Investment Commission

Beware businesses claiming to use trailblazing technology. They might just be ‘AI washing’ to snare investors

Retrieved on:

Friday, April 5, 2024

Delphia (USA) Inc and Global Predictions Inc, boasted about using AI for designing investment strategies, but the SEC found their claims to be unsubstantiated.

Key Points:

Delphia (USA) Inc and Global Predictions Inc, boasted about using AI for designing investment strategies, but the SEC found their claims to be unsubstantiated.
As well as exaggerating or misrepresenting their AI capabilities, companies may inflate the abilities of AI algorithms or create the illusion AI plays a more significant role than it actually does.

What’s so good about AI?

It can streamline processes, quickly break down and analyse complex data to speed up decision-making, and help organisations stay ahead in a rapidly evolving and competitive market.
Promoting its use of AI helps portray a company as high-tech and cutting-edge, even if the reality doesn’t check out.
It follows the same idea as greenwashing, where companies pretend to be eco-friendly to attract investors and consumers.

AI and the finance sector

AI washing flourishes in finance and investment because of the industry’s high-stakes, intense competition and the seductive appeal of technology-driven solutions. AI’s algorithms can analyse extensive datasets, enhance predictability and uncover hidden patterns in financial data. And AI’s real-time processing capabilities enable dynamic adaptation to market changes.

The complexity of financial products provides room for firms to conceal the reality behind flashy AI claims.
Such interest has led to venture capital firms allocating more capital to AI startups last year than they did previously.

A lack of regulation

This lack of oversight erodes trust and credibility in the industry.
The European Union AI Act is the first regulation in the world to govern the use, development, disclosure and oversight of AI.
Holding companies accountable for accurate information about technology applications helps maintain the integrity of financial markets and ensures fairness for investors.

How to spot AI washing

So, how can you, as an investor or consumer, avoid falling victim to AI washing?
Verify registration status and credentials Before buying or investing in anything claiming AI capabilities, verify the investment company’s registration status and credentials by looking them up on the professional register.
Be cautious with AI-focused investments Investing in AI-driven companies may seem promising, but be wary of companies that tout their “revolutionary” or “industry-leading” AI without providing specifics.
This tactic is a common red flag for AI washing.
Read more:
Who will write the rules for AI?

Angel Zhong does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

More enterprises secure early spots at CIIE 2024

Retrieved on:

Tuesday, January 23, 2024

Exhibition, Sustainable development, Farmer, Culture, Coconut oil, SBF, PepsiCo, Economics, Conference, United Nations, Investment Commission, Rio Tinto, Singapore Business Federation

SHANGHAI, Jan. 23, 2024 /PRNewswire/ -- Twenty-three companies had signed up early for the seventh edition in Shanghai on Jan 9.

Key Points:

SHANGHAI, Jan. 23, 2024 /PRNewswire/ -- Twenty-three companies had signed up early for the seventh edition in Shanghai on Jan 9.
Over the past six years, companies from 173 countries and regions have made appearances in the CIIE and achieved tentative transactions worth $424.23 billion.
According to the Australian Trade and Investment Commission, CIIE 2023 had a record attendance of nearly 250 Australian exhibitors.
To date, more than 300 companies have booked over 130,000 square meters of exhibition area for CIIE 2024, which will take place from November 5 to 10 in Shanghai.

More enterprises secure early spots at CIIE 2024

Retrieved on:

Tuesday, January 23, 2024

Exhibition, Sustainable development, Farmer, Culture, Coconut oil, SBF, PepsiCo, Economics, Conference, United Nations, Investment Commission, Rio Tinto, Singapore Business Federation

SHANGHAI, Jan. 22, 2024 /PRNewswire/ -- Twenty-three companies had signed up early for the seventh edition in Shanghai on Jan 9.

Key Points:

SHANGHAI, Jan. 22, 2024 /PRNewswire/ -- Twenty-three companies had signed up early for the seventh edition in Shanghai on Jan 9.
Over the past six years, companies from 173 countries and regions have made appearances in the CIIE and achieved tentative transactions worth $424.23 billion.
According to the Australian Trade and Investment Commission, CIIE 2023 had a record attendance of nearly 250 Australian exhibitors.
To date, more than 300 companies have booked over 130,000 square meters of exhibition area for CIIE 2024, which will take place from November 5 to 10 in Shanghai.

