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Ant International rolls out forex AI model, onboarding six major banks
The upgraded model is positioned to cut foreign exchange hedging and allocation costs by over 60%, as Ant International said.
Ant International launched an upgraded AI model for foreign exchange, adding six large global banks as financial institution partners as banks accelerate adoption of specialized AI tools for liquidity risk management, Reuters reported.
The Singapore-based fintech rolled out its Falcon Time-Series Transformer Model 2.0 and signed up banks including Citi, HSBC, Deutsche Bank, Standard Chartered, and Barclays, according to Kelvin Li, Ant International’s general manager of platform tech.
Ant International said it expects precise FX forecasting to reduce FX hedging and allocation costs by more than 60%, framing the model as a way to lower costs in FX decision-making.
Reuters also reported that Ant International, an overseas affiliate of Ant Group founded by Jack Ma, raised $1.2 billion last month in its latest equity fundraising as it seeks to expand.