Digital Banking: Swiss Financial Giant UBS has Applied for a Virtual Bank License in Mainland China

  • “Koh revealed that acquiring a wealth management customer costs about $25,000. UBS’ management believes they can significantly reduce such expenses if they operate an all-digital bank.
  • Koh believes China is the ideal place to establish a digital banking platform, because of the nation’s expertise in artificial intelligence (AI). The $13.6 trillion economy is also home to rapidly evolving financial services and risk management businesses.”

The White House wants to spend hundreds of millions more on AI research

“The White House is pumping hundreds of millions more dollars into artificial intelligence research. In budget plans announced on Monday, the administration bumped funding for AI research at the Defense Advanced Research Projects Agency (DARPA) from $50 million to $249 million and at the National Science Foundation from $500 million to $850 million.”

Taking China’s eCommerce Lessons On The Road

    • “But as they expand farther into regions like the Middle East, and nations like Mexico and Brazil, the challenges become less transparent…That includes securing tax services, managing suppliers, navigating FX exchanges to minimize charges and working through VAT systems with different rules governing them.
    • According to Oxford University data, as of 2017, the largest overall supplier of online labor is India, with 24 percent of that global digital workforce.”

    Report: Whichever country claims AI supremacy this decade will rule the Earth

    “Economists appear to have reached a general consensus that artificial intelligence is among the four great “general purpose technologies” to come along since the 1800s. Gill argues that AI, like steam power, electricity, and information systems technology, will directly impact the way business is conducted at the global scale by 2030.”

    China’s AI Industry to Top $30B by 2022: Report: Chinese Institute of Electronics- PingWest

    • “China is playing a leading role in computer vision and language recognition, which is expected to boost the industry to more than $8 billion by 2022, the report says.
    • By the end of 2018, there were more than 1.9 million new AI professionals over the world, half of whom were from the United States.
    • Additionally, a total of 367 schools in the world were engaged in AI research by the end of 2018, among which the United States had 168 schools and China 33.”