KASU secures $3 million for innovative RWA lending platform

Retrieved on:

Thursday, January 11, 2024

JV, Faculty, Decentralized finance, Himanshu Yadav, State, Federal, Business, Risk, Risk management, Real, RWA, General partnership, Investment Commission, Automation, Federation, Fintech, Cryptocurrency

Adelaide, Australia, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Kasu is a Real World Asset (RWA) business lending protocol that leverages proprietary tech to deliver the most risk-optimised RWA yields in DeFi.

Key Points:

Adelaide, Australia, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Kasu is a Real World Asset (RWA) business lending protocol that leverages proprietary tech to deliver the most risk-optimised RWA yields in DeFi.
This level of advocacy showcases the broad support for Kasu's mission to revolutionise RWA lending and risk management technology.
”
The capital raised will be allocated towards advancing Kasu's innovative platform that redefines today’s RWA lending ‘standard’ through proprietary technology that optimises businesses’ cash flows to improve credit risk, ultimately delivering superior risk management and higher quality yields.
The experience of the Kasu team spans across both these worlds and puts them in a great position to build these rails for the future.”
For more information on Kasu and its innovative RWA platform, please visit Kasu's Official Website or contact their media team for inquiries.

Rio Tinto: Settlement with Securities and Exchange Commission

Retrieved on:

Tuesday, November 21, 2023

Mining, Minerals, Natural Resources, U.S, Disclosure, Book, Record, Tinto, Investment Commission, RTCM, Financial Conduct Authority, Security (finance), Rio Tinto

Rio Tinto has reached a court approved settlement with the Securities and Exchange Commission (SEC) of a suit brought in 2017 concerning disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM) reflected in Rio Tinto’s 2012 year-end accounts.

Key Points:

Rio Tinto has reached a court approved settlement with the Securities and Exchange Commission (SEC) of a suit brought in 2017 concerning disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM) reflected in Rio Tinto’s 2012 year-end accounts.
With this settlement, all investigations of Rio Tinto regarding this matter have been finalised.
Rio Tinto settled claims brought by the Australian Securities and Investment Commission in 2022 and the United Kingdom's Financial Conduct Authority in 2017 relating to the same RTCM impairment.
The U.S. Court who approved the SEC settlement previously dismissed a related private putative securities class action in 2019.

Airwallex Sees Strong Growth Momentum in Singapore, Reports 13x Revenue Growth YoY

Retrieved on:

Thursday, November 9, 2023

Finance, Professional Services, Technology, Fintech, Software, Heart, CNBC, Visa, Acquisition, Investment Commission, Growth, Ecosystem, Partnership, Brex, Austrade, OurCrowd, Tutoring, Airwallex

Following a strong year of growth, leading global fintech platform Airwallex today announced business highlights in Singapore.

Key Points:

Following a strong year of growth, leading global fintech platform Airwallex today announced business highlights in Singapore.
In the first half of 2023, Airwallex Singapore saw 13x growth (1213%) in year-on-year revenue and more than 11x growth (1015%) in total transaction volume as businesses in Singapore recovered from the pandemic and the world reopened.
This coincides with Airwallex’s continued scaling of its operations and global footprint, including across Southeast Asia where the company looks to further expand its regional presence.
Earlier this year, Airwallex was also named to CNBC-Statista’s ‘World’s Top Fintech Companies 2023’ list.

Making money green: Australia takes its first steps towards a net zero finance strategy

Retrieved on:

Wednesday, November 8, 2023

This article is part of a series by The Conversation, Getting to Zero, examining Australia’s energy transition.

Key Points:

This article is part of a series by The Conversation, Getting to Zero, examining Australia’s energy transition.
Just north of Jamestown in South Australia, 70 kilometres east of the Spencer Gulf and next to a wind farm of nearly 100 turbines, stands the world’s first big battery.
Australia aspires not only to transition its economy to net zero emissions, but to become a green energy superpower.

The size of the green finance challenge

These financial flows need to grow by 21% a year, on average.
Without this enormous increase, the economic transition will not happen in time to avoid the worst impacts of climate change.
Successive Australian governments have been slow to grasp this reality, and we are now playing catch-up with many other countries.

Australia releases its strategy

The Australian government’s Sustainable Finance Strategy, released by Treasurer Jim Chalmers last Thursday, lays solid foundations for this recovery.
Yet more needs to be done if Australia is to achieve the strategy’s stated ambition to be a global sustainability finance leader.
The strategy is arranged around three core pillars.
Read more:
How to beat 'rollout rage': the environment-versus-climate battle dividing regional Australia
Large companies will also be required to disclose their net zero transition plan, if they have one.

