Author: nripn

By Jody GodoyWASHINGTON (Reuters) – The U.S. Federal Trade Commission on Wednesday announced actions against five companies it says are using artificial intelligence in deceptive and unfair ways.Three of the cases resulted in the suspension of operations of companies that claimed to help consumers generate passive income by opening e-commerce stores.The FTC also settled with a company called DoNotPay over its claim to provide automated legal services, as well as with Rytr, an AI writing tool that the agency said offered functionality that allowed users to generate fake product reviews.“Using AI tools to deceive, mislead, or defraud people is illegal,”…

AI innovations are now closely intertwined with most fintech operations. AI and Fintech share an element of innovation, meaning that Fintech and AI have a complex and multifaceted relationship that impacts various aspects of financial service delivery and drives efficiency for Fintech operators. According to htfmarketintelligence.com, the artificial intelligence (AI) market size in banking is expected to reach USD 66.24 billion at a CAGR of 33.61% by 2030. The accelerated growth in the adoption of AI applications by the Fintech sector is partly due to the falling costs of AI tools, rapid advancements in AI technology, and the growing demand…

AI-powered financial data platform Bud Financial has launched an AI agent that can perform tasks on behalf of customers, such as transferring money between accounts to avoid unnecessary overdrafts. Unlike AI agents that simply respond to prompts, an agentic model can perform many tasks and learn from its experiences. In this case, it will take information about the customer, such as their financial history and situation, to help them improve their finances. Bud said it will integrate the consumer-facing agent — which can also move money between customer accounts to improve interest — into its GenAI and customer-facing product suite.…

The fintech sector is poised for significant growth despite recent challenges, according to a recent report from Boston Consulting Group (BCG), a management consulting firm, and QED Investors, a venture capital firm specializing in fintech, titled Global Fintech 2024: Prudence, Profits, and Growth. Drawing on interviews with more than 60 global fintech CEOs and investors, the report highlights a shift towards sustainable economics and profitability rather than uncontrolled expansion. From 2021 to 2023, global fintech revenue grew by 14% annually, despite declining funding and valuations. The report highlights that major fintech players are now achieving profitability and growing rapidly, reflecting…

By Najiyya Budaly (September 24, 2024, 1:06 PM BST) — Nasdaq and Deutsche Boerse said on Tuesday they were among financial services companies being investigated by the European Commission for alleged breaches of EU competition laws in derivatives trading…. Law360 is here, so you are too. A Law360 subscription puts you at the heart of evolving legal issues, trends and developments so you can act with speed and confidence. More than 200 articles are published daily on more than 60 topics, industries, practice areas and jurisdictions. A Law360 subscription includes features such as: Daily newsletters Expert analysis Mobile application Advanced…

In the latest example of an Indian fintech startup seek strategic partnerships Along with traditional banking institutions, neobank Jupiter is in talks to acquire a stake in SBM Bank India, three sources familiar with the matter told TechCrunch. Jupiter, backed by Tiger Global and Nubankis in talks to buy a 5% to 9.9% stake in SBM India, the local arm of SBM Bank, the sources said. The deal has not yet been finalised and will require approval from India’s central bank, the Reserve Bank of India (RBI), the sources added. The discussions are part of a broader trend among Indian…

Artificial intelligence can help auto lenders streamline compliance while making operations more efficient. Here are two ways lenders are using AI to improve their operations: 1. Combat human error Subprime auto lender based in Santa Ana, California Veros Credit studies how to use AI-based programs to improve compliance across the organization and reduce human error, Harvey SinghCOO, said during a webinar on the impact and uses of conversational AI hosted by the fintech Skit.ai September 19th. “Once AI is properly programmed and understands what the rules and guidelines are based on our internal and/or regulated policies that we have in…

HSBC has backed calls for tech firms to help cover the cost of fraud, saying new compensation rules will not be enough to stop scams. The Payment Systems Regulator (PSR) is set to make reimbursement of up to £85,000 mandatory from 7 October, with most firms failing to sign up to or consistently apply a voluntary industry code introduced in 2019. The bank says new UK compensation rules will fail to curb APP scams and prove the financial sector is not the problem, as it backs calls for tech firms to pay up for fraud. The government has yet to…

M-KOPA has announced that it has reached the 5 million customer mark in Kenya, Uganda, Nigeria, Ghana and South Africa. Two million of these customers have joined the network in the last 15 months.M-KOPA’s innovative model brings affordable smartphones with integrated financial services to “everyday earners”: the vast majority of African adults who earn their living on a daily basis but struggle to afford smartphones and are generally ineligible for conventional financial services.According to the World Bank, 75% of adults in sub-Saharan Africa remain financially excluded. To date, M-KOPA has supported its client base with over $1.5 billion in financing.Starting…

(Bloomberg) — An Israeli regulator has cleared an artificial intelligence startup to launch a chatbot that offers stock-picking advice in partnership with a major bank, even as other governments have sounded alarms that AI could destabilize financial markets if it were widely used in investing. Tel Aviv-based Bridgewise got the green light from the Israel Securities Authority (ISA) to launch later this month a chatbot called Bridget that can offer recommendations on which stocks to buy and sell in response to user queries. The startup is working with one of the country’s largest banks, Israel Discount Bank, to roll out…