Source:
Money
20/20
Money20/20
and
Acrew
Capital’s
analysis
of
publicly
announced
initiatives
reveals
a
region
that’s
increasingly
vying
to
set
the
pace.
32
Asian
financial
services
companies
were
part
of
the
global
report
and
after
more
in-depth
analysis
of
the
Asian
companies
participating
in
the
report,
Money20/20
and
Acrew
Capital
found
a
number
of
interesting
findings.
North
America
Dominates,
But
Asia
Rises
The
state
of
AI
adoption
across
regions
delivers
expected
patterns
and
some
surprising
results.
The
leaderboard
highlights
this
nuanced
story:
while
North
American
firms
command
the
top
spots,
Asian
institutions
are
making
their
presence
felt.
Xero
is
the
standout
leader
in
Asia,
its
six
initiatives
also
make
it
a
global
leader,
punching
above
its
weight
relative
to
larger
companies
on
the
overall
leaderboard.
Japan’s
financial
giants—Rakuten,
Mizuho,
and
Mitsubishi
UFJ—along
with
India’s
Paytm
have
each
launched
three
significant
AI
initiatives,
placing
them
among
the
global
top
performers.
This
is
evidence
that
Asia’s
leading
financial
institutions
are
pursuing
AI
with
strategic
aggression.
A
global
high
of
AI
initiatives
launched
in
Asia
Almost
80%
of
Asian
companies
have
launched
an
AI
initiative.
In
total,
out
of
the
32
companies
from
Asia
(including
Oceania),
25
of
those,
or
78%,
have
announced
initiatives
publicly.
This
is
a
global
high
and
a
testament
to
the
region’s
ability
to
leapfrog
traditional
development
cycles.
These
25
companies
have
launched
44
initiatives,
averaging
1.76
per
company.
This
impressive
number
reflects
strategic
aggression
rather
than
merely
following
the
global
AI
playbook.
Backed
by
proactive
government
policies
and
a
digital-first
economy,
Asian
financial
institutions
are
transforming
AI
from
a
competitive
advantage
into
a
competitive
requirement.
Generative
AI
When
it
comes
to
Gen
AI,
Asian
institutions
have
positioned
themselves
to
rapidly
close
the
gap
with
North
America.
The
regional
leaderboard
of
Gen
AI
leaders
shows
the
ambition
and
momentum
in
the
region.
New
Zealand’s
Xero
stands
out
with
five
Gen
AI
initiatives,
placing
it
at
the
forefront
not
just
in
Asia
but
globally.
What
makes
Xero’s
leadership
noteworthy
is
its
relative
size
compared
to
the
few
companies
that
rank
higher
globally.
Japan’s financial giants are setting the pace in Asia. Mizuho Financial Group and Rakuten each have three Gen AI initiatives, illustrating Japan’s technology leadership. Other notable players include Paytm from India, Ant Group from China, Grab from Singapore, and Sapiens from Israel, each with two Gen AI initiatives, demonstrating the depth of regional adoption. In total 29 Gen AI initiatives were identified in Asia, showcasing the region’s remarkable momentum in Gen AI.
“Although our report shows that North America is leading the way in AI adoption in financial services, we are discovering that Asian companies are not far behind. The data, especially regarding generative AI, demonstrates significant investment and commitment in Asia. At Money20/20 Asia in Bangkok next April, the most influential leaders in AI and fintech will convene to discuss new AI initiatives, use cases, and products across our five stages. We can’t wait to share more insights in person with the industry,” said Scarlett Sieber, Chief Strategy and Growth Officer at Money20/20.
For a more in-depth analysis of the Asia-based companies, please email: man@midas-pr.com and we’ll email you the overview.
Hashtag: #money20/20
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