Who's Leading the AI Charge? - Issue #479 August 1st, 2024

FTC Chair Lina M. Khan, together with international antitrust authorities and the Department of Justice's Antitrust Division, released a joint statement emphasizing their dedication to preserving competitive practices within the artificial intelligence (AI) sector. The declaration underscores a collective effort to maintain a fair marketplace that benefits both consumers and businesses. By focusing on the AI ecosystem, these regulatory bodies aim to foster an environment where innovation can thrive without being stifled by monopolistic practices. This initiative reflects a broader commitment to ensuring that competition remains robust and that all participants in the market are treated equitably.

Delve into the revolutionary influence of artificial intelligence (#AI) and emerging technologies on the finance and banking sectors. These advancements are driving significant changes, from creating tailored deposit strategies and novel unsecured lending options to introducing sophisticated wealth management tools and real-time fraud detection systems. Witness how technology is redefining every aspect of the industry, offering more personalized and efficient services while enhancing security and innovation.

We, at Flywire, are looking for an experienced Senior Manager, Software Engineering, ideally with a background in FinTech.

Reorg is seeking a London-based Senior Market Analyst/Data Relationship Manager to join our team of experienced, successful and highly motivated individuals at one of Fixed Income's fastest-growing and most successful market coverage disruptors.

We’re just starting out on this journey with Generative AI and looking to build the founding AI/ML team that will bring the power of AI to BlackLine’s customers.

Nigeria has launched a government-led initiative aimed at training 1,000 citizens each year in advanced technologies, such as artificial intelligence and blockchain. This program reflects the country's ambition to position itself ahead of other global economies by equipping its workforce with the skills needed to thrive in the rapidly evolving tech landscape. The initiative underscores Nigeria's commitment to harnessing the potential of these technologies to drive economic growth and innovation.

The Nigerian banking sector is poised for a major transformation with the integration of artificial intelligence (AI). Tier 1 banks in the country stand to gain numerous benefits from AI adoption, including enhanced customer service, increased efficiency, improved security, and better risk management. Additionally, AI will enable personalized banking experiences, cost savings, competitive advantages, compliance with regulations, advanced data analytics, and foster innovation within the industry.

Chinese start-up Shengshu AI has launched its text-to-video tool Vidu for global users, supporting both Chinese and English text prompts. Available through its official website, this tool marks Shengshu AI's effort to compete with similar offerings from companies like OpenAI's Sora, Zhipu AI, and Kuaishou Technology. Registered users can generate short video clips of four or eight seconds in length.

As generative AI continues to surge, the future of automation in fintech is becoming increasingly apparent. While this trend raises concerns about job security, the reality is likely to be more collaborative. The artificial intelligence in fintech market, valued at $17 billion in 2024, is projected to grow to $70.1 billion by 2033, with a CAGR of 17%. This rapid expansion is expected to disrupt the industry, driving both efficiency and uncertainty. Nonetheless, early adopters of automation in fintech are poised for a more collaborative future.

UK-based fintech company Aveni has raised £11 million ($14.1 million) in a Series A funding round, led by Puma Private Equity with participation from Par Equity, Lloyds Banking Group, and Nationwide. The investment aims to accelerate Aveni's development of advanced artificial intelligence products and large language models tailored for the financial services industry, leveraging the company's AI expertise and deep understanding of the sector.

Artificial intelligence (AI) is no longer limited to specialized AI firms, as many of India's leading startups across various sectors, including e-commerce and fintech, are now adopting the technology. A recent EY report reveals that approximately two-thirds of India's top 50 most valued unicorn startups are utilizing AI or generative AI technology. This trend indicates that startups have been more proactive in embracing AI compared to traditional companies.