AI and finance

新闻

作者：ExpatShow


Towards a digital international monetary system

Digital currencies pose a new challenge to the international payments system • The creative destruction of AI must be mitigated • Microsoft bets $1.5 billion on G42 • A robot scarecrow attacks birds in Alaska • Welcome to Qant.

THE EVENT

AI and finance

Starting next Thursday, April 25, Qant is offering a monthly meeting to examine how AI is spreading across all financial professions: banking, insurance, markets, etc.

As we prepare in Europe for the entry into force of the AI Act, all financial players are concerned. Large financial companies must review already deployed AI and new use cases. Regulators and public authorities must ensure that customers and savers remain protected and that markets remain fair, orderly and transparent. Finally, fintechs and AI start-ups must adapt their offerings to an extremely rapidly evolving technological landscape.

Financial services, which generate immense quantities of data, were among the first to use artificial intelligence: the first deployments of expert systems date back to the 1980s. But deep learning is profoundly changing the situation. In financial services, generative AI will affect all professions: customer service such as risk models, human resources such as asset allocation, contract drafting such as compliance .
Sharing experiences

To encourage the exchange of experiences and best practices, Qant is joining forces with La Place Fintech-Defi, at the Palais Brongniart in Paris. A monthly meeting will bring together large financial companies, start-ups and governance institutions. At each meeting, the Qant Observatory of AI start-ups will take stock of the financing of new initiatives in AI.

Next Thursday, we will speak with Guillaume Lesage, COO of Amundi in charge of technologies, Patrice Amann, EMEA Financial Services Director at Microsoft, Thomas Rocafull of SIA Partners… and many others!

Qant subscribers benefit from a preferential rate; those who have chosen a paid subscription benefit from a free invitation.

Find out more: Eventbrite

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Digital currencies and the global economic order

From the IMF to the BIS, the Basel Committee to the ISO, every international financial regulator has produced reports on central bank digital currencies (CBDCs). But States continue to move forward in a dispersed manner, at the risk of fragmenting the international payments system.


“The difficult regulation of digital currencies” (Qant, M. de R. with Midjourney)

The 130 countries studying the move to a central bank digital currency (CDBC) represent 98% of the global economy. By 2030, 15 CBDCs open to the public and 9 interbank currencies will already be in circulation.

However, to date, nothing guarantees their interoperability. On the contrary, the major Brics countries, such as China, Russia and Brazil, are showing their desire to take advantage of CBDCs to “dedollarize” their trade (read Qant , August 25, 2023 ). Enough to raise fears of a fragmentation of the international system into separate islands, which would render the gains promised by digital currencies in vain.

A first ISO standard has been presented and Swift offers a digital payments system inspired by the current CLS. But the influential American think tank Atlantic Council illustrates the need to develop global standards, integrating economic stabilization mechanisms, data protection and sustainability.

Not even talking about AI.
THE EXPERT

Preparing for AI’s Creative Destruction

By Daron Acemoglu, economist at MIT


“Daron Acomeglu seen by Midjourney” (Qant, M. de R.)

“The creative process can be as destructive as Schumpeter thought. History shows that stubborn resistance to creative destruction leads to economic stagnation. But it does not follow that we should praise destruction. We would do better to view it as a cost that can be reduced by helping those left behind and, therefore, to regulate the process of technological change.”

“Social and economic relationships are excessively complex. When they are “ disrupted ,” all sorts of unintended consequences can follow .”
THE ESSENTIAL: Adobe, Baidu, Boston Dynamics, Microsoft, OZ-IT

ROBOTS

A robot scarecrow to scare away birds

Aurora, a Spot robot from Boston Dynamics, will keep birds away from the runways of Fairbanks Airport in Alaska.



The state of Alaska has just presented Aurora, a Spot robot from Boston Dynamics whose mission is to scare birds near the runways of Fairbanks International Airport. This project aims to reduce collisions between wildlife and planes, the cause of many accidents.

Aurora will patrol the Fairbanks Airport starting this fall, the start of the bird migration season. The robot stands out for its ability to imitate the movements of predators such as coyotes or foxes thanks to interchangeable panels. It is therefore supposed to deter birds and other animals from settling near airport infrastructure. Initial tests have shown that the robot can effectively ward off wildlife without resorting to the more invasive methods typically used, such as loud noises or paintball shots.

For more information: Good News Network
ARTIFICIAL INTELLIGENCE

Microsoft bets $1.5 billion on G42 • Microsoft has just invested $1.5 billion (1.4 billion euros)in the Emirati artificial intelligence firm G42, obtaining a minority stake and a seat on the board of 'administration. G42's AI applications will now use Microsoft cloud services. This partnership includes commitments from both companies on the security and responsible development of AI to the governments of the United States and the United Arab Emirates. Last October, G42 concluded an agreement to market OpenAI models in the Arabian Peninsula (readQantfrom October 20, 2023 ).For more information: Bloomberg

Chinese ChatGPT is increasingly convincing • Baidu has just announced that its AI assistant Ernie Bot exceeded 200 million users in March, compared to 100 million last December. Ernie Bot, integrated into certain mobile phones from Samsung and Honor, processes more than 50 million requests daily. According to Baidu CEO Robin Li, Ernie also serves 85,000 enterprise customers.Read more: Reuters , CNBC

An AI assistant for Acrobat • Adobe has just launched an AI assistant integrated into Acrobat, available via a monthly subscription starting at $4.99 (4.71 euros). Launched in beta in February (readQanton February 22 ), this tool allows users to understand and analyze the content of digital documents. It is also accessible via extensions for Microsoft Edge and Google Chrome browsers. The wizard can, among other things, generate summaries and locate specific information in documents.
For more: CNBC

DIGITAL CURRENCIES AND BLOCKCHAINS

London is honing its arms in cryptos • The British government plans to legislate on stablecoins and other activities of crypto players, such as staking,exchange and custody. Bim Afolami, Secretary of the Economy, announced that the law on these activities should be passed and applied this summer. Last year, a first law classified crypto-assets as part of financial activities, with the aim of making the United Kingdom a global center for cryptos.
Learn more: Coindesk , Pymnts

SECURITY

NSA recommends monitoring AI • The AISC, the AI security center created by the US NSA last September, recommends that defense suppliers take special care of the AI systems they deploy. In particular, according to the new directives, they must secure APIs and control access to models, but also monitor their behavior and protect their weights, making any modification difficult.
Find out more: The Cyber Express

AI to detect intruders • Slovenian startup OZ-IT has just presented a home security camera capable of shooting paintballs or tear gas capsules at intruders. PaintCam Eve's AI will be able to identify them through facial recognition and it will also allow users to manually control actions through an application. PaintCam Eve is currently in the promotion phase for crowdfunding.
Learn more: Popular Science

PREMIUM EDITION

Exclusively for subscribers:

While digital currency (CBDC) initiatives are multiplying all over the world, the risk of fragmenting the international payments system makes concerted reflection on the interoperability of CBDCs urgent.

Daron Acemoglu explains how to anticipate AI-related creative destruction and why its effects must be mitigated.

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