Ant International, a digital payment and financial technology provider headquartered in Singapore, has been enhancing its integration of AI technologies to support and secure millions of daily cross-border transactions for merchants across 200+ markets.
Yang Peng, Chief Executive Officer of Ant International said that integration of AI into the processing of cross-border transactions is of importance to strengthening trade and commerce, especially for SMEs who up to now “can’t afford real-time global settlement services.”
Peng added that in deploying AI in merchant services, “enhanced fraud detection and prevention against new scamming schemes like deepfakes is as important, if not more important, as increasing operational efficiency,”
Leveraging AI, Ant International can predict currency exchange rates not only on a “daily or weekly basis but also on an hourly scale.”
This AI model, developed over several years, enables forecasts for inbound and outbound transactions, helping merchants “reduce transaction costs and allowing them to allocate more resources toward business growth.”
Advancements in generative AI, deepfake technologies, are posing security challenges for financial institutions, as these forgeries are “difficult for humans to detect.”
To counteract AI-assisted cyberattacks, Ant International has developed an anti-deepfake electronic Know Your Customer (e-KYC) tool “over two years.”
This tool has an interception success rate “exceeding 99%, according to Mr. Yang.”
OCBC and Ant International signed an MoU to focus on achieving “24/7 real-time transactions between Singapore and Malaysia, via Ant International’s Whale platform using AI and innovations to improve the efficiency and transparency.”
PayPay, Japan’s QR payment operator, announced an extended partnership with Alipay+, Ant International’s cross-border mobile payment and digitalization technology solution, broadening its merchant coverage network across Japan to ‘provide foreign tourists their preferred payment services via domestic e-wallets.’
Headquartered in Singapore, Ant International powers commerce with digital innovation for every business to thrive.
In collaboration with partners, they aim to support merchants of all sizes worldwide to realise their growth goals via a “range of tech-driven digital payment and financial services solutions.”
