Intel AI, Baidu Cloud team up to advance financial services

Maria Nikolova

Baidu Cloud is leveraging Intel Xeon Scalable processors and the Intel Math Kernel Library-Deep Neural Network as part of a new financial services solution for major Chinese banks.

Financial technologies reach new highs, as Baidu and Intel have presented new artificial intelligence (AI) collaborations showcasing applications ranging from financial services and shipping to video content detection at the Baidu 2018 ABC Summit in Shanghai.

In particular, Baidu Cloud is leveraging Intel Xeon Scalable processors and the Intel Math Kernel Library-Deep Neural Network (Intel MKL-DNN) as part of a new financial services solution for major Chinese banks. Baidu is deploying advanced private financial clouds for customers including China Union Pay, AI Bank and the Agricultural Bank of China. The financial clouds run on Intel Xeon Scalable processors and the Intel MKL-DNN library in order to respond to the performance and security requirements of financial services companies.

Intel is known for its efforts to develop AI-based solutions that may be used in the financial services industry. In October last year, for instance, Intel launched the Intel Saffron Anti-Money Laundering (AML) Advisor, which aims to detect financial crime through a transparent AI solution utilizing associative memory.

Intel Saffron’s associative memory AI simulates a human’s natural ability to learn, remember and reason in real time. It mimics the associative memory of the human brain to surface similarities and anomalies hidden in dynamic, heterogeneous data sources, while accessing an infinitely larger data set than its human counterparts. The AML Advisor surfaces these patterns in a transparent way, paving the way for “white box AI” in enterprise applications. These solutions are designed to enhance decision-making in highly complex tasks, and early results indicate they can catch money launderers with unprecedented speed and efficiency.

Financial services companies are increasingly seeking to harness the capabilities of novel technologies. In May this year, Mizuho Financial Group, Inc. (TYO:8411) said it was considering the adoption of a new system for market risk management. Mizuho Financial Group and Mizuho Bank aim to develop a market risk management system using a cloud computing environment provided by Amazon Web Services (AWS).

Mizuho noted back then that global financial institutions are faced with the necessity to enhance their market risk management systems. In order to comply with FRTB implementation requirements by 2022, Mizuho is planning to develop a market risk management system that will incorporate calculation logic capable of supporting sophisticated risk management. The system will utilize AWS’s cloud services.

Read this next

Institutional FX

Cboe Australia launches BIDS offering after successful migration of Chi-X

“Executing the migration of Chi-X’s technology platform was a tremendous industry-wide effort and we thank our customers, vendors, regulators and other market participants for their strong engagement and support over the past year.”

Institutional FX

Sucden Financial launches access to 25 of China’s futures and options contracts

“We are delighted to offer clients access to three key futures markets in China, the world’s largest commodity consumer.”

Industry News

Kraken sponsors Williams Racing to expand institutional reach and fan engagement

“Kraken’s partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation and breakthrough performance. These are both iconic brands that have stood the test of time. We’re excited to engage with both Kraken’s and Williams Racing’s global communities, showcasing the power and life-changing impact of crypto and Web3.”

Retail FX

FXChoice taps Acuity’s news, sentiment tools, calendars, trade ideas on MT4/5

“Our tools are designed with the end-user in mind and are engineered to present insightful and actionable market data in an accessible way to help traders manage risk by identifying potential market movements before they occur and ultimately make better decisions on how, when, and where to invest.”

Digital Assets

BlockFi to refund $103K to Californian users

Bankrupt crypto lender BlockFi will refund more than $100,000 to its California-based users who continued to repay loans even after the company halted client withdrawals following a liquidity crisis.

Institutional FX

SimCorp and FlexTrade team up to strengthen Open Platform

Broker-neutral technology firm FlexTrade Systems announced that its solution FlexTRADER EMS has been certified for integration with SimCorp, a provider of integrated, front-to-back, multi-asset investment management solutions.

Digital Assets

MicroStrategy prepays Silvergate loan, trims loss on BTC bet

MicroStrategy, spearheaded by one of bitcoin’s most vocal proponents, has prepaid the $205 million bitcoin-backed loan it took out from insolvent crypto-focused Silvergate Bank in March 2022.

Executive Moves

UK spread better InterTrader hires Joe Rundle as CEO

Multi-regulated online trading provider InterTrader has publicly revealed its newest appointment, having onboarded industry veteran Joe Rundle as its Chief Executive Officer (CEO).

Digital Assets

Federal judge puts brakes on Voyager sale to Binance

A federal judge temporarily halted the proposed deal to sell bankrupt crypto lender Voyager Digital’s assets to Binance US after a request by the United States government for an emergency stay.