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

Ant International, the Singapore-based fintech firm, has rolled out version 2.0 of its Falcon Time-Series Transformer Model and signed six large banks as partners, Business Recorder reported. The partners named include Citi, HSBC, Deutsche Bank, Standard Chartered and Barclays. The launch was announced on Thursday, with the model aimed at helping financial institutions manage liquidity risks.

Kelvin Li, general manager of platform technology, said the model is built for financial settings and is superior to general-purpose large models in that field. He added that such broader systems have not yet made a universal breakthrough in finance. Li also said accurate forecasting could reduce foreign exchange hedging and allocation costs by over 60%.

Ant International is an overseas affiliate of Ant Group, the Chinese fintech firm founded by Jack Ma. Last month it raised $1.2 billion through its newest equity round, and the company continues to look for expansion.