blockchain, artificial intelligence, and data analysis have significantly improved transaction speed, efficiency, and security. However, their rapid evolution makes predicting the future trajectory of fintech challenging.