Jack Ma’s US$290 bil loan machine is changing Chinese banking

  • “Jack Ma’s online bank is leading a quiet revolution in the way China lends to small businesses, taking aim at a credit bottleneck that has held back Asia’s largest economy for decades.
  • Using real-time payments data and a risk-management system that analyses more than 3,000 variables, Ma’s four-year-old MYbank has lent 2 trillion yuan (US$290 billion) to nearly 16 million small companies.
  • The whole process takes three minutes and involves zero human bankers. The default rate so far: about 1%.
  • China is quickly becoming a world leader in the use of big data and artificial-intelligence (AI) technology to make loans, according to Cliff Sheng, co-head of Greater China financial services at Oliver Wyman, a consulting firm.”


25 stunning advances in artificial intelligence

  1. “Boston Dynamics
  1. ProFound AI
  1. AI Artwork
  1. AI Generated Human Faces
  1. TensirFlow
  1. AlphaGo
  1. GAN
  1. Autonomous Driving
  1. IBM Watson
  1. Siri
  1. AI Glass
  1. Deep Density Displacement Model
  1. Ghost Population Discovery
  1. AI Predicts Death
  1. AI in Mobile Phones
  1. Facebook Chats
  1. OpenAI
  1. DeepFakes
  1. Nautilus
  1. Cyc
  1. Amazon
  1. Deep Blue
  1. DARPA Grand Challenge
  1. Waymo
  1. Eliza”


Image credit: vox.com

Cyber security in the age of AI

  • “In 2017, a unique cyberattack was reported by a renowned cybersecurity firm Darktrace. In this, machine learning was used to observe and learn normal user behavior patterns within a network. The malicious software started to copy normal behavior combining it into the background which became difficult for security tools to identify it.
  • Failure by governments to take proactive measures to ensure the security of AI systems “is going to come back to bite us,” Omar Al Olama, minister of state for artificial intelligence for the United Arab Emirates, warned.”


DarkTrace – https://www.darktrace.com/en/

This Week In AI Stats: $7.4 Billion Invested In AI Startups In Q2

  • “Funding to AI startups worldwide in Q2 of 2019 totaled $7.4 billion in 488 deals, up from $5.2 billion in Q1 [CB Insights]
  • $803 million were invested in the first half of 2019 in 43 VC deals worldwide involving the application of AI and machine learning to cybersecurity; last year’s total was $1.7 billion [KPMG]”


Image credit: Getty