Fintech PR
Financial industry must tackle gender bias in algorithms, according to global fintech leader, Finastra
Finastra, one of the world’s largest fintechs, is calling upon the global finance industry to tackle algorithmic bias which is likely to be impacting millions of people every day. The fintech firm, which supplies vital technology to financial institutions of all sizes, including 90 of the world’s top 100 banks, recently commissioned consultancy firm KPMG to look at the issue across banking, lending and insurance. The research considered how decisions coming from this advanced technology have the potential to impact outcomes for certain people and groups. In response to the findings, Finastra has published a five-point plan to identify and tackle algorithmic bias and is urging the financial industry to come together to take action and build a fairer society.
In the past decade, the financial world has been industrialized and digitalized through the introduction of artificial intelligence (AI), particularly forms of machine learning, boosting efficiencies and automating processes, resulting in many parts of banking, lending and insurance decision-making processes now being made by algorithms. The pandemic has accelerated the use of these technologies and whilst it brings clear positives, these vital algorithms can only be as ‘fair’ and unbiased as the data sets that are used to build them. The industry must check if the biases that exist in society are being repeated through the design and deployment of these technologies.
To understand the severity of the problem, Finastra commissioned KPMG to produce a report which reveals the sheer size of consumer lending markets and the potential impact of algorithmic bias. For example, in 2020, consumer lending and transactions across key financial products (credit card, other consumer product lending and mortgage/home lending) were over:·
- $6,110bn in the U.S.
- HK$1,270bn in Hong Kong
- £440bn in the United Kingdom
- €280bn in France
- SG$110bn in Singapore
Both the provision and costs – e.g. the interest rates charged – to consumers of this credit will be informed in many cases by the algorithms that are used.
Simon Paris, CEO at Finastra, said, “Without this being a priority in the financial industry, AI will become a flywheel that will accelerate the negative impact on human lives. Finastra doesn’t have all the answers but we believe that the industry must first acknowledge that there is a problem with algorithmic bias – only then can we work together to find a solution. We will work with our partners and ecosystem to drive the change the industry needs to make – collectively and collaboratively we can redefine finance for good and open it up to all. Finastra’s goal is to ensure financial technology is benevolent and fair in every way to give everyone a level playing field when it comes to borrowing money.”
Dr Leanne Allen, Director at KPMG Financial Services Tech Consulting, said, “Consumer and public trust are critical success factors for Financial Services. The findings in our report for Finastra make it clear that providers need to take care when designing, building and implementing these algorithms to ensure innovation can continue to advance in a safe and ethical way. The report brings together recent thinking on algorithmic bias, with specific applications to financial services and the potential for biased decision-making. Mitigating bias is vitally important in our digital and data-led world. Not doing so could run the risk of serious financial harm to the consumers who use these services.”
To show its commitment to tackling this problem, Finastra has published a five-point plan as part of its drive to help redefine finance for good.
1.) Reforming Finastra’s developer agreement: Finastra has updated its developer terms and conditions for FusionFabric.cloud, its open platform and marketplace for developers. This means developers and partners will be expected to account for algorithmic bias and Finastra has the right to inspect for this bias within any new application
2.) Creating new proof of concept technologies: such as FinEqual, a digital tool that enables bias-free lending, to give users the technology to empower them to tackle algorithmic bias within their own businesses. Currently at proof-of-concept stage, Finastra aims to make FinEqual available to customers in the next 18 months
3.) Hacking for good: Finastra commits to all future hacks having a focus on inclusion. To support this, Finastra will be launching a global hacking competition as part of its Hack to the Future series to shine a light on female talent in the industry by finding and celebrating balanced, female-led teams pushing the boundaries of AI and machine learning
4.) Workplace equality: Within the organization, Finastra is continuing its journey to 50:50 male to female ratios across all its teams. This includes increasing women amongst our top 200 leaders and engineers from 30% to 40% by 2025 and to 50% by 2030
5.) Work with regulators: Finastra is fully committed to tackling AI bias. The company is working closely with regulators in multiple markets and, as a technology leader, is calling upon the financial services industry to take note of the threat algorithmic bias poses to society
The full report by KPMG can be sent directly upon request or found at the Finastra website.
Join the conversation ahead of International Women’s Day using #OpenByDefault #ChooseToChallenge
#OpenByDefault – Finastra is working hard to create a future where finance is open for all. Starting with International Women’s Day, the ‘Open By Default’ movement will be reflected across the hosted events, branded content and marketing strategies run by Finastra.
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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