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Category Archives: Fintech International

EU Grants Final Approval of AI Act, Effective 2026

AI Regulation | May 24, 2024

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The Council of the European Union greenlights the first Artificial Intelligence (AI Act) Regulation

The Artificial Intelligence Act (AI Act) was given final approval on May 21, 2024 by the Council of the European Union, possibly setting a new global standard for AI regulation.  This regulation aims to protect the fundamental rights of the EU citizens while supporting innovation and the development of AI technologies.  The Act exclusively applies under the EU legal framework with some exemptions for military, defence, and research applications.

Here's the timeline of events...

Risk-Based Approach in AI Regulation

The AI Act is based on a 'risk-based' approach and classifies AI systems in three groups, considering the potential harm they could cause to society.

See:  Australia to Regulate High-Risk Artificial Intelligence

  1. If an AI System is determined to be a 'Limited Risk', limited transparency obligations will apply.
  2. If the AI System is categorized as 'High-Risk', it will be able to operate but under strict requirements and obligations.
  3. The AI system will be considered falling into one of the 'Prohibited AI Practices' if in other words, the practice will result in banning and the same is causing unacceptable risks, including cognitive-behavior manipulation, social scoring, predictive policing rooted in profiling, and systems that classify users based on race, religion, or sexual orientation using biometric data.

Governance and Enforcement

  • AI Office representing the European Commission where the rules get applied
  • A Scientific Panel of independent professionals who will provide enforcement support
  • An AI Board to advise and assist the Commission and the Member States on the consistent application of the AI Act
  • An Advisory Forum comprised of technical experts who will advise the AI Board and the Commission

Penalties for Non-Compliance

Fines for non-compliance will be either the maximum value of a percentage of the company's annual global turnover (for the previous financial year), or a predetermined amount, whichever is higher.

See:  EU: MiCA, DORA, Open Finance Framework, and Digital Euro

Fines are meant to be a serious deterrent, especially for larger organizationsSmaller companies and startups will receive proportional fines and relatively to their financial capacity.

Next Steps

After the assent, the AI Act still needs to be signed by both the presidents of the European Parliament and Council, and to be published in the EU's Official Journal with the regulation taking effect twenty days after its publication in the journal and with implementation starting two years later in 2026, except for a few provisions.  This is global regulatory milestone that will hopefully result in responsible AI development and innovation to the benefit of society worldwide.


NCFA Jan 2018 resize - EU Grants Final Approval of AI Act, Effective 2026The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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India Biometric Data Breach Highlights Cybersecurity Risks

Cybersecurity | May 24, 2024

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A recent leak of biometric data in India is a 'stark warning' about the evolving risks that law enforcement bureaus across the world are now facing

Tens of thousands of Indian police officers and applicants have had their personal biometric data compromised, consisting of fingerprints, facial scans, and other sensitive information in what is now the most massive data breach in the country.  Security researcher Jeremiah Fowler discovered close to 500 GB of sensitive data on an exposed server linked to ThoughtGreen Technologies.

See:  Unlocking Opportunities in India: Ontario’s Fintech and Cybersecurity Export Events

Fowler said the exposed data was critical in nature because biometrics cannot be changed like most other personal information if the data was compromised. More than 284,000 documents on police personnel were among the leaked data, underlining the enormity of the hack.

The risk increased when these cyber criminals began advertising the sale the same biometric data through outlets like Telegram.

ThoughtGreen Technologies has secured the breach of its data and notified law enforcement however, the breach triggered discussions about the adequacy of measures for data protection and the biometric information that is subject to misuse.  As the accumulation of biometric data spreads, these become harsh signals. Risks relating to inadequate data protection are relevant, and such leaks in some nations would have disastrous impacts.

See:  Mastercard Announces Cybersecurity Winners and 6 New Start Path Participants

Takeaways

  • Organizations dealing with biometric information are required to enhance their security measures.
  • The existing regulatory frameworks with regard to sensitive information need to be fortified.
  • Risks from data breaches can be minimized with awareness and proactive measures.

Conclusion

The Indian biometric data comes as a clear sign that the practices in place that guard such information are not strong enough and need improvement. With the rise in biometric data collection around the world, governments and other organizations are encouraged to take strict security measures in an effort to deter such cases and to protect the rights and privacy of people.


