SINGAPORE and MANILA, Philippines, July 2, 2024 /PRNewswire/ — Gupshup, the world’s leading Conversation Cloud today announced its partnership with Tonik Bank, the first digital-only neobank in the Philippines, to develop a state-of-the-art Generative AI chatbot for Tonik’s mobile app. The innovative solution aims to provide Tonik’s customers with instant and accurate answers to frequently asked questions, revolutionizing the way they interact with their bank.

The Generative AI chatbot, powered by Gupshup’s advanced natural language processing (NLP) and machine learning (ML) technologies, is designed to understand and respond to customer queries with human-like precision and empathy. By leveraging the latest advancements in AI, the chatbot can engage in contextual conversations, providing personalized and relevant information to each customer.

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Tonik is the first digital bank in the Philippines to leverage Generative AI for customer service. By integrating the chatbot into their mobile app, Tonik Bank aims to provide their customers with instant access to information, reducing wait times and improving overall satisfaction.

“The integration of Gupshup’s ACE LLM into our operations has been truly transformative. We’ve witnessed significant value in its ability to automate routine tasks, elevate customer service, and boost our overall efficiency. This technology has the potential to revolutionize our operations, and we are excited to further explore its capabilities and implement it across our business,” said Sateesh Reddy, Deputy Chief Technology Officer of Tonik Bank. 

Since the implementation of Gupshup’s technology, nine out of ten customer queries are now directed through Tonik’s in-app chat feature, where the AI autonomously resolves 75% of the queries without human intervention. This has not only amplified the efficiency of Tonik’s in-house customer care team by 4.3 times but also empowered them to dedicate more time to resolving intricate issues, ensuring that customers receive the personalized support they need.

The Generative AI chatbot solution is expected to generate significant cost savings for Tonik, with an estimated total of over USD 20 million over the next three years.

“Our partnership with Tonik Bank exemplifies the future of BFSI. As the sector evolves, Gen AI will be crucial to deliver seamless, personalized, and efficient customer experiences. Our chatbot solution is designed to do just that, empowering banks like Tonik to focus on what matters most – building strong relationships with their customers,” said Beerud Sheth, Co-founder and CEO of Gupshup.

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The Corporate Sustainability Due Diligence Directive (CSDDD) is set to have a profound impact on the corporate landscape across Europe.

Following its announcement in the Official Journal of the European Union, the CSDDD will become enforceable within 20 days. Member States are required to integrate the directive into their national legislation within two years from this date. Companies will then have an additional year to align with the requirements before the directive comes into full effect. The implementation will be gradual, spanning over three to five years, suggesting initial compliance efforts may commence as early as the second or third quarter of 2027.

Foreign companies with substantial operations in the EU will be significantly affected by the CSDDD. Specifically, entities with an annual net turnover exceeding €450 million within the EU, including their EU-established affiliates meeting this financial threshold, will fall under the directive’s purview. Notably, the directive does not specify minimum employee thresholds for these foreign entities.

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Businesses serving as suppliers to entities impacted by the CSDDD must prepare for heightened scrutiny and engagement. Initial requirements will focus on suppliers disclosing their approaches to managing human rights risks within their operations. This disclosure is part of a broader risk assessment aimed at identifying potential issues throughout the supply chain. Depending on the assessment outcomes, deeper engagement activities with higher-risk suppliers may include surveys, detailed discussions, and on-site evaluations.

The CSDDD draws on established guidelines for assessing human rights and environmental risks, such as the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. These frameworks are essential for effectively evaluating risks not only within companies’ direct operations but also across their entire spectrum of activities.

Consistency in due diligence practices is emphasized, particularly for operations where companies have greater control over processes and direct access to stakeholders. The CSDDD defines the ‘chain of activities’ more narrowly than the ‘value chain’ under the Corporate Sustainability Reporting Directive (CSRD). It focuses on immediate business partner activities like distribution and storage, excluding controlled export activities such as weapons and munitions.

The knowledge and methodologies developed under the CSRD and the European Sustainability Reporting Standards (ESRS) will be crucial in preparing for CSDDD compliance. However, the directive necessitates more detailed and specific engagement and assessment practices, particularly in stakeholder mapping and involvement across the value chain.

While the CSRD’s double materiality assessments can highlight potential impact areas, CSDDD compliance demands a deeper examination and strategic engagement concerning areas identified as having significant adverse impacts. As companies prepare for the CSDDD rollout, aligning with these rigorous standards will be essential to navigate the evolving regulatory landscape effectively.

