Recently, super typhoon Mangkhut ravaged Asia, holding millions of people at a standstill across Guam, Philippines, Taiwan, Hong Kong, Macau, and mainland China. It was the strongest typhoon to hit the Philippines in five years, and the strongest to hit Hong Kong since 1983. Barely a week afterward, the US suffered from a natural disaster: Hurricane Florence. Natural disasters are inevitable, and while we cannot stop them altogether, technology is opening up more sophisticated and efficient ways to minimize the damage they cause. Consensus AI is a powerful ally for governments in several aspects of operations, including predicting the outcome of an impending calamity and speeding up disaster response time, ultimately ensuring fast responses during critical times.
AI seems to be well on its way to becoming the most overused buzzword of the tech industry, but don't be put off by the hype. Some fintech companies in Asia are actually making use of natural language processing or machine learning for detecting fraud and making investment decisions. I recently interviewed two CEOs--Simon Loong from the Hong Kong unicorn WeLab and Jianyu Tu from MioTech--to better understand some of the recent developments in AI in Asia's fintech industry. Philippe Branche: First, could you describe your company in a few words? Simon Loong: WeLab is a fintech company providing seamless digital financial services.
Other money supply categories include M1, M2, and M3. In essence, each category is successively less liquid than the next with M1 representing the physical money supply, therefore being the most liquid and useful for cash transactions. By dividing M0 by M2, economists can determine the ratio of people in a national economy who rely on cash for payments. China's M0/M2 ratio is the third lowest, behind only the UK and Hong Kong, at 3.79 percent. By contrast, the U.S.'s is 21.92 percent, one of the highest in the world, indicating its citizens rely on cash 5.8 times more than the Chinese.
Artificial intelligence (AI) is set to play a key role in the future of financial services and more broadly in what UBS and the World Economic Forum refer to as the "Fourth Industrial Revolution." The global economy is on the cusp of profound changes driven by "extreme automation" and "extreme connectivity." In this changing economic landscape, AI is expected to be a pervasive feature, allowing to automate some of the skills that formerly only humans possessed. In the financial services industry in particular, there has been a lot of noise around the potential of AI and data supports that investors are excited about the impact the technology could have across the industry. VC-backed fintech AI companies raised approximately US$2.22 billion in funding in 2018, nearly twice as much as 2017's record.