WASHINGTON D.C. — Might 8, 2023 — Consilient, a fintech innovator aiming to remodel monetary crime compliance, introduced it has partnered with Harex InfoTech, Inc.to remodel the combat in opposition to monetary crime in South Korea. The present applied sciences and strategies for safeguarding the monetary system are outdated, inefficient andlargely ineffective. By way of the use offederated studying (FL), a revolutionary type of synthetic intelligence (AI), Consilient and Harex InfoTech will rework enterprise processes and allow dynamic threat administration to forestall monetary crime within the South Korean market.
Throughout Republic of Korea President Yoon Suk Yeol’s State go to to america, Consilient and Harex InfoTech signed a Memorandum of Understanding (MOU) on April 25, 2023, on the Korea-US World “The Evening of World Okay-SMEs” held by the Korean Ministry of SMEs and Begin-ups in Washington D.C.
Republic of Korea President Yoon stated,“President Biden and Iwelcomed the enlargement of our corporations’ bilateral mutual funding and superior know-how together with semiconductors, electrical automobiles, and batteries.This cooperation ought to lengthen past semiconductors to future rising applied sciences comparable to AI, Quantum, SMR (Small Modular Reactors) and extra.”
The Consilient and Harex Infotech partnership kinds a US-Korean AI know-how alliance that can improve the effectiveness and effectivity of Korean monetary establishments in combatting monetary crime.Consilient’s mission to remodel the detection of economic crime globally is matched by Harex InfoTech’s objective of seamlessly enabling funds and business relationships by way of AI and federated studying.
Consilient makes use of this type of AI, known as federated studying (FL), to detect monetary crime extra successfully and effectively whereas concurrently using a brand new design for the “anti-money laundering/countering the financing of terrorism (AML/CFT)” system. By leveraging FL, Consilient trains and optimizes machine studying fashions, whereas preserving knowledge privateness and enabling industry-wide collaboration. This progressive community strategy permits for the sharing of optimized fashions throughout or between organizations – facilitating steady studying, discovery of unseen threat, and the evolution ofAMLcontrols and techniques – withoutever shifting or extracting knowledge.
“Consilient was based to vary essentially how monetary establishments and regulators worldwide stop monetary crime. By partnering with Harex, Consilient is poised to deliver its ground-breaking FL-based answer to the South Korean market,” stated Juan Zarate, co-founder and chair of the board at Consilient. “Along with Harex, we are going to develop an progressive mannequin for dynamic monetary crime threat administration within the South Korean market that’s more practical, environment friendly, and safe and can put South Korea on the vanguard of innovation on this area.”
With its partnership with Consilient, Harex InfoTech places the person at thecenterof all transactions to create a user-centric platform for firms and establishments to share studying with out shifting the person customers’ knowledge. Consequently, this protects person privateness and enhances knowledge safety by exponentially increasing firms’ use of FL.
“Monetary crime is a serious concern dealing with not solely the South Korean authorities, but additionally the worldwide group,” stated Kyung Yang Park, founder, president and chief imaginative and prescient officer of Harex InfoTech. “With our joint expertise and experience in AI, our collaboration with Consilient permits South Korea to be on the cutting-edge of the deployment of this superior technological strategy to guard its monetary system.”
Study extra about Consilient right here.
Study extra about HarexInfoTech right here.
About Harex InfoTech, Inc.
Harex InfoTech introduced the world’s first cellular card cost service in Silicon Valley in 2000 and 2013 received the ‘Greatest Know-how Award’ on the Innovation Challenge 2013 held byPYMNTS.comat Annenberg Corridor on the Harvard College Campus, and is constructing the Person-Centric Hyper-Linked Shared Community by sharing the platform with all companies and primarily based on the community created, is making a user-centric new financial order that maximizes person advantages and enterprise income with hyper-personalized companies primarily based on Person-Centric AI sharing platform.
Based by way of a partnership between K2 Integrity (www.k2integrity.com) and Big Oak (www.giantoak.com), Consilient is the twenty first century reply for best-in-class anti-money laundering and countering the financing of terrorism (AML/CFT) compliance options.
Consilient’s answer is a behavioral-based, machine learning-driven utility and governance mannequin design that permits monetary establishments, cost programs, and regulators to extra successfully share insights about dangers and illicit actors in actual time, whereas adhering to privateness protections and knowledge localization restrictions and by no means shifting knowledge. Consilient makes use of federated studying, which permits monetary establishments, associations, and platforms to entry and interrogate knowledge units in several databases, establishments, and throughout jurisdictions to find beforehand unknown however current dangers.