These four new solution accelerators help financial services and insurance firms solve complex business challenges by discovering meaningful relationships between events that impact one another (correlation) and cause a future event to happen (causation). Following the success of Synechron's AI Automation Program – Neo, Synechron's AI Data Science experts have developed a powerful set of accelerators that allow financial firms to address business challenges related to investment research generation, predicting the next best action to take with a wealth management client, high-priority customer complaints, and better predicting credit risk related to mortgage lending. The Accelerators combine Natural Language Processing (NLP), Deep Learning algorithms and Data Science to solve the complex business challenges and rely on a powerful Spark and Hadoop platform to ingest and run correlations across massive amounts of data to test hypotheses and predict future outcomes. The Data Science Accelerators are the fifth Accelerator program Synechron has launched in the last two years through its Financial Innovation Labs (FinLabs), which are operating in 11 key global financial markets across North America, Europe, Middle East and APAC; including: New York, Charlotte, Fort Lauderdale, London, Paris, Amsterdam, Serbia, Dubai, Pune, Bangalore and Hyderabad. With this, Synechron's Global Accelerator programs now includes over 50 Accelerators for: Blockchain, AI Automation, InsurTech, RegTech, and AI Data Science and a dedicated team of over 300 employees globally.
Technology is and has always been a crucial part of finance. From the first promissory notes (banknotes) in the Netherlands and China, there was a race with counterfeiters that parasitically undermined trust. As in political communication, technology is the message, rather than merely "a tool": when it comes to money, trust is not just instrumental, it is fundamental. With cashless payments being the norm and social media platforms weαving an additional layer of involvement in our social data web – Amazon, Google, Facebook, Apple – Artificial Intelligence (AI) is already in our wallets, business, and financial affairs. In a non-western setting, one may refer to the Chinese "social rating" system, which allows the state to value and evaluate social behaviour patterns, creating a link to individual credit rating.
Chinese tech companies City Cloud and SoundAI have successfully raised $30 million and $15 million in separate funding rounds respectively. Cisco Investments and Country Garden Holdings co-led a $30 million (RMB200 million) Series B round in City Cloud International, a Hangzhou-based company focused on cloud computing and Big Data technologies, China Money Network reported. City Cloud disclosed the latest investment during the company's fifth anniversary, along with RMB500 million worth of credit from several banks. The company develops and sells Smart Connected Communities platforms and cloud computing services. It has subsidiaries in Beijing, Guangzhou, Shanghai, Chengdu, and Hong Kong.
Kingsoft Corp. cloud's computing brand is the world's leading cloud computing service provider and China's Top 3 cloud computing company. Founded in 2012, it has established data centers and operations in Beijing, Shanghai, Chengdu, Guangzhou, Hong Kong and North America. At present, Kingsoft has reached a valuation of 2.373 billion US dollars, becoming the independent cloud service provider in China with the highest market capitalization. Kingsoft cloud products include cloud service solutions for side industries such as games, video, government, healthcare, and finance. Kingsoft has been conducting research and practical applications of artificial intelligence, launching the four layered IaaS, Paas, SaaS industry solutions, which are applicable to various combined AI solutions and services in various industries. In 2018, Kingsoft launched the blockchain ecosystem plan, "Project-X", making full use of the advantages of the cloud to promote the development and application of blockchain technology. Bottos is an infrastructure that focuses on artificial intelligence. It possesses both an underlying public chain designed specifically for data property and a data flow platform for the entire artificial intelligence and its derivatives. A consensus-based, scalable, easy-to-develop, and collaborative one-stop application platform for data, models, computing power and storage of multi layered shared services through data mining and smart contracts.
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Friday) pleased to announce that it has entered into a memorandum of understanding (MOU) with Ping An Insurance (Group) Company of China Limited (Ping An) to explore possible areas of cooperation and collaboration in Fintech and data analytics to enhance the region's financial market ecosystem. HKEX Chief Executive, Charles Li, joined Ping An Chairman, Ma Mingzhe, in Shenzhen to mark the signing of the MOU. In attendance were other senior executives from HKEX and Ping An. HKEX and Ping An will work together to identify areas of collaboration, including Fintech solutions across different asset classes, as well as the application of data and Artificial Intelligence technology to support the mutual connectivity of the Mainland Chinese, Hong Kong and international markets. Ping An, which is a leading financial services provider in insurance, banking, and securities in China, has significant technology capabilities and is a provider of Fintech solutions to support other financial institutions on their digital transformation.