NCFA Jan 2018 resize - India Biometric Data Breach Highlights Cybersecurity RisksThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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SEC Approves 19b-4 Forms of First Batch Ethereum ETFs

Regulation | May 23, 2024

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Regulatory Milestone:  SEC Approves the first batch of 19b-4 Forms of Ethereum ETFs

On May 23, 2024, the U.S. Securities and Exchange Commission (SEC) cleared a major hurdle in approving 8 Ethereum Exchange-Traded Funds (ETFs), which would allow investors to gain exposure to Ethereum through a regulated financial product.

The ETPs include:

  1. Grayscale Ethereum Trust
  2. Bitwise Ethereum ETF
  3. iShares Ethereum Trust
  4. VanEck Ethereum Trust
  5. ARK 21Shares Ethereum ETF
  6. Invesco Galaxy Ethereum ETF
  7. Fidelity Ethereum Fund
  8. Franklin Ethereum ETF

As reported by Reuters, although the applications for a rule change to list new products has been approved by the SEC, still need the SEC's approval of ETF registration statement details and S-1 filings related to investor disclosures before they are able to begin trading. Unlike the exchange filings, there is no set time frame in which the SEC needs to decide on those statements. Two sources familiar with the process said that "...many issuers are ready to launch but the corporate finance division of the SEC has indicated that it is likely to request changes and updates in coming days and weeks."

The SECs order basically states that they are comfortable that the proposed ETPs can legally and competently operate in a regulated environment while protecting investors and the integrity of the marketplace.

See:  Ether Jumps on Increased Odds of Spot ETF Approval

This approval of these ETFs are expected to boost the credibility and adoption of cryptocurrencies while providing a safer, more convenient investment avenue for both institutional and retail investors. Ethereum, currently trading around $3,700, could see substantial price increases. Analysts suggest that the approval could nearly double Ethereum's price​.  Grayscale Investments, one of the key players, plans to convert its Ethereum Trust into an ETF, which currently holds 2.5% of all circulating Ether, amounting to $5 billion in assets​.

Outlook

With the U.S. presidential election on the horizon, cryptocurrency regulation is becoming a key issue, which might influence further positive regulatory changes.


NCFA Jan 2018 resize - SEC Approves 19b-4 Forms of First Batch Ethereum ETFsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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EU: MiCA, DORA, Open Finance Framework, and Digital Euro

Regulation | May 23, 2024

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Key Digital Finance Legislation in the European Union

Digital finance in the EU refers to all financial services and instruments that rely on new Information and Communications Technology (ICT) from digital payment services and instruments to new market infrastructure for crypto assets using distributed ledger technologies. Below is an overview based on the European Parliament's briefing update on 'Digital Finance Legislation:  Overview and State of Play".  It is quite essential for the regulation and framework set upon by the EU to find a balance between innovation and digitization that will in turn provide an environment that is safe both for risk management and the consumers' protection.

2020 Digital Finance Package

Collectively, the digital finance regulations are called, "The 2020 package" and they are a foundational regulatory framework focusing on:

  1. Tackling market fragmentation
  2. Facilitating digital innovation
  3. Promoting a financial data space
  4. Addressing new digital finance challenges

See:  EU Lawmakers Approve Historic AI Regulation Act

Overall, the package aims to improve market efficiency, strengthen consumer protection and support innovation by:

  • Streamlining digital finance regulations
  • Providing clear regulatory frameworks for digital finance innovations
  • Providing a supportive regulatory environment, fostering new financial technologies

Four (4) Key Digital Finance Regulations

1. Markets in Crypto-assets Regulation (MiCA)

MiCA regulation is set out in such a way that it safeguards consumers and firms using crypto-assets and facilitates innovation.  The regulation will secure a sound and transparent legal basis for crypto-assets market, harnessing the potential of innovation while ensuring financial stability.

The above regulation is going to achieve such factors:

  • A clear and robust legal framework of DLT-based crypto-assets.
  • Enhanced protections of consumers and investors' interests, and finally
  • Ensuring market integrity and promoting innovation

Status: Enforcement since June 2023

Key Dates: Measures under Level 2 should be applicable by December 2024

2. Digital Operational Resilience Act (DORA)

DORA regulation is designed to ensure the financial sector is resilient to ICT-induced disruptions and cyber-attacks.  It enhances operational resilience and cybersecurity in financial operations by requiring detailed documentation and management of risks.

DORA has the following objectives:

  • Effective ICT operation
  • Governance and control framework for ICT
  • Effective third-party risk management

Status: Enforcement by January 2023

Key Dates: The law will be applicable by 17 January 2025

3. Open Finance Framework

This is a framing of infrastructures that allow for access to financial data.  This will allow consumers and small and medium enterprises to share data securely with third-party service providers.  The legislation gives consumers control and access to their financial data, thereby enabling innovation in competitive financial services.

