Leading with AI - Issue #476 July 11th, 2024

A United Nations report released Thursday highlights China's significant lead in securing generative AI patents, surpassing international competitors. The findings indicate that China is far ahead of the United States and other nations in the quest for dominance in this pivotal technological arena.

In a recent podcast, Shashank Shekhar, Co-founder and Head of Consulting at The Digital Fifth, and Alok Kumar, Chief of Engineering at Perfios, explored the transformative impact of Generative AI (GenAI) in fintech. They noted that GenAI can enhance personalization, detect fraud, and automate processes, despite challenges such as costs and data needs. They suggested that banks can adopt GenAI using cloud services or pre-trained models, predicting that as GenAI evolves, it will become a fundamental tool in fintech.

The National Information Technology Development Agency (NITDA) announced plans to set up research hubs focusing on emerging technologies such as artificial intelligence (AI), the internet of things (IoT), and blockchain across Nigeria’s six geopolitical zones.

European central bank officials aim to avoid over-regulating artificial intelligence (AI) amid uncertainty about its impact on the financial sector. Speaking on a panel about financial AI regulation on July 2, Denis Beau, deputy governor of the Banque de France, noted that supervisors have observed financial institutions using AI in many parts of the value chain already.

UBS has noted changes in the interactions between customers and bank employees due to artificial intelligence, according to Sabine Keller-Busse, President of UBS Switzerland, as reported by Reuters.

Apple Intelligence is set to be the most significant enhancement for the iPhone, Mac, and iPad this year. The upcoming releases of iOS 18, macOS Sequoia, and iPadOS 18 this fall will introduce numerous Apple Intelligence features, although they will initially be labeled as beta.

As artificial intelligence (AI) starts to transform global finance, Singapore is emerging as a leader in innovation. The city-state aims to become an AI hub, with financial institutions eager to utilize this technology to improve their services and operations. To understand this dynamic field, we interviewed Prateek Sanghi, Head of Visa Consulting & Analytics for Asia Pacific, discussing the convergence of AI and financial services in Singapore and beyond.

Riga-based Sun Finance, a prominent name in the online lending industry, is poised to enhance its operations through artificial intelligence (AI). “I think it’s quite simple: the one who knows how to use AI best will get the most out of it,” Toms Jurjevs, Founder and CEO of Latvian fintech Sun Finance, told The Baltic Times Magazine.