Ant International: numerical AI model is the GPT of financial services
Ant International predicts that its
artificial intelligence (AI) model for foreign exchange (FX) could have as large an impact on financial services as OpenAI's large language model (LLM) GPT has had in the broader business world.
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The Time-Series Transformer (TST) AI FX Model developed by the Singapore-based fintech company focuses on numerical data prediction rather than content generation. Kelvin Li, general manager of the company's platform tech business unit, called it 'another track to AI', alongside LLMs – the technology underpinning generative AI applications like ChatGPT.
In financial services, most companies are adopting LLMs to help minimise risk, 'but these models have not gone to the core of financial service, for example, trading, pricing and transaction processing', Li said in an interview.
'We believe the TST AI FX Model could be the foundational model for financial services, digital payments and even general economic activities.'
Ant International is a unit of Hangzhou-based Ant Group, the fintech affiliate of Alibaba Group Holding. Alibaba owns the Post.
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The TST AI FX model currently forecasts Ant International's cash flow and FX exposure on an hourly, daily and weekly basis, with more than 90 per cent accuracy, according to the company. This enables more accurate predictions of trading volumes and reduces hedging and risk-premium costs from banks.
The model serves customers including banks, airlines, online travel agents and e-commerce platforms. Ant International said it would soon announce a partnership with a low-cost airline in the region.
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