Citi, Ant International pilot AI-powered FX tool for clients to help cut hedging costs
The program combines Citi's Fixed FX Rates solution, which is widely used by the banks' clients in sectors such as e-commerce, with Ant International's Falcon Time-Series Transformer model, an AI forecasting tool that helps businesses reduce hedging FX costs, according to a joint statement.
The pilot program, developed initially for aviation clients, has already been used in live transactions with a major Asian airline able to reduce cost in its fixed FX hedging for online ticket sales, the companies said.
"The 30% hedging cost savings Ant International has achieved for the pilot airline customer shows the cost efficiency that can be achieved with AI-enabled FX hedging," Kelvin Li, general manager of Platform Tech at Ant International, said.
"We are excited to expand the solution with Citi to serve more businesses and industries," he added.
Ant International is an affiliate of China's fin tech giant Ant Group, founded by billionaire Jack Ma. It provides global digital payment, digitisation and financial technology and has operations across Asia, Europe, the Middle East and Latin America.
The launch came six months after Citi began rolling out new AI tools to be used by employees in eight countries, providing such access to 140,000 employees globally.
Large banks have been using AI tools in more targeted ways. Morgan Stanley (MS.N), opens new tab has a chatbot that helps financial advisors in interactions with clients, and Bank of America's virtual assistant Erica focuses on day-to-day transactions of retail clients.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
4 hours ago
- The Independent
Why your matcha latte is about to get a lot more expensive
Matcha prices are soaring due to record temperatures in Japan and a significant increase in global demand. Japan's Kyoto region, a key producer of tencha (the base for matcha), experienced severe heatwaves last summer, resulting in weak yields during the recent April-May harvest. The popularity of matcha has surged, with sales in the UK rising by 202 per cent in 2023, driven by social media trends and Japan's post-pandemic tourism boom. Farmers are reporting reduced harvests, and importers are struggling to meet demand, with some cafes experiencing rapid stock depletion. New US tariffs of 15 per cent on Japanese imports are anticipated to further increase matcha prices, despite concerns from distributors who argue the product should be exempt.
Reuters
5 hours ago
- Reuters
Bangladesh orders 25 Boeing planes as part of push to ease US tariffs
DHAKA, July 27 (Reuters) - Bangladesh has ordered 25 aircraft from Boeing (BA.N), opens new tab and ramped up imports of key American goods in an effort to defuse trade tensions and bring down the steep tariffs imposed by the Trump administration, a senior official said on Sunday. The moves are part of a broader strategy to narrow a $6 billion U.S. trade deficit with Bangladesh and avoid a looming 35% tariff hike that has rattled the country's export sector, especially the garments industry which risks losing competitiveness in one of its largest markets. "We need new aircraft urgently, possibly within the next couple of years," Commerce Secretary Mahbubur Rahman told reporters. "Initially, it was 14 planes — now it's 25," he said, referring to an earlier plan to purchase aircraft from the U.S.-based manufacturer. Alongside the aircraft deal, Bangladesh is boosting imports of wheat, soybean oil and cotton from the United States. A new agreement signed earlier this month will see the country import 700,000 tonnes of U.S. wheat annually over the next five years. Officials hope that these steps will help improve trade relations with Washington and soften the impact of the Trump administration's tariff measures.
