AI-powered FX model reduces transaction costs and advanced anti-deepfake technology boosts security.
Singapore, 12 November 2024 – Ant International, a Singapore-headquartered global leader in digital payments and financial technology, has accelerated its integration of Artificial Intelligence (AI) technologies to support and secure cross-border transactions for millions of merchants across over 200 global markets. With a focus on providing affordable, real-time global settlement solutions, Ant International’s AI-driven innovations aim to enhance operational efficiency while bolstering transaction security—a benefit particularly crucial for small and medium-sized enterprises (SMEs) who may lack access to high-cost settlement services.
Central to Ant International’s AI strategy is its new FX model, capable of forecasting currency exchange rates on an hourly basis. This model, developed over years of research, uses machine learning to predict currency fluctuations with heightened accuracy, allowing SMEs to reduce costs associated with currency exchange. By consolidating multiple existing models into a single, advanced system, the FX model is able to process thousands of transactions per second, minimising delays and transaction fees that often challenge SMEs in cross-border trade.
However, Ant International recognises the need for precision checks, maintaining safeguards that allow human intervention if inconsistencies arise between the new and older models. This balanced approach ensures that while AI optimises efficiency, accuracy is upheld, preventing errors that could impact financial stability for its global SME clientele.
As part of its comprehensive AI deployment, Ant International has also prioritised security through an anti-deepfake electronic Know Your Customer (e-KYC) tool. This technology, specifically designed to combat the growing risks posed by generative AI forgeries, has demonstrated a detection success rate of over 99%. By intercepting potential deepfake-based fraud attempts, this e-KYC tool protects businesses and individuals alike, responding to a surge in deepfake-related scamming methods within the finance sector.
Ant International’s anti-deepfake solution is set to reshape digital security in financial services, countering cyber risks that traditional detection methods may miss. This e-KYC tool represents the company’s commitment to safeguarding the integrity of its platforms, providing clients and partners with advanced protection against increasingly sophisticated AI-driven threats.
In addition to its internal technological advancements, Ant International has recently signed new partnerships to further expand its service network. During the Singapore Fintech Festival (SFF), Ant International entered into a Memorandum of Understanding (MoU) with OCBC Bank. The agreement, centred on Ant International’s Whale platform, aims to support 24/7 real-time transactions between Singapore and Malaysia. Through this collaboration, Ant International will apply its AI-driven technologies to improve transaction efficiency and transparency across the Southeast Asian corridor.
Moreover, PayPay, Japan’s leading QR payment provider, announced an expanded partnership with Ant International’s Alipay+ solution. By extending its merchant network across Japan, this partnership will enable foreign tourists to use domestic e-wallets at an expanded range of Japanese retail locations, fostering seamless cross-border transactions and enhancing accessibility to local businesses.
Through these strategic innovations and partnerships, Ant International reinforces its position as a key enabler of global trade. By embracing AI to streamline currency exchange and deploying anti-deepfake technology to secure transactions, Ant International continues to drive its vision of supporting nearly 100 million SMEs worldwide. These advancements stand to provide SMEs with accessible, secure, and efficient financial solutions, paving the way for a more resilient and interconnected global economy.
