REYKJAVIK, Iceland, July 1, 2024 /PRNewswire/ —  Lucinity has received the 2024 ICA Award for Innovation in Financial Crime Prevention, recognizing its exceptional AI innovations, including the Luci copilot. The ICA Compliance Awards celebrate excellence in compliance and financial crime prevention, and Lucinity’s Generative AI copilot, Luci, stood out for its significant impact on operational efficiency.

Luci, launched in 2023, transforms complex financial data into actionable insights using generative AI. It reduces case investigation times from an average of three hours to just 30 minutes, resulting in substantial cost savings. A Tier 1 bank can potentially save up to $36 million annually in training and recruitment costs and boost productivity by $100 million yearly.

Luci includes out-of-the-box skills such as case summarization, business validation, adverse media and negative news searches, money flow visualizations, transaction summaries, writing and sending requests for information (RFI), generating Suspicious Activity Reports (SARs), and address checks. These features allow compliance teams to shift their focus from manual tasks to higher-level decision-making.

To further enhance its offerings, Lucinity recently launched the Luci plugin, enabling seamless integration with any web-based application. The plugin is platform agnostic, allowing it to be incorporated into various tech stacks, including case management systems and CRMs. Financial institutions can immediately benefit from AI and automation, leading to a more efficient and consistent workforce and productivity boosts of up to 90%.

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Lucinity continues to ensure maximum security and responsible AI development through its integration with Microsoft’s OpenAI on Azure. Lucinity also recently launched the Luci Studio where users can customize their AI copilots in a no-code, drag-and-drop user interface, providing full explainability for the actions that AI takes. 

Founder and CEO of Lucinity, Guðmundur Kristjánsson, expressed his gratitude, stating, “2023 and 2024 have been transformative years for Lucinity. With seven large banks now requesting to trial Luci and widespread interest in our AI copilot, we’ve received numerous accolades and media attention. Luci is proving to be an essential tool in financial crime operations.”

This award follows several other achievements by Lucinity in 2024, such as the inclusion in the Fintech100 list, winning the Microsoft Partner of the Year Awards, and acknowledgment in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024.

The full list of winners for the ICA Compliance Awards 2024 can be found here.

Contact:
Celina Pablo
[email protected] 
+354 792 4321

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HONG KONG and SHANGHAI, July 1, 2024 /PRNewswire/ — China’s growing senior population is bringing tremendous business opportunities to the financial services industry, says Michael Guo, Co-CEO of Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An“, the “Company” or the “Group”, HKEX: 2318 / 82318; SSE: 601318). The aging population has low awareness of the need to plan ahead financially for senior care, and senior care services in the China market are fragmented and lack unified standards, Mr. Guo said at Annual Meeting of the New Champions 2024 in Dalian, commonly called the “Summer Davos”.

Ping An is taking a leadership role by building an “integrated finance + health and senior care” service system to provide professional financial advisory, family doctor and senior care concierge services.

China is aging before becoming rich, Mr. Guo said. When China entered the phase of an aging society in 1999, the GDP per capita was only US$1,000. In comparison, when developed countries in Europe and the US encountered aging populations, their GDP per capita was approximately US$10,000, so they had stronger financial capacity to support senior care. Today, the challenge in China is that retirement replacement ratio is low and whilst there is lack of awareness of importance of financial planning for senior care.

Demand growing for diversified and customized wealth and health services

“As average life expectancy increases, people will attach greater importance to pensions and start planning earlier,” Mr. Guo said. “The demand for capital preservation and appreciation, with the goal of building a ‘personal pension reserve’, will become the core demand of wealth management.”

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China’s insurance industry is aware of the market opportunities in wealth management for seniors and is working on designing “finance + senior care” products, he said. However, the product types are too generic. “Fulfilling the needs of seniors cannot be done by simply adding senior care products together, but should be a comprehensive solution, which is organically combined and adjusted to meet the customized demand of the seniors at different stages of their lifecycles,” Mr. Guo said.

For example, seniors who are relatively healthy may want more social interaction, travel, hobbies and learning, to maintain physical and mental health. Seniors with chronic diseases would require appropriate disease management, and for some, disability care services.