See:  Small Step Forward As Canada Publishs Straw-man Open Banking Framework

This framework has the following objectives:

  • Access to data for businesses and consumers from institutions without any hindrance
  • A visionary protection of data under GDPR

Status: The legislative proposal for the same was put forth in June 2021.

Key Dates: The process is at the state of being in the legislative process.

4. Digital Euro

Digital Euro is a project through which ECB seeks to acquire a form of the digital euro which they seek to supplement with what is already physical currency.  This will pave the way for modernizing the EU payment infrastructure to allow secure and efficient digital transactions.

As per the ECB, Digital Euro would serve the following purposes:

  • Reduce dependency on non-EU payment service providers
  • Adapt to the growth in digital payment trends
  • Strengthen strategic autonomy of the European Union in the financial sector

See:  Open Banking: Revolutionizing Financial Data Sharing

Status: It has the same status—legislative proposals introduced in June 2021.

Key Dates: The adoption of the legislative mandates is pending.

Conclusion

EU digital finance legislation will be a foundational building block for a secure, innovative, and competitive financial ecosystem. The regulations will enhance market efficiency, ensure consumer protection, and foster technological advancements in the financial sector.


NCFA Jan 2018 resize - EU:  MiCA, DORA, Open Finance Framework, and Digital EuroThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Uniswap’s Ready For SEC Battle. Responds to Wells Notice

DeFi Legal Battle | May 23, 2024

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Uniswap Legal War with the SEC: A DeFi Test Case

Concurrent to the recent passing of the FIT21 bill by the U.S. House, the ongoing legal battle between Uniswap and the U.S. Securities and Exchange Commission (SEC) is a monumental test case for decentralized finance (DeFi) with regulatory implications and challenges facing open-source financial systems globally.  The SEC has accused Uniswap of operating an unregistered securities exchange and claims that its UNI token constitutes an investment contract. On the other hand, Uniswap counters these allegations by emphasizing the decentralized nature of their protocol.

Uniswap argues that its software is autonomous, enabling peer-to-peer transactions without the need for intermediaries. This, they claim, exempts them from the definition of a securities exchange.  Uniswap’s protocol has demonstrated remarkable efficiency and security, facilitating over $2 trillion in trading volume without significant security breaches. This achievement highlights the potential for DeFi platforms to provide efficient, secure, and transparent financial services, potentially surpassing the capabilities of traditional financial systems.

Legal Precedents and Weak SEC Case

Uniswap’s legal team, which includes former high-profile SEC officials, is focused on the perceived weaknesses in the SEC’s case. They argue that historical court decisions have often favored technological innovation over restrictive regulations. This precedent suggests that the courts may lean towards supporting Uniswap’s position, recognizing the transformative potential of decentralized technologies.

See:  SEC Issues Wells Notice to Uniswap. Another Legal Showdown

Uniswap asserts on their most recent blog post 'the fight for DeFi continues' that the SEC accusations are weak:

"These assertions assume that value represented in a specific digital file format is a security – and that the SEC can unilaterally extend the definitions of exchanges, brokers and contracts to the point of meaninglessness. A token is a file format, like a PDF. The Protocol is a general purpose computer program that anyone can use and integrate, like TCP/IP. And the hundreds of thousands of users who received UNI tokens for their participation in the protocol’s early days received the token for free, with no contract, and without expectations of profit solely from the efforts of Uniswap Labs."

Response to SECs Wells Notice

Uniswap made several key arguments in their 43 page wells notice response defense against the SEC's allegations.

  • Uniswap argued that their protocol is decentralized, autonomous software enabling peer-to-peer transactions without intermediaries, which means it does not fit the definition of a securities exchange.
  • The UNI token is primarily a governance token that allows holders to vote on protocol changes, not an investment contract.

