Ant International Utilises AI in Cross-Border Payments to Drive Global Expansion
Ant International utilises AI to enhance cross-border payments for SMEs globally. The company's AI model predicts currency exchange rates hourly for transactions. Ant Group's AI initiative aims to provide practical, user-focused solutions.
The company has developed an AI model to predict currency exchange rates hourly for inbound and outbound transactions, aiming to reduce costs and optimise resource allocation for businesses. Ant International CEO Yang Peng highlighted the significance of integrating AI into cross-border transactions to bolster global trade, particularly benefiting SMEs lacking real-time global settlement services.
To mitigate risks, Ant's new FX model, consolidating numerous existing models, includes mechanisms for human intervention in case of discrepancies. Additionally, the company has dedicated two years to creating a tool called Know Your Customer, designed to identify cyber threats facilitated by generative AI applications like deepfakes, boasting an interception success rate exceeding 99%.
This AI-driven initiative aligns with Ant Group's commitment to transforming technology into practical, user-centric solutions, as articulated by company president and CFO Cyril Han Xinyi. Ant Group, an affiliate of Alibaba Group Holding, ventured into the GenAI market with the Zhixiaobao app, a life assistant facilitating various tasks and enhancing access to third-party services within the Alipay digital payment platform.
Ant International, one of the three independent units separated from Ant Group in March, has been expanding the global reach of Alipay+, its cross-border mobile payment platform. Alipay+ enables merchants to accept electronic payments from travellers using mobile wallets from their respective countries, supporting over 30 global e-wallets and banking apps, and connecting more than 88 million merchants worldwide as of June.
In a recent development, Alipay+ announced an extended partnership with Japanese mobile payment operator PayPay to encompass over 3 million local merchants. Travellers can now make payments through their local apps by scanning PayPay QR codes at various stores. Alipay+ in Japan supports 16 global e-wallets and banking apps, including Alipay from mainland China, AlipayHK from Hong Kong, Kakao Pay and Naver Pay from South Korea, and Touch ‘n Go eWallet from Malaysia.
Ant International utilises AI to enhance cross-border payments for SMEs globally.
The company's AI model predicts currency exchange rates hourly for transactions.
Ant Group's AI initiative aims to provide practical, user-focused solutions.
Source: SCMP