Ant’s Falcon FX AI lands Citi, HSBC and StanChart

Artificial intelligence in the sphere of finance is moving from the stage of experimentation into the level of a component of the operation of global currency trade. Ant International announced on Thursday that it upgraded its Falcon forecasting program to version 2.0 and signed contracts with six major banks, which will use its model in their foreign currency trading activities.

According to Kelvin Li, Ant International’s general manager of platform technology, the company has named Citi, HSBC, Deutsche Bank, Standard Chartered, and Barclays as partners. The list is notable in relation to cryptocurrency and payments. Some of these banks are also developing tokenized deposit and digital payment technologies to facilitate round-the-clock cross-border transactions.

A claim of 60% cheaper hedging, and a jab at general AI

Li positioned Falcon as a tool for a job that general-purpose AI isn’t yet capable of doing well. “Precise forecasting can slash foreign exchange hedging and allocation costs by over 60%,” he remarked, while stating that general-purpose large models have “yet to achieve a universal breakthrough in the financial sector.”

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