See:  Avi Eisenberg Trial: DeFi’s Legal Boundaries Tested

  • Uniswap Labs does not control or maintain the protocol, akin to how no single entity controls Bitcoin.
  • Uniswap does not solicit users to engage in trading activities or provide investment advice.
  • Uniswap does not take custody of user funds, which negates the claim of it being a clearing agency.
  • Citing previous court decisions that favored technological innovation, Uniswap argued that their protocol does not meet the statutory definitions of an exchange, broker, or clearing agency under the SEC's current regulations.
  • Uniswap asserted that the SEC lacks the congressional authority to regulate the protocol as an exchange under the major questions doctrine, which requires clear authorization from Congress for such significant regulatory actions.
  • They claimed the SEC failed to provide fair notice that their conduct could be considered unlawful, as required under due process principles.
  • Uniswap emphasized that an enforcement action would harm the public interest by stifling innovation, forcing companies offshore, and depriving U.S. investors of the benefits of decentralized finance.
  • They highlighted the economic impact and the protocol’s efficiency and cost-saving benefits for users, arguing that these innovations should be encouraged rather than penalized.

These arguments collectively aim to demonstrate that Uniswap's operations are fundamentally different from traditional financial intermediaries and should not be subject to the same regulatory framework.

Impact of FIT21 on Uniswap vs. SEC Case

The recently passed Financial Innovation and Technology for the 21st Century Act (FIT21) does have implications for the Uniswap vs. SEC case. Here’s how it might impact the case.

See:  SEC Issues Wells Notice to Robinhood Over Crypto

  • The FIT21 Act includes establishing criteria to determine the level of decentralization for blockchain networks and clarifying that an asset delivered pursuant to an investment contract is not necessarily a security itself​
  • There's also a provision for certifying the decentralization of blockchain networks, which involves public comments and SEC review.  The act’s emphasis on decentralization might favor Uniswap's stance that their operations do not fit traditional definitions requiring SEC registration.
  • Joint SEC and CFTC oversight could introduce a more balanced regulatory approach, potentially reducing the SEC’s unilateral enforcement power. Uniswap could benefit from this dual-agency oversight, leveraging CFTC’s more commodity-focused perspective on digital assets.
  • Additionally, the Blockchain Regulatory Certainty Act (BRCA), provides legal certainty for non-custodial entities so developers and infrastructure providers that do not custody or control user funds, ensuring they are not considered money transmitters​.

Conclusion

The Uniswap vs SEC battle is one for the ages that tests the application of traditional securities regulations to new and innovative technologies like DeFi.  The crypto world is watching and the outcome along with the potential enactment of FIT21 will establish significant precedents for the future of DeFi regulation and influence compliance strategies globally.


NCFA Jan 2018 resize - Uniswap's Ready For SEC Battle. Responds to Wells NoticeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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U.S. House passes FIT21 with Bipartisan Support

Crypto | May 23, 2024

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The U.S. House of Representatives has officially passed the Financial Innovation and Technology for the 21st Century Act (FIT21)

Now, crypto in America is one step closer to getting the bill that will regulate digital assets in the country. That passage of FIT21 with bipartisan support shows growing consensus of the need for clear regulatory frameworks that foster crypto innovation while protecting consumers.

Vote Stats

FIT21 passed with a notable majority with bipartisan collaboration:

  • Total Votes in Favor: 279
  • Democratic Support: 71 Democrats voted in favor
  • Republican Support: 208 Republicans voted in favor
  • Votes Against: 136, most by the Democrats due to some reservations that they hold about some of the bill's regulatory provisions

Key Features of the FIT21 Bill

  • Remove the confusion between the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding which regulator is actually in charge. The current confusion leaves users vulnerable to fraud and stifles innovation in the sector.

See:  Responsible Development of Digital Assets (Crypto): Decoding Biden’s Executive Order

  • It ensures the appropriate consumer protections are in place to help prevent scenarios like the collapse of FTX, safeguarding customer funds.
  • With a clear regulatory framework, it will make the U.S. more attractive for digital asset innovation and stop the exodus of talent and firms to other, more cryptocurrency-friendly, jurisdictions.

Next Steps

The passing of the FIT21 in the House is a significant milestone, but it is not the end of the road. It will now go to the Senate for further consideration. Meanwhile, President Joe Biden has earlier expressed doubts regarding the enactment of pro-crypto legislation, constituting a possible challenge​.


NCFA Jan 2018 resize - U.S. House passes FIT21 with Bipartisan SupportThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Google’s Vision for a Real-Time, Multimodal AI Assistant

AI | May 22, 2024

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Project Astra Introduction and 3 Real-Time, Multimodal AI Use Cases

Project Astra is the most ambitious project born to Google DeepMind, which aspires to be an all-encompassing AI agent with real-time understanding and interaction capabilities of it's surroundings. This builds on Google's Gemini work to ensure richer capabilities for Google's AI assistants and multimodal capabilities in how it can handle voice, video, text, and other forms of interaction.

