Connect with us

Big Data

Can fintech innovation really move economies forward?

Published

on

We are now living in the thick of the Fourth Industrial Revolution (IR 4.0), and with it has come an explosion of financial technology (fintech) innovation. Characterized by the avalanche of data produced daily, IR 4.0 brings about the complete disruption of many industries and their business models.

The banking industry has undeniably experienced many shake-ups. Technology has brought about the digitization of money, opening up numerous possibilities for fintech innovation, capturing value-added data insights while we’re at it. In and around Asia, fintech – the usage of technology to improve financial services – is booming.

Technology-led financial services are set to bring in US$11 billion in revenue in Southeast Asia (SEA). By 2025, it will account for 11% of total financial services in SEA, itself considered the fastest-growing region worldwide.

Asian fintech companies such as China’s Ant Finance and Indonesia’s OVO are already dominating the fintech landscape and despite setbacks like Ant’s failed blockbuster IPO, are showing no signs of slowing down.

As consumers are used to the digital experience offered by companies such as Google, Amazon, Facebook, and Apple, they expect the same level of customer experience from their financial services providers. Fintech provides a very appealing alternative to traditional banks, as they provide customer-centric solutions that incumbent banks cannot provide.

At the recent Fintech and Blockchain session, Revolut’s COO, Richard Davies, the COO of global fintech super app Revolut that has been spreading its wings in APAC, stated that fintech is already poised to bring major economic benefits globally. According to Davies, there are a few key reasons why fintech is appealing to consumers.

  1. Price

Davies noted that 27% of consumers opt for fintech services because it is significantly cheaper compared to incumbent banks. An example is cross-border payments. Often, fintech offers lower foreign exchange rates, and does not come with any hidden fees.

  1. Efficiency

For the tech-savvy consumer, fintech services are more efficient compared to those offered by traditional banks. Fintech apps, for example, often come with user-friendly interfaces that would seamlessly guide a consumer through the process that they are undertaking.

20% of consumers opt for fintech services because of the ease of setting up, with 12% of consumers siding with it because of better user experience.

  1. Fintech product innovation

Because fintech companies do not need to contend with legacy staff and systems, they can afford to innovate relevant products quickly and cheaply.

Also, fintech companies often have a dedicated focus on fixing specific problems, and can, therefore, come up with tailor-made solutions for their customers. This is rarely possible for legacy banks as there is little room for agility –solutions are usually provided in a one-size-fits-all form.

Davies believes that we have already reached an inflection point for the mass adoption of fintech. This couldn’t be truer for Asia, whose fintech landscape is already vibrant and highly competitive. Regulators in the region are supportive of fintech, as can be seen in countries such as Singapore and Thailand.

Both countries have agreed to open up regulatory sandboxes that allow fintechs to test their solutions prior to bringing them into the market. Further, Singapore and Malaysia are also giving out virtual banking licenses that can make the operation of neobanks easier.

Ultimately, traditional banks need not fear technology. The willingness to adapt and collaborate with others will enable technology to serve all parties – banks, fintechs, and consumers- in the financing sector well.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.fintechnews.org/can-fintech-innovation-really-move-economies-forward/

Big Data

If you did not already know

Published

on

Data Archaeology google


Data archaeology refers to the art and science of recovering computer data encoded and/or encrypted in now obsolete media or formats. Data archaeology can also refer to recovering information from damaged electronic formats after natural or man made disasters. …

UR-FUNNY google


Humor is a unique and creative communicative behavior displayed during social interactions. It is produced in a multimodal manner, through the usage of words (text), gestures (vision) and prosodic cues (acoustic). Understanding humor from these three modalities falls within boundaries of multimodal language; a recent research trend in natural language processing that models natural language as it happens in face-to-face communication. Although humor detection is an established research area in NLP, in a multimodal context it is an understudied area. This paper presents a diverse multimodal dataset, called UR-FUNNY, to open the door to understanding multimodal language used in expressing humor. The dataset and accompanying studies, present a framework in multimodal humor detection for the natural language processing community. UR-FUNNY is publicly available for research. …

Firebreak Decision Problem google


Suppose we have a network that is represented by a graph $G$. Potentially a fire (or other type of contagion) might erupt at some vertex of $G$. We are able to respond to this outbreak by establishing a firebreak at $k$ other vertices of $G$, so that the fire cannot pass through these fortified vertices. The question that now arises is which $k$ vertices will result in the greatest number of vertices being saved from the fire, assuming that the fire will spread to every vertex that is not fully behind the $k$ vertices of the firebreak. This is the essence of the Firebreak decision problem. …

