Key facts
- Ant International launched its Falcon Time-Series Transformer Model 2.0.
- Six major global banks, including Citi, HSBC, Deutsche Bank, Standard Chartered, and Barclays, are adopting the AI tool.
- The AI model is designed to manage liquidity risks in financial scenarios.
- The tool is projected to reduce foreign exchange hedging and allocation costs by over 60%.
Ant International, an affiliate of Jack Ma-founded Ant Group, has launched an upgraded artificial intelligence model, the Falcon Time-Series Transformer Model 2.0, designed for financial scenarios. The Singapore-based fintech company has partnered with six major global banks, including Citi, HSBC, Deutsche Bank, Standard Chartered, and Barclays, to adopt the specialized AI tool for managing liquidity risks.
According to Kelvin Li, Ant International's general manager of platform tech, the model offers an advantage over general-purpose large language models in the financial sector. He stated that precise forecasting capabilities can lead to a reduction in foreign exchange hedging and allocation costs by over 60%.
The launch aligns with a broader trend of financial institutions accelerating the integration of AI into their core operations. Ant International recently raised $1.2 billion in its latest equity fundraising round to support its expansion efforts.