By South China Morning Post | Created at 2024-11-07 14:02:05 | Updated at 2024-11-07 16:37:04
2 hours ago
Singapore-headquartered Ant International said it has developed an AI model that predicts currency exchange rates on an hourly basis for both inbound and outbound transactions, which would help businesses reduce transaction costs and better allocate resources, the company said in a statement on Thursday.
“Integration of AI into the processing of cross-border transactions is of critical importance to further strengthening global trade and commerce, especially for SMEs who up to now can’t afford real-time global settlement services,” Ant International CEO Yang Peng said in the statement.
To address potential risks, Ant’s new FX model, which consolidates hundreds of existing models, provides mechanisms that allow human intervention in case of discrepancies between the new model and previous ones, according to Yang.
Ant International has also spent two years developing Know Your Customer, a tool to detect cyberattacks enabled by generative AI (GenAI) applications such as deepfakes, the company said. It added that the new tool’s interception success rate exceeds 99 per cent.