Daily Mail
6 hours ago
- Daily Mail
How podcast star David Sacks' rise to popular Trump ally started with cigars in back rooms and a strategic $10M purchase
As a group of prominent MAGA influencers and podcasters met at Shelly's Back Room, the smoke-filled cigar bar just a block away from the White House in February, an unassuming white haired man in a tailored suit entered the room. It was David Sacks, Trump's newly anointed artificial intelligence and cryptocurrency czar. The event, hosted by prominent MAGA figure Mike Cernovich and bitcoin millionaire and entrepreneur Erik Fineman, featured podcaster Tim Pool, who hosted a live recording in one of the side rooms. The group watched as Sacks joined the podcast as he easily chatted with the younger, and less wealthy, hosts as they reflected on the 2024 election over drinks and cigars. Sacks, a billionaire Silicon Valley investor, bet big on President Trump in the Summer of 2024, well aware of stakes if then-President Joe Biden won reelection. His well-attended fundraiser at his mansion that summer in San Francisco sent a signal to Silicon Valley that it was okay to support Trump again, and even cool. Turns out it was a smart bet. Sacks is now one of the president's top advisers, by spearheading a Republican approach to tech policy and attracting a wide fanbase in Washington, DC 'He's incredible. He's been a great member of President Trump's administration and has helped us bring in many new friends to the MAGA movement,' Trump's media advisor and podcast guru Alex Bruesewitz told the Daily Mail about Sacks. Sacks, with his three poker buddies and co-hosts of the popular podcast 'All In,' had already emerged as celebrities in the podcast community as the four 'Besties' grew their show over the past few years. After that summer fundraiser, they hosted Trump on their pod for nearly an hour. The billionaire presidential candidate spoke easily in the forum of friends, joking about their status and wealth and discussed what he would do for the economy and tech industry. Sacks' gamble paid off as Trump appointed him to the administration after the election, putting him in an unprecedented position of influence in the burgeoning new industries. Tech leaders and cryptocurrency moguls celebrated at the exclusive 'Crypto Ball' in January to celebrate Trump's inauguration, as Sacks celebrated the new era of cryptocurrency expansion. 'The reign of terror against crypto is over,' Sacks proclaimed to the cheering crowd. Sack's new role thrust him into an unfamiliar social territory of Washington, DC. He moved quickly to integrate himself into Washington society, purchasing a $10 million property in Northwest DC. Despite his big real estate moves, his calm, unassuming personality serves him well in the city as he has been spotted at the Ned's club near the White House. 'David's super smart. I see him around in DC all the time,' Fineman told the Daily Mail. 'He can kind of blend in. He's a chill guy.' Groups of young DC professionals and staffers typically huddle to ask 'Is that him?' when he enters a room and gradually attracts attention from fans who cautiously approach him for a photo and a quick conversation. In May, Sacks moved to start his own private 'Executive Branch' club in Georgetown, as he explained the podcast he found the clubs in Washington, DC 'kind of old and stuffy.' 'We wanted to create something new, hipper, and Trump-aligned,' he said. The exclusive club costs as much as $500,000 to join, as Sacks promised it would be free of lobbyists and 'fake news' reporters for elite professionals. But Sacks does not spend his time there exclusively, as he is known to appear at other clubs and events around the city. This week, Sacks successfully celebrated a milestone achievement with the release of the administration's new 28-page AI Action Plan at a summit in Washington, DC, which was co-hosted by the All-in podcast. Sacks, together with Chamath Palihapitiya, Jason Calacanis, and David Friedberg created the All-In podcast during the coronavirus pandemic, as the quarantined friends started dabbling with the format to recreate the lifestyle they were used to before California locked down. Each host, wealthy tech investors in their own right, exhibit their own unique egos, backgrounds, and ideas on the show. Their political views vary so much that it often leads to dynamic, and at times fraught, conversations that appeal to anyone ranging from MAGA diehards to liberal vegans. The unique podcast formula quickly drew a passionate fan base that grew beyond Silicon Valley, as the four friends banter through issues facing the country and dabble in politics. It re-introduced Trump to their unique audience, demonstrating why it could be a good thing to put the bombastic former president back in the White House. The four friends united over their shared loathing of 'woke' policies that consumed the tech industry, especially censorship and defended the importance of classically liberal values like freedom of speech. At the summit in Washington, the podcast co-hosts interviewed Vice President JD Vance as well as Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, and Department of Interior Doug Burgum President Trump also appeared at the summit to deliver the path forward for artificial intelligence, praising Sacks as a 'smart guy.' 'I did that podcast a year and a half ago and I said, 'This is something.' It was pretty new, pretty raw. Everybody I knew saw that podcast. I said, 'Well, he's got something pretty good. Who is that guy?'' Trump said. The four friends watched as the president prioritized issues they had talked about on their podcast for years, enshrining them into policy positions that will reverberate throughout the industry. 'It's actually very uncool, as somebody told me the other day. It's so uncool to be woke,' Trump said. 'I encourage all American companies to join us in rejecting poisonous Marxism in our technology.' With his wealth, podcast popularity, and newfound political clout, more people know who he is as Sacks has emerged as a significant figures in Washington in just six months. Sacks did not respond to a Daily Mail interview request. 'David Sacks is an incredibly successful businessman and visionary in emerging technologies. His service to the President and dedication to his work here is crucial to ensuring America is prepared to win the AI race and secure our global technological dominance,' White House deputy press secretary Harrison Fields told the Daily Mail. Sack's swift success demonstrates a stark contrast to other Silicon Valley geniuses who quickly sour on the bureaucracy and backstabbing in the swamp of Washington. As everyone in Trumpworld knows, success in one position can swiftly lead to future opportunities.
