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AI in Focus: Applications to Unlock New Pathways to Digitalisation and Financial Inclusion

 

 

Delivered at the Singapore FinTech Festival, this panel discussion explored the transformative impact of artificial intelligence (AI) on financial services, payments, and underserved communities.

 

Key Highlights

1. Policy Perspective on AI in Financial Services

  • Hon. Paula Ingabire, Minister of ICT and Innovation in Rwanda:
    • Balancing Innovation and Risk: AI presents opportunities to improve access and security in financial services, particularly for underserved populations. However, it also necessitates robust safeguards to mitigate biases and risks.
    • Purpose vs. Profit: AI should deliver value by improving efficiency, productivity, and targeted services while maintaining profitability.

 

2. AI in Digital Wallets and Payments

  • Vincent Iswara, CEO of DANA:
    • Enhanced Onboarding: AI handles 90% of customer and merchant queries, reducing manual intervention and increasing productivity.
    • Fraud Prevention: AI-driven risk assessments identify potential scams and fraud.
  • Zhixian Li, Senior Director from Ant International:
    • Super App Optimisation: AI engines personalise services for users and merchants, improving conversion rates, lowering operational costs, and unlocking monetisation opportunities.

 

3. AI’s Role in Addressing Financial Inclusion

  • Kamal Quadir, Founder & CEO of bKash Limited
    • Unprecedented Opportunity: AI democratises advanced technologies for poorer countries, enabling tailored solutions for underserved populations.
    • Behavioral Insights: AI provides precise, personalised services, enhancing customer satisfaction.

 

4. Empowering SMEs with AI

  • Hon. Paula Ingabire, Minister of ICT and Innovation in Rwanda:
    • Digital Public Infrastructure: Open AI models and cross-border collaborations can democratize AI access for SMEs.
    • Merchant Digitalisation: Rwanda leverages AI to enhance digital payment adoption among SMEs, fostering financial inclusion.

 

5. AI in Credit Decisioning

  • Quan Yu, General Manager of Global Credit Tech, Ant International:
    • Efficient Data Processing: AI unlocks alternative data like payment history for SME credit scoring, extending financial access.
    • Human Oversight: AI supplements rather than replaces traditional credit decision models to ensure accuracy.

 

6. Fraud Detection and Prevention

  • Collaborative AI Systems:
    • Zhixian Li, Senior Director from Ant International: AI combined with graph computing identifies fraud patterns early, enhancing security.
    • Kamal Quadir, Founder & CEO of bKash Limited: Fraud detection through AI frees entrepreneurs to focus on innovation, optimising productivity.

 

Vision for the Future

1. Democratised Access:

  • Broaden SME and consumer access to AI-powered tools and credit.

 

2. AI Agents:

  • Advanced AI agents to support financial services and customer interactions.

 

3. Upskilling the Workforce:

  • AI will augment human capabilities, fostering a future-ready workforce.

 

4. Streamlined Back-End Operations:

  • AI will transform behind-the-scenes processes, boosting efficiency in financial institutions.

 

Conclusion

The session underscored AI’s transformative potential in driving innovation, financial inclusion, and operational efficiency. With the right balance of governance, collaboration, and democratisation, AI can deliver meaningful impact across financial services globally.

 

Watch Full Session

 

 

Speakers:

  • Kamal Quadir, Founder & Chief Executive Officer, bKash Limited
  • Zhixian Li, Senior Director, Ant International
  • Hon. Paula Ingabire, Minister of ICT and Innovation, Republic of Rwanda
  • Quan Yu, General Manager of Global Credit Tech, Ant International
  • Vincent Iswara, Chief Executive Officer, DANA

 

Moderator: 

  • Pat Patel, Executive Director, Global Finance & Technology Network (GFTN)
 
 
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