based on materials from - By Cryptopolitan_News

Citigroup, together with Singaporean fintech company Ant International, is launching a pilot program aimed at improving the efficiency of currency risk management using artificial intelligence.

Ant International is a subsidiary of the Chinese fintech giant Ant Group, founded by billionaire Jack Ma. Ant Group provides global digital payments, digitization, and financial technologies for operations in Asia, Europe, the Middle East, and Latin America.

The pilot program was initially developed for the aviation industry.
As reported by Citigroup and Ant International on Friday, the initiative combines the Citi Fixed FX Rates solution, which is already widely used by clients in sectors such as e-commerce, with Ant International's Falcon Time-Series Transformer (TST) model — an AI-based forecasting tool with nearly 2 billion parameters that helps companies reduce currency risk hedging costs.

The pilot program was initially designed to serve clients in the aviation sector but has shown great potential in risk management. The system has already been used in real transactions with major Asian airlines, and the companies claim that it has reduced the airline’s costs for fixed currency hedging when selling tickets online.

The results are encouraging. Kelvin Lee, CEO of Platform Tech at Ant International, noted that this achievement demonstrates how economic efficiency can be achieved through AI-based currency hedging. He also expressed enthusiasm for collaborating with Citi, which will help the company reach more businesses and industries.
The launch took place about six months after Citi began implementing new AI tools for employees in eight countries, providing a similar level of access to 140,000 employees worldwide.

Major banks have started to use AI tools more purposefully.
Since the onset of the AI boom, various industries have gradually adapted to new trends, and the banking sector has not been left behind.

According to reports, large banks are increasingly using AI tools for targeted applications to improve efficiency, reduce costs, and enhance decision-making processes. Good examples include Morgan Stanley with its chatbot designed to assist financial advisors in interacting with clients, and Bank of America's virtual assistant Erica, created to track everyday operations of retail clients and more accurately identify suspicious activity.

It is reported that JPMorgan Chase is now using AI for real-time risk assessment and regulatory compliance. The company also manages the COiN platform, which reduces the time spent on manual review by helping analyze legal documents.

HSBC has also begun using AI to detect money laundering schemes, which, according to the bank, has increased detection speed by 20% compared to traditional systems.

Commentators believe that the widespread adoption of AI in the financial industry is driven by the desire of large banks to outdo each other and remain relevant. Support from regulatory bodies has also played a role in this implementation.

In 2024, the Federal Reserve stated that AI could save the banking sector $80 billion annually by 2030.

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