Latest news with #finaXai
Globe and Mail
4 days ago
- Business
- Globe and Mail
Deutsche Bank Boosts Digital Transformation With Collaborations
Deutsche Bank DB has embarked on a digital transformation drive, focusing on cloud migration, artificial intelligence (AI), and automation to enhance operational efficiency and client services. In sync with this, this week, DB has collaborated with International Business Machines IBM and finaXai, a Singapore-based AI company. DB's Partnership With IBM DB announced that it reinforced its strategic partnership with IBM through a new license agreement, providing the former with greater access to International Business Machines' advanced software solutions. By leveraging IBM's innovative technologies, Deutsche Bank aims to streamline workflows, reduce operational costs and improve efficiency across all areas of its business. The transition from legacy systems to IBM's advanced cloud and AI solutions will allow DB to develop a more agile, scalable and secure technology stack. IBM's technologies, including the watsonx AI portfolio, will enable Deutsche Bank to deliver more personalized and seamless services to clients, from smarter customer support to tailored financial solutions. The integration of IBM's AI capabilities is expected to not only improve operational efficiency but also enhance fraud detection, risk management and regulatory compliance, leading to substantial cost savings and revenues. DB's Partnership With finaXai Deutsche Bank has announced a strategic partnership with finaXai, co-founded by researchers from Nanyang Technological University and the National University of Singapore. This partnership is expected to significantly expand Project DAMA 2 — Deutsche Bank's public-permissioned multi-chain asset servicing pilot. Notably, Project DAMA 2 intends to transform the management and servicing of tokenized funds and their investors by leveraging digital and AI technologies. Deutsche Bank and finaXai are set to explore the integration of technologies, including Machine Learning and Large Language Models, into asset servicing workflows. The focus will be on leveraging explainable AI to enable asset managers to execute fund lifecycle activities with enhanced speed, precision and transparency. Anand Rengarajan, Deutsche Bank's head of securities services APAC & MEA and global head of sales, stated, 'We are delighted to work with a diverse mix of experts from the academic and innovation worlds to contribute to the future of tokenised assets.' 'Through this collaboration, we unify leading research-backed solutions with industry applications to reduce complexity and boost AI's explainability and integration with DLT. With this work, we seek to better understand and anticipate our asset manager clients' needs as they explore the future of tokenisation,' he added. Our Take on DB's Digital Transformation Efforts These strategic collaborations emphasize Deutsche Bank's commitment to adopting innovative technologies to reshape the future of financial services. By broadening its partnerships with IBM and finaXai, DB is not only transforming its technology stack and operational workflows but also setting new standards in digital asset servicing. Through these initiatives, the bank is positioned to enhance efficiency, security and client experience while navigating the evolving landscape of tokenized assets and AI-driven financial services. DB's Price Performance & Zacks Rank Over the past six months, DB shares have surged 64.7% on the NYSE compared with the industry 's rise of 25%. Currently, Deutsche Bank carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Other Finance Stocks Taking Similar Steps This month, Citigroup Inc. C unveiled Citi AI, a range of AI tools aimed at enhancing internal processes for Hong Kong employees. Citi AI aims to maximize efficiency in operations by offering support in information retrieval, document summarization and writing electronic communications for employees. Citigroup AI is currently accessible to approximately 150,000 employees across 11 countries, including the United States, India and Singapore. The company plans to expand availability to more markets this year. In November 2024, PNC Financial Services Group, Inc. PNC announced its partnership with GTreasury, a global leader in Digital Treasury Solutions. This collaboration integrated PNC's embedded banking solution, PINACLE Connect, with GTreasury's treasury and risk management platform. PNC introduced PINACLE Connect in 2021 to remove complexities and address client feedback, particularly regarding technology integration and fraud prevention. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Citigroup Inc. (C): Free Stock Analysis Report The PNC Financial Services Group, Inc (PNC): Free Stock Analysis Report International Business Machines Corporation (IBM): Free Stock Analysis Report Deutsche Bank Aktiengesellschaft (DB): Free Stock Analysis Report
Yahoo
5 days ago
- Business
- Yahoo
Deutsche Bank and finaXai team up on tokenised funds servicing
