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Singapore puts $288M focus on digital transformation to help firms cope with pandemic fallout

ZDNet

Singapore is allocating more than SG$500 million ($288.26 million) to support local businesses in their digital transformation efforts, which increasingly are imperative for enterprises to deal with the fallout of the COVID-19 crisis. Specifically, the funds will go towards facilitating companies in their adoption of e-payments, e-invoicing, as well as more advanced digital tools. The pandemic had accelerated the pace of digital transformation, with telecommuting, online food and services, and virtual events now the norm. "Our businesses must adapt and we will support them in this," said Singapore's Deputy Prime Minister and Finance Minister Heng Swee Keat, during his speech Tuesday to announce the government's Fortitude Budget. Some compromise in personal privacy has been deemed necessary in countries such as Singapore, Taiwan, and South Korea that have turned to technology to aid in contact tracing and movement monitoring, but there are questions citizens should still ask to protect their cyber wellbeing.


Machine Learning, Artificial Intelligence & the Future of Accounting - Business Partner Magazine

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Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. Do you fear that machine learning will replace accountants and bookkeepers in the future? The integration of various forms of technology, including machine learning, cloud computing, and multiple types of automation, in different industries, might seem daunting to the accountants. But, take a deep breath!


SparkCognition and Milize to Offer Automated Machine Learning Solutions for Financial Institutions to the APAC Region – IAM Network

#artificialintelligence

SparkCognition, a leading industrial artificial intelligence (AI) company, is pleased to announce that Japanese AI and Fintech company, MILIZE Co., Ltd. will offer Japanese financial institutions fraud detection and anti-money laundering solutions. These solutions will be built using the automated machine learning software of SparkCognition. With the enormous increase of online payment, internet banking, and QR code payments, illegal use of credit cards is on the rise. However, there are not many Japanese companies that have introduced advanced solutions for fraud detection that currently exist internationally. In addition, financial authorities and institutions around the world are expected to report strengthened measures against money laundering in August 2020.


Top 8 digital payment trends for 2020 - Fintech News

#artificialintelligence

Economics, money, and the way we make payments have undergone several changes since the time of the Stone Age. In a sense all these are key indicators of our progress as a species. The primitive methods indicated our primitive way of living. Similarly, the current payment methods powered by cutting-edge technology boast our technological achievements of today. Digitization of payments was a huge jump towards the goal to achieve an easy, convenient, fast, and secure payment method.


7 Ways Data and AI Can Be Used to Trick and Deceive the Public

#artificialintelligence

Deepfake videos and altered videos are getting so advanced that they are increasingly harder to spot. Many believe AI deepfake tools, that allow people to superimpose the face of a politician or actor onto a video and also convincingly replicate their voice, could be a real threat to democracy. In May 2019, Donald Trump posted a video that had gone viral of Nancy Pelosi appearing to drunkenly slur her way through a speech. The video was quickly debunked -- someone had altered the original footage to slow down Pelosi's speech while raising the pitch to make it sound like natural slow speech. The video was viewed millions of times and Trump, notably, didn't remove the video from his social media after it was debunked.


Council Post: AI Adoption Is On The Rise

#artificialintelligence

It's too early to quantify the economic impact of the global COVID-19 pandemic, but because of this outbreak compounded with the U.S.-China trade war, global supply chains and businesses linked to the world's second-biggest economy are being impacted. As I sit here in Singapore and monitoring the spread of the outbreak in Asia and beyond, the mounting human cost is also especially of deep concern to me. But even amid adversity comes the opportunity for innovation and invention. Chinese tech companies Alibaba, Tencent and Baidu have opened their artificial intelligence (AI) and cloud computing technologies to researchers to quicken the development of virus drugs and vaccines. U.S.-based medical startups are using AI to rapidly identify thousands of new molecules that could be turned into potential cures.


Resource Management for Blockchain-enabled Federated Learning: A Deep Reinforcement Learning Approach

arXiv.org Machine Learning

Blockchain-enabled Federated Learning (BFL) enables model updates of Federated Learning (FL) to be stored in the blockchain in a secure and reliable manner. However, the issue of BFL is that the training latency may increase due to the blockchain mining process. The other issue is that mobile devices in BFL have energy and CPU constraints that may reduce the system lifetime and training efficiency. To address these issues, the Machine Learning Model Owner (MLMO) needs to (i) decide how much data and energy that the mobile devices use for the training and (ii) determine the mining difficulty to minimize the training latency and energy consumption while achieving the target model accuracy. Under the uncertainty of the BFL environment, it is challenging for the MLMO to determine the optimal decisions. We propose to use the Deep Reinforcement Learning (DRL) to derive the optimal decisions for the MLMO.


AI and ML move into financial services ZDNet

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Depending on who you ask, artificial intelligence (AI) and machine learning (ML) are at different stages of maturity in the finance industry, but there is widespread agreement that the technologies are trending upward. This ebook, based on the latest ZDNet / TechRepublic special feature, advises CXOs on how to approach AI and ML initiatives, figure out where the data science team fits in, and what algorithms to buy versus build. On a global scale, AI is expected to become a major business driver across the financial services industry, according to the World Economic Forum (WEF). Seventy-seven percent of finance executives anticipate AI "to possess high or very high overall importance to their businesses within two years," according to the findings of a WEF survey released in January. Specifically, AI will be incorporated into generating new revenue potentially through new products and processes; process automation; risk management; customer service; and client acquisition within the next two years, according to 64% of the WEF survey respondents.


Automate the dull stuff: Transforming Construction

#artificialintelligence

Back in August 2019 I revealed our £36 million R&D competition to transform construction. Would there be enough talented tech companies ready to disrupt in this £386 billion industry? Was the sector ready to transform? The construction sector has a problem: cheapness. Throughout the industry, cheapness, not value is systemic.


AI legal service uses technology to help users get bill extensions for coronavirus-related hardships

Daily Mail - Science & tech

A company known for its AI-powered legal services wants to use its technology to help people experiencing coronavirus-related financial hardships get extensions on their bills. The new service from DoNotPay is designed to automate the process of producing waivers for rent, credit card, or utility bill payments in the face of financial hardships related to an ongoing coronavirus pandemic that has sidelined many people from their jobs. Specifically, the service automatically identifies bills that are eligible for an extension or late fee waiver and then drafts a'compassionate and polite request' to the relevant party. If the request is denied, DoNotPay say it will send a second correspondence citing relevant stat or local laws that allow for such a request. Among the laws are those enacted by California and New York which prohibit landlords from imposing fees or evicting tenants while the pandemic continues.