HONG KONG SAR - Media OutReach Newswire - 28 October 2024 – FCC Analytics is proud to announce a Memorandum of Understanding (MOU) with Airstar Bank and livi bank, two pioneering digital banks in Hong Kong, to adopt a groundbreaking federated learning technology for anti-money laundering. This innovative approach allows for enhanced collaboration between banks while preserving data privacy, aligning with the Hong Kong Monetary Authority's (HKMA) initiative to leverage artificial intelligence for monitoring suspicious activities in the financial sector.
The adoption of federated learning enables these banks to share insights on potential money laundering activities without compromising sensitive customer information. By utilizing decentralized machine learning algorithms, this technology represents a significant breakthrough in the fight against financial crime. This initiative supports the HKMA's regulatory framework, enhancing the banks' ability to meet compliance requirements. It strengthens the monitoring process, allowing banks to reduce operational costs associated with traditional anti-money laundering methods. The partnership fosters a collaborative approach to combat financial crime, setting a precedent for future cooperation within the banking sector.
Wallace Chow, Founder and CEO of FCC Analytics, expressed his gratitude, stating, "We extend our heartfelt thanks to Airstar Bank and livi bank for their commitment to this initiative. Our vision is to support banks in combating financial crime by driving a peer-to-peer federated learning network across the Asia Pacific for various collaborative purposes."
Henry Yu, Chief Compliance Officer of Airstar Bank, emphasized, "This partnership marks a significant step forward in our commitment to combating financial crime. By leveraging federated learning, we can enhance our AML capabilities while maintaining the highest standards of data privacy."
Integrating this technology will improve the detection of suspicious patterns by facilitating collaboration among banks without the need to share raw data. Sensitive customer information remains secure, as the technology ensures that data does not leave the local servers of the banks. Karen Kwok, Head of Financial Crime Compliance at livi bank, remarked, "The ability to share insights without compromising customer data is revolutionary. This initiative not only strengthens our compliance efforts but also reinforces our dedication to protecting our customers and the integrity of the financial system."
Hashtag: #FCCAnalytics #AirstarBank #livibank
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About FCC Analytics
FCC Analytics is a leading RegTech firm specializing in A.I. KYC and compliance solutions. With offices in Australia, Hong Kong, and Singapore, we are trusted by financial institutions to deliver innovative technology that enhances their ability to combat money laundering and fraud. Our mission is to empower banks with advanced tools that protect their customers and uphold the integrity of the financial system.
About Airstar Bank
Airstar Bank is a digital bank in Hong Kong with Xiaomi Corporation and Futu Group as its key shareholders. The Bank upholds the virtue of financial inclusion by making cutting edge digital banking services accessible at our customers' fingertips. Airstar Bank has become a licensed bank under the Hong Kong Monetary Authority since May 9, 2019.
About livi bank
livi has brought a unique, fresh and different banking experience to Hong Kong since 2020 with its goal to foster digital innovation, promote financial inclusion and enhance customer experiences. We aim to provide our customers with secure flexible solutions anytime and anywhere coupled with the benefits of ecosystem partnerships that complement their everyday lives. Connecting with our customers, understanding their needs and earning their trust is core to the way we work at livi. livi bank is backed by BOC Hong Kong (Holdings), the Jardine Matheson Group and JD Technology, which together bring to livi an unparalleled range of benefits in terms of financial strength, marketing excellence and technological expertise.
source: FCC Analytics
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