Deutsche Bank has partnered with Singapore-based AI company finaXai to for AI-powered tokenised funds servicing. The partnership is a component of Project DAMA 2, a trial programme focused on 'revolutionising' the creation, dissemination, and management of tokenised funds across various blockchain platforms. The project seeks to build a unified, interoperable platform for asset managers. In this venture, Deutsche Bank is also working with Memento Blockchain and Interop Labs to develop an open-architecture platform. FinaXai, co-founded by researchers from Nanyang Technological University, Singapore and the National University of Singapore, is part of the Fincubator programme at the Asian Institute of Digital Finance. The programme supports fintech startups focused on deep technology and digital finance innovation. Deutsche Bank and finaXai's collaboration will explore integrating machine learning and large language models into asset servicing workflows. The aim is to leverage explainable AI to assist asset managers in planning and executing fund lifecycle activities with enhanced speed, transparency, and precision. Deutsche Bank head of securities services APAC & MEA and global head of sales Anand Rengarajan said: 'Through this collaboration, we unify leading research-backed solutions with industry applications to reduce complexity and boost AI's explainability and integration with DLT. 'With this work, we seek to better understand and anticipate our asset manager clients' needs as they explore the future of tokenisation.' finaXai co-founder Erik Cambria said: 'This collaboration bridges academic research with real-world applications and explores how explainable AI can converge with tokenisation to streamline processes and enhance the accessibility, adoption, and management of digital assets. 'Ultimately, this initiative lays the groundwork for synergies between trustworthy AI and asset managers, enabling faster, more precise planning and execution of digital asset and fund lifecycle activities.' Cambria is also a professor at the College of Computing and Data Science, Nanyang Technological University. Recently, Deutsche Bank obtained a financial services licence from the Financial Services Regulatory Authority in the Abu Dhabi Global Market. This licence allows the German bank to conduct various regulated activities, including arranging deals in investments and advising on investments or credit. "Deutsche Bank and finaXai team up on tokenised funds servicing " was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
5 days ago
- Business
- Finextra
Deutsche Bank collaborates with FinaXai to adopt AI for tokenised funds servicing
Deutsche Bank is collaborating with finaXai, a Singapore-based AI company co-founded by researchers from Nanyang Technological University, Singapore (NTU Singapore) and the National University of Singapore (NUS). 0 The collaboration will assess a significant extension of Project DAMA 2, the public-permissioned multi-chain asset servicing pilot focused on transforming how asset managers can more efficiently manage and service tokenised funds and their investors. FinaXai is also part of the Fincubator programme at the Asian Institute of Digital Finance (AIDF), a university-level institute in NUS jointly established by the Monetary Authority of Singapore, the National Research Foundation and NUS, to support the development of fintech startups focused on deep technology and digital finance innovation. The team will explore integrating Machine Learning and Large Language Models (LLMs) into asset servicing workflows, leveraging explainable AI to help asset managers plan and execute fund lifecycle activities with greater speed, transparency, and precision. Anand Rengarajan, Deutsche Bank's Head of Securities Services APAC & MEA and Global Head of Sales said: 'We are delighted to work with a diverse mix of experts from the academic and innovation worlds to contribute to the future of tokenised assets. Through this collaboration, we unify leading research-backed solutions with industry applications to reduce complexity and boost AI's explainability and integration with DLT. With this work, we seek to better understand and anticipate our asset manager clients' needs as they explore the future of tokenisation.' Dr. Erik Cambria, Co-Founder of finaXai and Professor, College of Computing and Data Science, NTU said: "finaXai is excited to partner with Deutsche Bank in applying cutting-edge explainable AI techniques to the domains of finance and asset tokenisation. This collaboration bridges academic research with real-world applications and explores how explainable AI can converge with tokenisation to streamline processes and enhance the accessibility, adoption, and management of digital assets. Ultimately, this initiative lays the groundwork for synergies between trustworthy AI and asset managers, enabling faster, more precise planning and execution of digital asset and fund lifecycle activities." Dr. Gianmarco Mengaldo, Co-Founder of finaXai and Assistant Professor at the Department of Mechanical Engineering, College of Design and Engineering, NUS, said: 'finaXai operates at the exciting intersection of AI applications in finance and comprises researchers from various institutions who share a common interest in exploring the frontiers of AI in this field. This collaboration demonstrates the significant impact that can be achieved when scientific interests align. The team based in NUS focuses on bridging human understanding with AI methods through explainable AI, and integrating existing knowledge into AI-driven solutions when beneficial. It will be exciting to see how our work, complemented with the work by NTU counterparts, can aid in dealing with complex real-world tasks in the financial sector.' Representatives involved in the project include: Deutsche Bank: Boon Hiong Chan, Asia Pacific Head of Securities & Technology Advocacy and Industry Applied Innovation Lead. Jie Yi (Jaelynn) Lee, Digital Product Owner. finaXai: Dr. Erik Cambria, Co-Founder of finaXai and Professor, College of Computing and Data Science, NTU. Dr. Gianmarco Mengaldo, Co-Founder of finaXai and Assistant Professor at the Department of Mechanical Engineering, College of Design and Engineering, NUS. Dr. Mao Rui, Technology Lead and Research Scientist, College of Computing and Data Science, NTU. Keane Ong, Technology Scientist and PhD candidate in Digital Financial Technology, specialising in Machine Learning and Natural Language Processing at NUS. Federico Cristina, CFA, Business Lead, finaXai.