See:  AI’s Ethical Dilemma Grows as Innovation Surges

Google hasn't provided a date (yet) for when we will see it land in public hands but it was demonstrated at Google I/O 2024 how developers could use it to 'see' and answer complex questions about objects and provide context-enriched information in real time.

Here's a video of Google's vision for 'the future of AI assistants' demoing early capabilities.

Project Astra is Multimodal and Real-time

  • Project Astra processes—voice, video, text—and uses them when interacting with the environment for impressive results. The user can simply point a camera or smart glasses at an object, and Astra will give detailed information on it in real time.
  • Astra will be able to remember the context of interactions and understand context within a session. For example, it can remember locations of things and past interactions and give those previous conversations as the context to what is going on, coming from visual inputs.

See:  The AI Revolution in Wealth Management: Top 3 Innovations (and more)

  • Astra can interact creatively and can adapt to storytelling prompts. This creative possibility remains a bright spot within its multimodal interaction capabilities.
  • Isn't it the same as ChatGPT-4o?  Project Astra’s integration with AR and its ability to interact with physical objects in real-time sets it apart. It can provide contextual information based on visual inputs, making it highly interactive with the user's immediate environment.  So while ChatGPT-4o also supports multimodal inputs, its primary strength is in text-based interactions. It excels in conversational contexts, providing detailed and contextually accurate responses.

DIY-Astra and Community Engagement

The DIY-Astra is a term made by the enthusiast or hobbyist developer inspired by Google innovation of those trying to build similar functionality with available and open tools and frameworks today. Examples include the use of open-source technologies, machine learning models, and hardware components to craft a take on the typical AI assistant that is provided for in the examples of Project Astra.

3 Use Cases of Real-time Market Analysis

Real-time market analysis technology can be applied to many situations.  Here are just a few to consider:

1. Competitive Monitoring

While for business, the use of real-time analytic technology— relaying competitors, their website, news, use of social media or consumer perception in the industry — will be crucial in keeping the organization updated on activities taken out by competitors.

See:  How Data And Technology Consulting Can Transform The Financial Sector

  • Gather data from competitors' websites, social media platforms, and online news.
  • NLP based competitor analysis regarding the consumer sentiment standpoint.
  • Use machine learning algorithms to help identify potential meaningful trends and patterns around the competitors' activities, whether it's new product launches, service offerings, or marketing campaigns.
  • Prepare real-time alerts and dashboards that impactfully inform the marketing and strategy teams to take immediate, actionable decisions.

Value Provided

  • The ability to react immediately to the actions of competitors and market strategies.
  • More informed decisions on strategic issues as it relates to the behavior of.
  • The capability to quickly respond with an eye toward retaining or improving market position in the face of competition's actions.

2. Investment Advisory and Portfolio Management

Real-time interaction, powered by AI, will add more advanced depth to the way in which investment advisory services can be delivered by providing updated market analysis and personalized investment recommendations - and even automated portfolio management.

See:  Fintech Opportunities in Wealthy Retired Boomer Markets

This includes real-time portfolio analysis and rebalancing through an AI-fintech platform, providing users with the opportunity to maximum possible returns on buying or selling assets according to market trends and individual investment strategies.

Value Provided

  • AI algorithms will constantly scan and analyze the market for any critical insights and alerts on potential investment opportunities or risks.
  • AI can suggest tailor-made investment advice and strategies that vary as per the risk-taking capacity and market condition of a person.
  • Automatically balance investment portfolios, ensuring that asset allocation and risk are optimally managed as market conditions change.

3. Fraud Detection and Prevention

Real-time AI systems can play this critical role in finding and preventing fraudulent activities. Such systems are able to detect any suspicious activities through the continual monitoring of transactions and pattern analysis, leading to real-time prevention of fraud.

See:  Metacrime in the Metaverse

Value Provided

  • AI systems detect uncustomary patterns and anomalies once they occur, hence allowing one to take action immediately to prevent any fraudulent transactions.
  • AI could be applied to analyze huge transaction data and look for subtle patterns in the data, which might indicate fraud. These can easily go undetected by usual means.
  • Companies can reduce financial loss that would occur by detecting such activities before the fraudsters cash them out.

Conclusion

While still in its experimental phase, its potential to revolutionize market analysis, competitive monitoring, and automated decision-making is immense. Keep an eye on future developments from Google DeepMind to see how this technology evolves and becomes more widely available.


NCFA Jan 2018 resize - Google's Vision for a Real-Time, Multimodal AI AssistantThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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