In June of 2023, the Monetary Authority of Singapore (MAS) unveiled the eighth edition of the Global FinTech Hackcelerator, aptly titled the "Artificial Intelligence (AI) in Finance Global Challenge." The primary aim of this competition was to foster innovative AI solutions capable of reshaping the financial services landscape and bringing them to the market. IceKredit, amidst stiff competition from 168 teams across the Americas, Europe, Asia, and Australia, showcased its prowess in the realm of large language models, coupled with its commercial acumen and creative application. As a result, it secured a coveted spot among the top 12 contenders.
The competition's thematic areas revolved around four crucial aspects:
- Elevating Customer Experience
- Enhancing Operational Efficiency
- Strengthening Risk, Compliance, and Fraud Monitoring
- Enabling Environmental, Social, and Governance (ESG) Solutions
The organizers extended a global invitation, encouraging innovators worldwide to present their groundbreaking solutions addressing the challenges faced by the financial industry.
Mr. Sopnendu Mohanty, Chief FinTech Officer at MAS, emphasized the burgeoning potential of AI in revolutionizing financial services. He highlighted the competition's quest for AI solutions possessing four key attributes: interoperability, inclusivity, affordability, and fairness. He urged all innovators to partake in this global endeavor and showcase their solutions.
IceKredit's submission to the competition centers around a virtual office assistant application anchored in its proprietary large language model, Origin One. This virtual assistant harnesses the power of large language model technology and employs personalized dialogue structures to conduct intelligent analysis and Q&A sessions on office documents. Simultaneously, it seamlessly integrates with the customer's internal platform, facilitating rapid data queries, and collaborates with the cloud modeling environment for automatic data analysis and processing. This dual functionality not only bolsters corporate operational efficiency and curtails personnel expenses but also delivers highly tailored and intelligent services to optimize the employee experience.
Of notable mention, this virtual assistant is also equipped with a linked framework and supports natural language instructions. In specific scenarios, it can translate customer inquiries and requirements into appropriate programming languages, interrogate production databases, retrieve data, and automatically generate analysis reports. This capability shapes an assembly-line office environment and automates various tasks.
This marks a significant milestone for IceKredit, following its earlier recognition as a finalist in the 'SFF Global FinTech Awards' hosted by MAS in 2021. In 2023, it once again advances to the final stage of an MAS-sponsored competition, securing its spot among the top 12. The culmination of this competition will transpire as part of the world's most influential fintech event—the Singapore Fintech Festival. During this event, IceKredit will vie for supremacy against 11 formidable teams hailing from the United States, Singapore, Germany, India, Switzerland, Malaysia, and Indonesia in the vibrant city of Singapore.
Large language models have emerged as the driving force behind a new wave of information technology revolution and stand as the focal point of global innovation. It is anticipated that in the near future, large language models will serve as the cornerstone of AI, facilitating the deep integration of technology, data, and application scenarios. These models are poised to give rise to a new intelligent ecosystem that revolves around the foundation of large language models. Presently, IceKredit's flagship large language model product, Origin One, harnesses its rich algorithmic expertise to cater to the needs of banking and insurance clientele. It has empowered various industries with intelligent customer service, streamlined financial document processing, in-depth analysis of foreign investment products, and more. This translates to cost savings, enhanced operational efficiency, improved service quality, better comprehension of user needs, and a heightened competitive edge for IceKredit's clientele.
