Citi, HSBC, StanChart adopt Ant International's AI tool for liquidity risks

Ant International ​launched an upgraded version of its artificial intelligence model ??on Thursday, signing up major global banks as financial institutions accelerate the adoption of specialised ‌AI to manage liquidity ​risks. 

The Singapore-based fintech ​giant rolled out its Falcon Time-Series Transformer ​Model 2.0 and has partnered with six large banks including Citi, HSBC, Deutsche Bank , Standard Chartered, and Barclays, according to ​Kelvin Li, the firm's general ‌manager of platform tech.

  The launch comes amid ​an accelerating global race among financial institutions to embed AI into their core operations.

  Li said ‌the model specialises ​in financial scenarios ‌and has an edge over general-purpose ‌large ??models, which have "yet to achieve a universal ​breakthrough in the financial sector."

  "Precise forecasting can slash foreign exchange ​hedging and allocation costs by over 60%," Li said.

  Ant International, an ‌overseas affiliate of the Jack Ma-founded Chinese ‌fintech firm Ant Group, raised $1.2 billion last month in its latest equity fundraising as it seeks to expand.