Citi, HSBC, StanChart adopt Ant International’s forex AI tool

Citi, HSBC, StanChart and other global banking giants have adopted Ant International's enhanced AI tool designed for forex management, as financial institutions race to incorporate AI into their core operations. The fintech company unveiled its Falcon Time-Series Transformer Model 2.0, which specializes in financial scenarios, offering a significant advantage over general-purpose large models that have yet to achieve universal breakthroughs in the financial sector.

Kelvin Li, Ant International's general manager of platform tech, revealed that the new model can slash foreign exchange hedging and allocation costs by over 60%. Ant International, an overseas subsidiary of the Jack Ma-founded Chinese fintech firm Ant Group, recently raised $1.2 billion in equity fundraising to fuel its expansion.