Ant International, a global digital payment service provider, has integrated artificial intelligence (AI) into its operations to secure cross-border transactions for merchants across over 200 global markets.
Yang Peng, CEO of Ant International, says the dedicated focus on AI innovations will be key to driving success in the cross-border payment and financial service industry at a panel discussion during the 2024 Singapore Fintech Festival.
“Integration of AI into the processing of cross-border transactions is critical to further strengthening global trade and commerce, especially for SMEs who now can’t afford real-time global settlement services. In deploying AI in merchant services, enhanced fraud detection and prevention against new scamming schemes like deepfakes is as important, if not more important, as increasing operational efficiency,” says Yang Peng, Chief Executive Officer of Ant International.
With this move, Ant International can now predict currency exchange rates.
The new AI-powered FX model can consolidate hundreds of existing models into a single, more accurate system. However, relying heavily on one model to process millions of daily transactions also introduces risks.
Advancements in generative AI, particularly deepfake technologies, are posing significant security challenges for financial institutions, as these sophisticated forgeries are increasingly difficult for humans to detect. To counteract AI-assisted cyberattacks, Ant International has developed an anti-deepfake electronic Know Your Customer (e-KYC) tool over two years. This tool has an interception success rate exceeding 99%, according to Mr. Yang.
OCBC and Ant International signed a Memorandum of Understanding (MoU) on Tuesday to focus on achieving 24/7 real-time transactions between Singapore and Malaysia via Ant International’s Whale platform using AI and innovations to improve efficiency and transparency.