China’s senior care and healthcare services sector is still in its early stages. Challenges include service fragmentation, the uneven quality of services, processes, costs, and lack of unified standards and service monitoring systems.

Seamless integration of financial products and senior care

Ping An offers senior care insurance solutions that integrate healthcare and senior care services. This comprehensive service solution aims to meet the different demands of senior customers in health, medication for chronic diseases, and senior care. It includes financial products that offer insurance protection, wealth appreciation, wealth inheritance, and healthcare and senior care services, such as chronic disease management, health management, medical consultations and rehabilitation, residence security, guardianship and entertainment.

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“The strength of Ping An lies in its ability to integrate providers into a comprehensive senior care service platform that can meet customers’ personalized needs,” said Mr. Guo. With a base of 234 million retail customers, Ping An understands the needs of end-customers and possesses the purchasing power to select the best service providers and set standards in the market.”

Today in China, 90% of seniors choose home-based senior care. Ping An’s home-based senior care services include Ping An Health’s online diagnostic platform, which offers 24/7 treatment and consultation services. It has consolidated extensive offline healthcare service resources, including 100% coverage of the top 100 and 3A hospitals in China, nearly 50,000 in-house and contracted doctors, about 2,400 partner senior doctors, and 230,000 partner pharmacies. Integrating more than 100 suppliers, the in-home care offers a suite of 650 services and a 24/7 home-based concierge service in 54 cities, with more than 80,000 customers eligible for these benefits.

Technological Empowerment of the Senior Care Industry

“The entire financial insurance industry can leverage its own financial data and combine it with the senior care industry to accumulate data and continue to explore the empowering and enhancing the role of data and technology,” Mr. Guo said.

Technological empowerment plays an important role in Ping An’s senior care strategy. For example, home-based senior care is supported by an artificial intelligence (AI)-driven concierge. Currently, AI has been fully implemented in 200 scenarios for online concierge customer interactions and support for human concierges. AI will offer further assistance to efficiently empower homecare workers and nurses, leading to greater efficiency and quality improvements.

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Another key aspect of technology in senior care is data application. Ping An possesses one of the world’s largest healthcare databases, including a disease database, prescription database, drug database, doctor and hospital database, and personal health database. Data is sourced from public sources, including the National Health Commission, National Healthcare Security Administration, and National Medical Products Administration. The data has already been used in scenarios such as health insurance underwriting and claims and assisting users to find information on diseases, drugs, hospitals, and doctors.

For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING AN.

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ZUG, Switzerland, July 1, 2024 /PRNewswire/ — The BSV Blockchain has announced that its token is now available for trading on leading digital currency exchanges Orange Gateway and CoinDCX. The additional listings provide users with additional options to buy, sell, and trade BSV across several major regions worldwide. 

Orange Gateway aims to provide a fair marketplace for spot trading crypto assets. User safety is its main priority, and the platform is designed with the best safety standards. They officially opened a BSV exchange on 19 June 2024, offering the following trading pairs:

• BSV/USD
• BSV/EUR
• BSV/BTC
• BSV/ETH

The Orange Gateway market falls under the supervision of the Icelandic FSA (Central Bank of Iceland). The marketplace is accessible to users in the EU, UK and America. For more information visit OrangeGateway.com.

The OrangeGateway listings follow the listing of the BSV/INR trading pair on the CoinDCX exchange earlier this month. With over 16 million registered users, CoinDCX was the first Indian crypto asset company to become a unicorn. The listing marks an important expansion into the Indian market for BSV and demonstrates the significant potential and possibility in the region.

Shawn Ryan, Outreach Director for BSV Blockchain said, “The Indian market is highly significant in the crypto-asset industry, and we are thrilled to enter this market with a leader like CoinDCX. With millions of daily transactions, a wave of application development and scaling solutions which have taken the BSV Blockchain to millions of transactions per second, the listing serves as another vital onramp for users.”

These listings are a few of many planned for the second half of 2024, where millions more people will have access to the BSV token in the coming months. This comes at a time when BSV blockchain’s advancements in scalability and readiness for global adoption.

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About BSV Blockchain:

One Blockchain for Everyone.

The BSV Association leads the BSV blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.

The BSV Association oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.

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