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Commercial Bank International leads investment round in generative AI FinTech zypl.ai
Commercial Bank International (CBI), the Dubai-based corporate and retail bank, has announced its investment in zypl.ai, a FinTech startup pioneering the application of generative AI in lending.
The investment includes a post-seed bridge round investment into zypl.ai, alongside a group of global investors, ahead of the company’s planned Series A raise, which is due to take place later in 2024.
zypl.ai’s flagship software – zypl.score – enables financial institutions to optimise credit decision models across retail and SME portfolios through the generation of synthetic data. Over 35 banks across 12 markets in Eurasia have deployed zypl.ai’s proprietary AI-as-a-service software, underwriting >$100 million of credit portfolio at minimal default rates.
To power its credit decisions, zypl.ai has built proprietary generative adversarial networks (GAN) on a cumulative dataset of over 54 million traditional and alternative data points. This unique approach provides financial institutions with macro-resilient decisioning on dynamically trained AI models that factor in changing macroeconomic cycles.
When deploying zypl.ai, enterprise clients can fully customise zypl.score to their risk appetite with the goal of reflecting competitive market advantages. Through on-premises deployment, zypl.ai ensures full data privacy and confidentiality. Thanks to its interpretability features with embedded ‘weight-of-evidence’ for each credit decision, zypl.score is fully compliant with emerging regulatory conditions that require explainability of ‘black-box’ credit models.
Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said “Our partnership with zypl.ai, an innovative AI platform, signifies a strategic entry into using AI implementation for advanced credit scoring. By harnessing zypl.ai’s synthetic data AI powered algorithms, we’re confident we can further enhance our operational efficiencies to ensure a swift and seamless lending experience. Our work and investment with zypl,ai aligns well with our commitment to supporting innovation in the UAE and with our strategic ambition to partner with only the most innovative partners in the financial technology space. We look forward to supporting zypl.ai’s growth both regionally and internationally.”
Source: ibsintelligence.com
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Day 1: News Alert: London Blockchain Conference 2024
LONDON, May 21, 2024 /PRNewswire/ — Day 1 of the London Blockchain Conference kicks off today with world-renowned marketing and business entrepreneur and professor Scott Galloway taking the stage.
Tech influencer Lilly Douse will also host this year’s conference. She will bring her top hosting skills and unique perspective on blockchain and AI technology to the event.
But that’s not all; attendees can also check out Scott Zoldi, Chief Analyst Officer, Fico, who spoke about establishing trust in AL and Blockchain.
This is an opportunity to gain exclusive insights from influential voices in business, technology and blockchain. One can take advantage of these sessions to explore blockchain’s potential to drive business success.
Please register here to attend or listen to any of the sessions today.
About the London Blockchain Conference
NETWORK. LEARN. ENGAGE.
At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself.
View original content:https://www.prnewswire.co.uk/news-releases/day-1-news-alert-london-blockchain-conference-2024-302151055.html
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Santander and Iberpay in Spain join EPC’s OCT Inst scheme as inaugural participants
The post Santander and Iberpay in Spain join EPC’s OCT Inst scheme as inaugural participants appeared first on HIPTHER Alerts.
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Cyber insurtech BOXX partners with Zurich Insurance Group in Switzerland to introduce breakthrough personal cyber product
TORONTO, May 21, 2024 /PRNewswire/ — Award-winning global Insurtech BOXX Insurance Inc. that combines cyber insurance and security has announced the launch of a cutting-edge cyber risk solution in collaboration with Zurich Insurance Group in Switzerland, providing digital protection for individuals and families.
Recognizing the critical need for comprehensive protection against digital threats Zurich Insurance in Switzerland has partnered with technology partner BOXX Insurance to develop a user-friendly solution designed to help individuals and families better predict and prevent potential scams and digital threats.
Designed for simplicity, the app’s personalized experience puts users’ digital safety front and centre, featuring an easy-to-use interface designed by Zurich Insurance in Switzerland and developed by BOXX in close collaboration with Zurich. The App is now available in Switzerland offering support in English, German, French and Italian.
“We created this to give individuals and families what they want – an app that delivers an essential bundle of tools at users fingertips including access to experts in the event of a cyber emergency,” explained Vishal Kundi, CEO and Founder, BOXX Insurance. “Smartphones have become the fastest-selling gadgets in history. They have penetrated every aspect of daily life. The average person picks their phone up to 100 times a day so if we want to make their world a digitally safer place, we have to ensure their phone and their usage is better secured,” Kundi added.
“An extensive research conducted by Zurich Insurance in Switzerland showed that many are not aware of online dangers and that around a quarter have already been victims of a cyber-attack. In addition, customers are simply overwhelmed with the range of cyber products,” says René Harlacher, Chief Underwriting Officer of Zurich Insurance in Switzerland. “At Zurich, it’s our mission to go beyond mere protection, and also offer our customers tools to help them build resilience and implement preventative measures against cyber risks. Based on these facts, we are expanding our cyber offering for private individuals so that we can provide them with support before, during and after a possible cyber-attack. This is exactly where our joint offering with BOXX Insurance comes in, as a way to lend additional support to our customers,” he adds.
The newly launched solution by Zurich Insurance in Switzerland focuses on providing essential services to help prevent digital threats combined with emergency assistance and support in case of an emergency. Delivered to end customers by Zurich, key features include:
- Identity Protection: Identifies if personal data captured in the app shows up on the dark web and notifies users, providing help and advice to reduce threats of identity theft.
- Secure VPN: By creating a secure and encrypted internet connection the VPN protects data from potential threats such as hacking, identity theft, and phishing attacks.
- Secure WiFi: Scans WiFi networks for threats and helps proactively detect security issues.
- Safe Browsing: Warns against harmful websites and links to protect privacy and personal data.
- Device Protection: Checks and improves the security settings of devices. Devices with the Android operating system are additionally protected against viruses and malware.
- Password Manager: Creates and manages strong passwords and assists with their use.
- Edutainment: Educational content in an entertaining way to raise awareness of personal cyber security.
- Emergency Support and Assistance: Help and assistance from cyber security experts to provide support in cyber emergencies and for many other IT-related problems.
The new offering is available here: https://www.zurich.ch/en/private-customers/living-events/cyberprotection/insurance-prevention
“From providing protection from the dangers of being connected at home and on the go, customers now have the means to keep their devices and data secure and have access to indispensable help in an emergency, all in one easy-to-use app,” Kundi added.
Zurich has been working with BOXX since 2021 and participated in BOXX’s Series A and Series B funding rounds. As a Zurich Global Ventures portfolio company, BOXX is proud to now extend the ongoing collaboration with Zurich to enable Swiss customers to be digitally safer.
About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. Privately-held with headquarters in Canada, BOXX has global offices in Toronto, Miami, Zurich, Dubai and Mumbai.
BOXX Insurance is an award-winning global cyber protection and insurance provider. We’re not a typical company. That’s by design. We’re serious about making the world a digitally safer place; creating real, positive changes for our clients and partners, and building a lasting legacy, from what we create, inside the BOXX.
Every day we’re improving the digital health of businesses, families and individuals around the world who rely on BOXX’s solutions and services to predict, prevent and insure them against cyber threats.
Media Contact: Sarah Madden, [email protected]
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