Artificial Intelligence

10 High-Potential Fintech Firms Chosen for 11th Annual Fintech Innovation Lab New York

Ten high-potential technology firms have reportedly been chosen for 11th Annual Fintech Innovation Lab New York. As noted in the announcement (published on April 7, 2021), Fintech solutions aim to leverage AI and advanced data analytics to “address key industry challenges including sustainability.” As mentioned… Read More

IDNow Says Germany’s Recent Decision to Allow Video ID Validates Strategy

On April 1, 2021, the German Federal Network Agency (Bundesnetzagentur) posted an update on “electronic trust services” in regards to video identification. Pointing to this update, IDNow said the decision to allow AI (artificial intelligence) based identification methods for new use cases in Germany is… Read More

OCC, CFPB, FDIC, NCUA and Federal Reserve Join in Request for Information on Artificial Intelligence and Usage in Financial Services

In a joint statement today, five federal financial regulatory agencies announced a consultation pertaining to the usage of artificial intelligence (AI) as well as machine learning (ML) within financial institutions. The agencies seek information from the public on how financial institutions use AI in their… Read More

Financial Risk Fintech Feedzai Raises $200 Million led by KKR, Valuation Tops $1 Billion

Feedzai, a cloud-based financial risk management platform, has raised a $200 million Series D round led by KKR, with participation from existing investors Sapphire Ventures, and Citi Ventures. Feedzai said the funding placed a valuation on the firm in excess of $1 billion. The company… Read More

AI enhanced Fundbox, a Credit Platform for B2B Commerce, Reveals how to Apply for Online Financing without Collateral

The team at Fundbox, an AI-driven credit platform for B2B commerce, recently published a blog post that looks into the possibility of getting a business loan without providing collateral. Fundbox’s blog post notes that when we are planning to expand our business, many of us… Read More

Banking Circle Survey: 42% of Senior Bankers Say Outdated Tech Is Major Hurdle in Adopting AI to Improve AML Processes

Banking Circle, a financial infrastructure developer, notes that the rapid and widespread digital adoption by banking clients, and the accelerated digitalization across financial services following the COVID-19 outbreak have “expanded the opportunity for fraud.” Criminals are increasingly exploiting “gaps” found between digital solutions or platforms,… Read More

Pagaya Announces Expansion of PAID Shelf With $900 Million Pre-Funded Consumer Credit Deal

  Pagaya, an artificial intelligence (AI) powered investment manager, announced on Tuesday the expansion of the Pagaya AI Debt Selection Trust (PAID) shelf with $900 million committed. According to Pagaya, the demand for this PAID issuance was evidence of investors deeply trusting the platform as… Read More

Money Laundering via Global Financial System Estimated at Up to $2T Annually, AI Models May Address Issues, Banking Circle Explains

Banking Circle, a financial infrastructure developer, notes that McKinsey has found that around $800 billion to $2 trillion has been laundered annually via the international banking system. Banking Circle reveals that criminals keep using more sophisticated methods to launder funds, which may put the reputations… Read More

OurCrowd Announces Global AI Innovation Center, Selects Hasanat Dewan as Chief Innovation Officer

Top global investment platform OurCrowd has appointed Dr. Hasanat Dewan as Chief Innovation Officer.  Simultaneously, OurCrowd announced a Global AI (artificial intelligence) Innovation Center at an undetermined location. According to OurCrowd, Dr. Dewan will oversee the development and deployment of OurCrowd’s next-generation platform, supporting a… Read More

European Commission Calls for a Digital Decade

The European Commission has shared its vision for the digital transformation of Europe by 2030. The policy initiative is an all-encompassing approach to many aspects of the economy and daily existence. The EU states that this builds on the Commission’s digital strategy of February 2020…. Read More

Indonesia: Crowdo Launches Incorporates Digital Banking with SME Services

Crowdo has announced the launch of a new platform in Indonesia that is described as the first “SME digitalization platform powered by Neobank technology.” According to Crowdo, the platform seeks to help businesses digitalize their operations that improve supply chain operations with financial and banking… Read More

Skymind Announces First AI Investments as Part of $800 Fund

Skymind has announced its first cohort of investments from its $800 million AI fund. Skymind has invested in six startups that are leveraging AI to improve the performance of different industries and sectors across the globe. Skymind is an open-source enterprise deep-learning software company and… Read More

Swiss Stock Exchange Operator SIX Takes Majority Stake in AI Platform Orenda

SIX, the operator of the Swiss and Spanish Stock Exchanges, has taken a majority stake in Canadian AI platform Orenda Software Solutions. SIX states the acquisition is a step is part of its strategy to help its customers drive more insights with data and analytics… Read More

Scotiabank Unveils AI-Driven Technology to Improve the Customer Experience

  Canadian banking group Scotiabank announced earlier this week the launch ofC.MEE, which is described as a new technology that uses big data and artificial intelligence (AI) to enable even better customer experiences (CX) with the bank’s platform.  According to Scotiabank, C.MEE uses the banking… Read More

Israeli Fintech Mirato, which Uses AI and Natural Language Processing for its Risk Management Solution, Secures $9M in Capital

Israel-based Mirato, a company that has developed an AI-enhanced third-party risk management platform (TPRM) for financial services providers, has secured $9 million in capital. Mirato’s investment round was led by Grove Ventures along with contributions from Janvest Capital Partners (co-leader), American Express Ventures, iAngels and… Read More

Warburg Pincus Invests $75 Million in Personetics, an AI Firm Providing Proactive Engagement for Financial Services

Warburg Pincus LLC has invested $75 million into Personetics, an artificial intelligence (AI) firm providing proactive engagement for banks and other financial services firms. Terms of the investment were not disclosed. Personetics has created an AI software platform for global banks. The service is currently… Read More

Dr. Joshua Ellul: Chairman of Malta Digital Innovation Authority Explains how AI, IoT, Blockchain based Smart Contracts are Improving Digital Economy

We recently caught up with Dr. Joshua Ellul, the Chairman of Malta Digital Innovation Authority and Director of Centre for DLTs, University of Malta. Dr. Ellul discussed how blockchain-based smart contracts are streamlining routine business processes. He also talked about his research interests which include… Read More

Abaka, which Improves Financial Wellbeing by Offering AI enhanced Financial Advice, Explains how to Better Understand Customer Behavior

London-based Abaka, which improves financial wellbeing by offering affordable financial advice powered by artificial intelligence (AI), notes that companies across different categories and markets aim to deliver the appropriate messages to their target clients, at the best time, using the most engaging channels. Traditional approaches… Read More

Personal Finance Survey Reveals that 67% of Individuals Trust Robots More than Humans to Manage their Investments

We’ve been trusting robots to manage money more than we “trust” ourselves, according to a recent study from Oracle and personal finance specialist Farnoosh Torabi. The global survey of over 9,000 individuals across 14 different countries revealed that the COVID-19 pandemic has “increased finance-related stress… Read More

Insurtech Lemonade, Powered by AI and Behavioral Economics, Selects Bestow Life Insurance Platform

Lemonade (NYSE:LMND), a fast-growing Insurtech that emerged as one of the most successful initial public offerings of 2020 (and recently launched life insurance), has teamed up with Bestow, a “full-stack” life insurance firm. Powered by Bestow’s Protect API, Lemonade clients may apply for “instant,” and… Read More

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