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Source: fintech.global

The post How companies can gear up for CSDDD compliance by 2027 appeared first on HIPTHER Alerts.

BEIJING, July 2, 2024 /PRNewswire/ — A report from People’s Daily: From July 2 to 6, Chinese President Xi Jinping will attend the 24th Meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO) in Astana, and pay state visits to Kazakhstan and Tajikistan at the invitation of President Kassym-Jomart Tokayev of the Republic of Kazakhstan and President Emomali Rahmon of the Republic of Tajikistan.

Xi’s visit this time will inject new momentum into building an even closer SCO community with a shared future and opening a new chapter of China–Kazakhstan, China–Tajikistan cooperation. It will also contribute Chinese wisdom and strength to maintaining world peace and promoting common development.

Since its founding over 20 years ago, the SCO has withstood the test of the changing international landscape, and kept moving in the right direction of promoting solidarity, mutual trust, development and cooperation. It has set an example for building a new type of international relations and regional cooperation.

The Shanghai Spirit of mutual trust, mutual benefit, equality, consultation, respect for diversity of civilizations and pursuit of common development is the origin of the strong vitality of the SCO, as well as a guideline that the organization must follow in the long run.

The more fluid and turbulent the world is, the more important that SCO member states stay committed to the Shanghai Spirit, keep to the right direction, and safeguard common interests, respond to various challenges and uphold fairness and justice more effectively through making the SCO more substantive and stronger.

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As a founding member, China always sees the SCO as a priority in its diplomacy. Since 2013, Xi has attended SCO summits for times and put forward a series of important initiatives and proposals, outlining a blueprint for the development and growth of the organization and charting the course for building an SCO community with a shared future.

During the upcoming SCO summit in Astana, Xi will engage in in-depth discussions with leaders of SCO member states on strengthening solidarity and cooperation under new circumstances. Together, they will consolidate the SCO’s role in ensuring security, establishing cooperation, forging friendship, and cementing constructive force, to build an even closer SCO community with a shared future, and inject more certainty and positive energy into world peace and development.

Bound together by mountains and rivers and common interests, China and Kazakhstan are good neighbors, good friends and good partners. Thanks to the personal guidance and efforts of leaders of the two countries, China had Kazakhstan forged a permanent comprehensive strategic partnership and, on that basis, decided to build a China–Kazakhstan community with a shared future, which have set the bar even higher, opened up new prospects and injected new impetus for bilateral relations.

The two countries’ ever-lasting friendship, high-level mutual trust, and commitment to sharing weal and woe together have come to define their bilateral relations. Together, they have actively advanced high-quality Belt and Road cooperation, achieving fruitful results in various fields that benefit the two peoples.

The cooperation between China and Kazakhstan has established a model of complementary advantages and win-win outcomes in the international community, injecting positive energy into the building of a new type of international relations and a community with a shared future for mankind.

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Xi’s visit to Kazakhstan this time will further deepen political mutual trust, mutually beneficial cooperation, and cultural exchanges between the two countries, promoting the high-level development of bilateral relations.

China–Tajikistan relations enjoy deep historical roots, a solid political foundation, substantive cooperation and extensive public support. Under the strategic guidance of Xi and Tajik President Emomali Rahmon, China and Tajikistan established the comprehensive strategic partnership in the spirit of good-neighborliness and friendship. They agreed to, in line with the trend of the times, build a community for security, a community of development between China and Tajikistan, and, on that basis, a China–Tajikistan community with a shared future. This is a vivid example of how neighbors can and should get along by embracing mutual respect, equality and mutual benefit.

The two sides have achieved fruitful results in practical cooperation in various fields and have always firmly supported each other on issues concerning their core interests. Tajikistan was one of the first countries to support the Belt and Road Initiative and sign a Belt and Road cooperation agreement with China. China is ready to stand closely with Tajikistan and work together with it on the road to modernization, and create more benefits for both countries and their people.

The global trend of peace, development and win-win cooperation is unstoppable. The international community needs to conform to this trend and make the right choice. China is willing to work with regional countries to call for an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, build a community with a shared future for mankind and jointly create a better future.

View original content:https://www.prnewswire.co.uk/news-releases/conform-to-trend-of-times-promote-peace-development-302187383.html

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