Global fintech leader leverages AI to extract value from datasets

Artificial intelligence (AI) is not just a buzzword, but a valuable tool in the fintech sector that helps clients extract value from vast amounts of data, said an industry insider at the just-concluded Swift International Banker's Operation Seminar 2024 (Sibos 2024) in Beijing.

This year's Sibos was held from Monday to Thursday, marking the first time the Chinese capital has hosted this annual event.

Over 10,000 participants from more than 150 countries and regions gathered to discuss a wide range of topics, including payments, digital assets, trade financing, AI, and sustainable finance.

The integration of AI with financial services was one of the most discussed topics at the event. David Runacres, president of the Asia-Pacific region at leading global fintech company Broadridge, emphasized that the firm is leveraging AI to deliver high-value, high-speed services.

"I think what's changing is now people are starting to understand what they can do with AI. It's not just a sexy search engine anymore. We've got a lot of projects with inside the firm where we're actually taking AI and solving actual problems with it. Whereas it is an experiment at the moment, it does show us being able to do something that provides both high value and high speed to market for us and our customers. So I think that's what's changing with fintech in terms of AI is that it's becoming something actually useful and not just a buzzword," said Runacres in an interview with China Global Television Network (CGTN).

Runacres especially highlighted the critical role of AI in managing vast datasets to reduce costs.

"A lot of our customers have extremely large data requirements. They are looking at terabytes and petabytes of data to do their business, looking at historical data about trades. And these aren't things that most customers can manage themselves. They need to manage those in very large cloud-based environments and be able to use software, things like Snowflake, to be able to get through that data and derive value from that. I think a lot of the problems that our customers come to us with today is how can they derive value at a massive data without costing the millions and millions in management and storage of that data," he said.

Global fintech leader leverages AI to extract value from datasets

Chinese Vice Premier Ding Xuexiang met with representatives of the advisory board of the Tsinghua University School of Economics and Management in Beijing on Friday. Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said that China's economy continues to be on a generally steady, sound and upward trajectory.

China is accelerating the implementation of a package of incremental policies to strive toward achieving its annual economic and social development goals, Ding said.

Noting that China's economic advantages in various areas are being consolidated and enhanced, and the development momentum stimulated by reform and innovation is getting stronger and stronger, Ding said that those will effectively promote the stability and long-term development of China's economy.

Reiterating that China remains firmly committed to supporting economic globalization and will continue to be more open to the outside world and eager to share development achievements with the world, Ding expressed his hope that all members of the advisory board will continue to actively provide insights and support the development of China's economy and education sector.

Tim Cook, chairman of the advisory board and other representatives spoke at the meeting, saying that China has many development opportunities in the future and expressing their willingness to continue expanding investment and cooperation with China to strive for mutual benefit and win-win outcomes.

Chinese vice premier meets Tsinghua University advisors