Finance Feeds logo

AI helps clients of Japan’s Jibun Bank make use of automatic foreign currency deposits

Maria Nikolova

An AI system will alert the savings accounts’ owners of the moment when it is best to make a deposit in foreign currencies.

Clients of Japan’s Jubun Bank, a joint venture of Bank of Tokyo-Mitsubishi UFJ, Ltd. and KDDI, now have access to a new service harnessing the capabilities of artificial intelligence (AI). The new solution, developed jointly with fintech firm Alpaca, targets those who would like to make use of foreign currency deposits and would like to do so at the right moment, that is, when the exchange rates are most favourable.

The new AI-based solution aims to determine when the exchange rates are best and alerts the customer about it. Based on account settings pre-defined by the customer, the AI system makes a deposit from one’s JPY account to one’s foreign currency savings account. As per the default settings, the system will make such a transfer automatically once a month, when the AI engine determines that the rates are the best. The customers have the right the determine upper and lower limits for the exchange rates they deem acceptable.

The new service works with several foreign currencies, including USD, EUR and AUD.

This is not the first time that Alpaca partners with Jibun bank. Back in June 2017, the companies released released “FX forecast AI” for Jibun Bank’s smartphone application.

And in the spring of 2017, online brokerage Kabu.com Securities, a subsidiary of Mitsubishi UFJ Financial Group Inc (TYO:8306), announced that it will launch a special AI-powered solution for its clients. The solution, developed together with Alpaca, targets stock traders.

The AI system scans the share prices of Japan-listed companies in order to identify shares exhibiting similar trends. It detects correlations that human traders cannot usually notice and thus signals trading opportunities. In addition, the product identifies overvalued and undervalued stocks by identifying correlating stock charts. These findings are used for a trading strategy where investors go long on the underperforming shares and go short on the overperforming shares in a correlated pair.

Subscribe

Read this next

Digital Assets

FINMA-regulated digital asset provider Taurus expands into Germany

This expansion follows recent moves by BaFin to accelerate the licensing of crypto custody services, aiming to boost market confidence. Following this, several new licenses were issued, notably to Commerzbank, making it the first full-service financial institution in Germany to receive a crypto custody license.

Inside View

Stocknet’s Nick Hall defends gamification as trading platform market set to hit $15.34b by 2030

“The growing popularity of gamified trading has the potential to tackle this financial literacy gap. Rather than simply giving users unfettered access to markets and letting them figure things out for themselves, platforms can offer virtual skill games and challenges to help educate traders and prime them for success.”

Inside View

Infographic: Interest rate and FX derivatives are driving rise of OTC derivatives market

These trends suggest a growing and evolving OTC derivatives market, with an increased focus on risk management and regulatory compliance. The rise in clearing rates, along with the increased initial margin requirements, reflects a more cautious approach to risk in the financial services industry.

Market News

Bank of Canada’s Final 2023 Policy Update on the Canadian Dollar and Future Monetary Landscape

The Bank of Canada’s final policy update for 2023, as reported by Bloomberg, had a relatively subdued impact on the performance of the Canadian dollar, especially when compared to the discernible market reactions following prior BoC policy decisions throughout the year.

Inside View

DTCC’s Systemic Risk Barometer Survey found 2024 US Presidential Election as a top risk

U.S. political uncertainty, particularly regarding the 2024 Presidential Election, has emerged as a key risk, with 51% of respondents highlighting it as a major concern. This reflects the potential impact of election outcomes on market conditions and the industry.

Executive Moves

Options Technology promotes Laura McCann to CFO

“Laura’s promotion to CFO is the next stage in our long-term strategy of building a world-class finance team servicing the global business from our Belfast office. Back in 2016, Jon took on the challenge of laying the groundwork for that vision. Laura has been an integral part of the strategy from day one.”

Digital Assets

Thailand’s crypto economy under the spotlight: a report by HashKey Capital

“I’m excited by the rapid expansion of Thailand’s Web3 sector. With over 3 million overall crypto users and 600% growth in the market in recent years, the dynamism in our DeFi and NFT sectors is clearly evident. Thailand is increasingly becoming a hotspot for digital nomads, drawn by our crypto-friendly policies, affordable living costs, vibrant food and beverage culture and diverse cultural landscape.”

Retail FX

Webull Australia offers 5.4% yield on uninvested cash

“US dollar money market funds are heavily regulated, meaning client funds are managed in a safe, reliable and trusted environment, which is of critical importance to us, and continues to remain top-of-mind for our clients.”

Digital Assets

Bybit welcomes Ethena’s USDe, a decentralized stablecoin utilizing delta-hedging staked Ether

“Our collaboration with Ethena Labs represents our commitment to solving some of the biggest challenges in crypto today, not least, the creation of a decentralized stablecoin. The integration of USDe on Bybit expands our stablecoin offerings, providing our users with an array of uncorrelated solutions accessible from our Unified Trading Account.”

Bybit
<
✖