Fighting greenwashing

ASIC Deputy Chair Karen Chester believes the economic cost and loss of investor confidence caused by greenwashing “cannot be overstated”.
Her organisation has set out guidelines to help financial institutions identify it.
These bonds are designed to establish standards for lending and borrowing for all green finance; they will also help the government to fund projects such as electric vehicle charging infrastructure.

What’s missing from the strategy?

And Australia ranks only 30th in a list of countries on its share of talent for green finance.
If the financing of the transition were a bicycle race, Australia has now caught up to the global peloton.

Alison Atherton is a member of the Australian Sustainable Finance Institute's Capability Reference Group Gordon Noble does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

The move to a cashless society isn't just a possibility, it's well underway

Retrieved on:

Tuesday, October 17, 2023

The move towards a cashless society started 50 years ago with the introduction of the Bankcard and was driven by technological advancements.

Key Points:

The move towards a cashless society started 50 years ago with the introduction of the Bankcard and was driven by technological advancements.
But it really took off with the COVID pandemic when consumers and retailers were reluctant to handle potentially infected notes and coins.
This raises the question, is a cashless society inevitable?

The phenomenal growth of the digital payments

A recent report by the Australian Banking Association paints a vivid picture of the digital payment industry’s explosive expansion.
The use of digital wallet payments on smartphones and watches has soared from $746 million in 2018 to over $93 billion in 2022.
Cash only accounts for 13% of consumer payments in Australia as of the end of 2022, a stark contrast to 70% in 2007.
The astonishing speed at which Australians have embraced digital payments places the country among the top users of cashless payments globally, surpassing the United States and European countries.

Are government regulations necessary?

With increasing concern over cyber attacks, the regulations will help reduce the risk of fraudulent activities and money laundering and help identify suspicious transactions, maintaining the integrity of the financial system.
Also, regulation will promote fair competition and market stability by levelling the playing field and by preventing monopolies.
Consequently, regulations were introduced to hold card providers to a standard of responsible behaviour.
The new regulations will help Australians navigate this transition more confidently.

University of Technology Sydney (UTS) hosts Decarbonising Australia Summit

Retrieved on:

Sunday, July 30, 2023

SYDNEY, July 30, 2023 /PRNewswire/ -- As a recognised leader in sustainability research, teaching and operations, and a university committed to becoming carbon neutral and climate positive by 2029, the University of Technology Sydney (UTS) is proud to be hosting the inaugural Decarbonising Australia Business Summit: Partnering with Japan on the Transition to Net Zero this week.

Key Points:

SYDNEY, July 30, 2023 /PRNewswire/ -- As a recognised leader in sustainability research, teaching and operations, and a university committed to becoming carbon neutral and climate positive by 2029, the University of Technology Sydney (UTS) is proud to be hosting the inaugural Decarbonising Australia Business Summit: Partnering with Japan on the Transition to Net Zero this week.
Attendees to the Summit, organised by the Australian Trade and Investment Commission (Austrade), include 90 Japanese business leaders and hundreds of Australian industry, government and research representatives.
The University of Technology Sydney (UTS) is among the top 100 universities in the world.
As Australia's leading technology university, UTS drives positive impact through a range of global research and industry partnerships.

HGS organizes 3 day Tech Roadshow in Australia

Retrieved on:

Saturday, July 29, 2023

ACT, Strategic alliance, Senior advisor, Hinduja Group, CX, Press club, Investment Commission, Former, Government, HGS, Austrade, BPM, The Hills Shire, Royal Automobile Club, National Press Club (Australia), Asialink

SYDNEY, July 28, 2023 /PRNewswire/ -- Hinduja Global Solutions (HGS), a leading provider of solutions in digital consumer experience (CX), business process management (BPM), and digital media services, had organized its much-anticipated HGS Tech Roadshow in Australia in the week of July 17th in Canberra and Sydney.

Key Points:

The HGS Tech Roadshow in Canberra was co-hosted by the esteemed India-Australia Strategic Alliance.
As part of the Tech Roadshow, a panel discussion took place at the prestigious National Press Club of Australia, held in collaboration with the Canberra Business Chamber.
The HGS Tech Roadshow provided a great interactive platform for business leaders, innovators, and tech enthusiasts to delve into the boundless possibilities of data analytics and AI in the CX landscape.
The HGS Tech Roadshow was successful in fostering meaningful connections and exploring the transformative potential of data analytics and AI in delivering exceptional customer experiences in the Australian market.