FinTech's AI Awakening - Issue #471 June 6th, 2024

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FinTech Weekly brings you the latest in artificial intelligence transforming the financial technology landscape.

From tech giants forming alliances to revolutionize AI accelerator chips, to startups collaborating with cloud giants for enhanced compliance and customer onboarding, AI is at the forefront of fintech innovation. Explore the understated potential of AI as discussed by industry leaders, learn about new international associations pushing blockchain integration, and stay updated on regulatory guidelines ensuring customer protection.

This and much more in this number of FinTech Weekly: discover top fintech news and events, and stay ahead of the competition!

Top Stories

    Intel, Google, Microsoft, Meta, and other tech giants are forming the Ultra Accelerator Link (UALink) Promoter Group to advance the development of components linking AI accelerator chips in data centers. Announced on Thursday, the group includes AMD, Hewlett Packard Enterprise, Broadcom, and Cisco, though Arm is not yet a member. They aim to establish a new industry standard for connecting AI accelerators, which include GPUs and custom-designed chips, to enhance the training, fine-tuning, and deployment of AI models in an increasing number of servers.

    FinTech World Forum 2024 is based in London UK Europe as one of leading fintech events 2023 for global financial services, finance and banking technology industry. Its focuses on Mobile Payments, Lending, Insurance, Blockchain, Bitcoin, Investment, Money, Crypto, Cryptocurrency, Digital, Innovation, Wallet, Pensions, Funds, Payment, Tech, Financial Services, Technology, Bank, Wealth Management, Insurtech, Regtech and Wealthtech. For more info visit:

Podcasts and Videos



    The International Association of Crypto-Economy and Artificial Intelligence has been established in Kyrgyzstan, supported by the Russian Association of Crypto-Economy, Artificial Intelligence and Blockchain (RAKIB), TASS reports. RAKIB, which unites blockchain market participants and investors, aims to integrate blockchain technologies into the economy and legalize electronic currencies. Alexander Brazhnikov, RAKIB’s executive director, announced at the Kazan Crypto-forum that the new association will focus on digital security, cross-border payments, and project creation. Officially registered a week ago, the association's headquarters will be in Bishkek. Brazhnikov mentioned potential cooperation from various countries, with over 15 nations expected to join by the end of 2024.


    Banks and investment firms in the European Union must uphold boardroom responsibility and their legal obligation to protect customers when using artificial intelligence (AI), the bloc's securities watchdog, the European Securities and Markets Authority (ESMA), stated in its first AI-related announcement. On Thursday, ESMA outlined how financial firms within the 27-country bloc can integrate AI into daily operations while complying with the EU's MiFID securities law.


    iBind Systems, a FinTech startup in Bangalore, India, announced a collaboration with Google Cloud to modernize onboarding for banks and financial institutions. By integrating iBind’s corporate banking SaaS product with Google Cloud’s generative AI technologies, the partnership aims to streamline onboarding and enhance risk assessment for corporate banking. A key objective is to introduce the Entity Digital Locker within iBind’s Corporate Identity Platform, offering solutions like KYC, anti-money laundering, entitlement management, credit assessment, and digital signatures, thereby simplifying secure data-sharing and access to financial services.