Stochastic Substitute Training google


It has been shown that adversaries can craft example inputs to neural networks which are similar to legitimate inputs but have been created to purposely cause the neural network to misclassify the input. These adversarial examples are crafted, for example, by calculating gradients of a carefully defined loss function with respect to the input. As a countermeasure, some researchers have tried to design robust models by blocking or obfuscating gradients, even in white-box settings. Another line of research proposes introducing a separate detector to attempt to detect adversarial examples. This approach also makes use of gradient obfuscation techniques, for example, to prevent the adversary from trying to fool the detector. In this paper, we introduce stochastic substitute training, a gray-box approach that can craft adversarial examples for defenses which obfuscate gradients. For those defenses that have tried to make models more robust, with our technique, an adversary can craft adversarial examples with no knowledge of the defense. For defenses that attempt to detect the adversarial examples, with our technique, an adversary only needs very limited information about the defense to craft adversarial examples. We demonstrate our technique by applying it against two defenses which make models more robust and two defenses which detect adversarial examples. …

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://analytixon.com/2021/07/28/if-you-did-not-already-know-1460/

Continue Reading

Big Data

If you did not already know

Published

on

Data Archaeology google


Data archaeology refers to the art and science of recovering computer data encoded and/or encrypted in now obsolete media or formats. Data archaeology can also refer to recovering information from damaged electronic formats after natural or man made disasters. …

UR-FUNNY google


Humor is a unique and creative communicative behavior displayed during social interactions. It is produced in a multimodal manner, through the usage of words (text), gestures (vision) and prosodic cues (acoustic). Understanding humor from these three modalities falls within boundaries of multimodal language; a recent research trend in natural language processing that models natural language as it happens in face-to-face communication. Although humor detection is an established research area in NLP, in a multimodal context it is an understudied area. This paper presents a diverse multimodal dataset, called UR-FUNNY, to open the door to understanding multimodal language used in expressing humor. The dataset and accompanying studies, present a framework in multimodal humor detection for the natural language processing community. UR-FUNNY is publicly available for research. …

Firebreak Decision Problem google


Suppose we have a network that is represented by a graph $G$. Potentially a fire (or other type of contagion) might erupt at some vertex of $G$. We are able to respond to this outbreak by establishing a firebreak at $k$ other vertices of $G$, so that the fire cannot pass through these fortified vertices. The question that now arises is which $k$ vertices will result in the greatest number of vertices being saved from the fire, assuming that the fire will spread to every vertex that is not fully behind the $k$ vertices of the firebreak. This is the essence of the Firebreak decision problem. …

Stochastic Substitute Training google


It has been shown that adversaries can craft example inputs to neural networks which are similar to legitimate inputs but have been created to purposely cause the neural network to misclassify the input. These adversarial examples are crafted, for example, by calculating gradients of a carefully defined loss function with respect to the input. As a countermeasure, some researchers have tried to design robust models by blocking or obfuscating gradients, even in white-box settings. Another line of research proposes introducing a separate detector to attempt to detect adversarial examples. This approach also makes use of gradient obfuscation techniques, for example, to prevent the adversary from trying to fool the detector. In this paper, we introduce stochastic substitute training, a gray-box approach that can craft adversarial examples for defenses which obfuscate gradients. For those defenses that have tried to make models more robust, with our technique, an adversary can craft adversarial examples with no knowledge of the defense. For defenses that attempt to detect the adversarial examples, with our technique, an adversary only needs very limited information about the defense to craft adversarial examples. We demonstrate our technique by applying it against two defenses which make models more robust and two defenses which detect adversarial examples. …

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://analytixon.com/2021/07/28/if-you-did-not-already-know-1460/

Continue Reading

Big Data

Sony’s PS5 outstrips predecessor with 10 million units sold since Nov launch

Published

on

By Sam Nussey

TOKYO (Reuters) – Sony Group Corp said on Wednesday its PlayStation 5 (PS5) gaming console has sold more than 10 million units since launching last November, outstripping sales of its predecessor even as the Japanese firm grapples with a global chip shortage.

The PS5, which offers cutting edge graphics and faster loading times than the PS4, is in short supply as the COVID-19 pandemic strains global semiconductor supply chains while demand has risen amid a gaming boom with more people staying indoors.

“We’ve built more PlayStations faster than we ever have before which makes me happy. But on the other hand, we’re some time from being able to meet all the demand that’s out there, which makes me feel bad,” Sony Interactive Entertainment CEO Jim Ryan told Reuters via email.

“Our partners are performing really well for us, but the chip shortage is definitely a challenge that we are all navigating,” Ryan said.

Boosted by exclusive games likes Marvel’s Spider-Man: Miles Morales, which has sold more than 6.5 million copies, PS5 sales have outstripped the PS4.

It took Sony around nine months to sell 10 million units of the PS4, which had a staggered launch. More than 100 million units of the console have been sold since November 2013.

Electronics makers warn of deepening semiconductor shortages, with Apple on Tuesday saying the shortfall is affecting iPhone production.

“Sony’s deep expertise in supply chain management for consumer electronics has enabled it to weather the worst impacts of the pandemic even during the launch of a new product,” said Piers Harding-Rolls, head of games research at Ampere Analysis.

Sony sees demand for the PS5 continuing even as vaccinations spur easing of curbs on going out, Ryan said.

A strong games slate will be crucial to maintain momentum amid competition from Microsoft’s rival Xbox device, analysts say.

Another first-party title for Sony, Ratchet & Clank: Rift Apart, has sold more than 1.1 million copies since its release last month. First-party titles refer to games from companies that are owned by the firm making the console.

The group forecasts PS5 hardware sales of at least 14.8 million units in the year through March.

(Reporting by Sam Nussey; Editing by Himani Sarkar)

Image Credit: Reuters

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://datafloq.com/read/sonys-ps5-outstrips-predecessor-10-million-units-sold-since-nov-launch/16704

Continue Reading

Big Data

U.S. senators urge barring Huawei, ZTE from $1.9 trillion gov’t funding measure

Published

on

By David Shepardson

WASHINGTON (Reuters) -Two U.S. senators on Wednesday said they are introducing a measure to prohibit funds in a $1.9 trillion government funding measure from being used to purchase Chinese telecommunications equipment from Huawei, ZTE and other companies deemed U.S. security threats.

Senators Tom Cotton, a Republican, and Mark Warner, a Democrat, said the funds that were approved in March in a law known as the American Rescue Plan should not be used to potentially undermine U.S. telecommunications networks.

“With states across the country mapping out their plans for quality and affordable high-speed internet as a result of historic funding from the American Rescue Plan, we’ve got to make sure no community is sacrificing network security,” said Warner.

Huawei and ZTE did not immediately comment.

“The U.S government must take strong action to cut the Chinese Communist Party out of our networks. Americans deserve both reliable and secure telecommunications technologies,” said Cotton.

Earlier this month, the U.S. Federal Communications Commission (FCC) voted unanimously to finalize a $1.9 billion program to reimburse mostly rural U.S. carriers for removing equipment from telecommunications networks from Chinese companies like Huawei and ZTE.

Last year, the FCC designated Huawei and ZTE as national security threats to communications networks – a declaration that barred U.S. firms from tapping an $8.3 billion government fund to purchase equipment from the companies. The FCC in December adopted rules requiring carriers with ZTE or Huawei equipment to “rip and replace” that equipment.

The FCC in September 2020 estimated it would cost $1.837 billion to remove and replace Huawei and ZTE equipment from networks.

(Reporting by David Shepardson in WashingtonEditing by Jonathan Oatis and Matthew Lewis)

Image Credit: Reuters

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://datafloq.com/read/us-senators-urge-barring-huawei-zte-19-trillion-govt-funding-measure/16703

Continue Reading
Esports4 days ago

Teppei Genshin Impact Voice Actor: Who is it?

Esports4 days ago

Who won Minecraft Championships (MCC) 15? | Final Standings and Scores

Esports4 days ago

All ranked mode rewards for Pokémon UNITE: Season 1

Aviation3 days ago

Legendary F-14 Pilot Dale ‘Snort’ Snodgrass Dies In A Tragic Plane Crash

Cleantech4 days ago

Form Energy Reveals Iron-Air 100 Hour Storage Battery

Esports4 days ago

Sakura Arborism Genshin Impact: How to Complete

Esports5 days ago

Here are the results for the PUBG Mobile World Invitational (PMWI) West 2021

watch-live-russias-pirs-module-set-to-depart-space-station-today.jpg
Aerospace2 days ago

Watch live: Russia’s Pirs module set to depart space station today

Esports5 days ago

Here are the results for the PUBG Mobile World Invitational (PMWI) East 2021

Techcrunch4 days ago

This Week in Apps: Clubhouse opens up, Twitter talks bitcoin, Snap sees record quarter

best-gengar-build-in-pokemon-unite.png
Esports4 days ago

Best Gengar build in Pokémon UNITE

Cyber Security5 days ago

Threat Actors are Abusing Argo Workflows to Target Kubernetes

Esports5 days ago

Are there ranked rewards in Pokémon UNITE?

Esports4 days ago

Best Garchomp build in Pokémon UNITE

Cyber Security5 days ago

What Programming Language Should I Learn for CyberSecurity?

Blockchain4 days ago

Canadian Border Town Halts Crypto Mining to Draw Up Regulations

Esports4 days ago

How to unlock Pokémon in Pokémon UNITE, all Unite License costs

AR/VR4 days ago

Warplanes: WW1 Fighters to See Official Oculus Quest Store Launch This Week

AI4 days ago

What is the Freedom Phone and Should You Buy It?

Crowdfunding4 days ago

Calgary, Alberta’s Allied Venture Partners Confirms they’ve Invested $1M+ into Early-Stage Tech Firms

Trending