FCC Analytics Partners with Hong Kong Airstar Bank, Livi Bank to Enhance Anti-Money Laundering Efforts Through Federated Learning

HONG KONG SAR – Media OutReach Newswire – October 28, 2024 – FCC Analytics is proud to announce a Memorandum of Understanding (MOU) with Airstar Bank and livi bank, two pioneering digital banks in Hong Kong, to adopt a breakthrough federated learning technology for anti-money laundering. This innovative approach enables better collaboration between banks while maintaining data privacy, in line with the Hong Kong Monetary Authority (HKMA) initiative to use artificial intelligence to monitor suspicious activity in the financial sector.

By adopting federated learning, these banks can share insights about potential money laundering activities without compromising sensitive customer information. Using decentralized machine learning algorithms, this technology represents a major breakthrough in the fight against financial crime. This initiative supports the HKMA’s regulatory framework and enhances banks’ ability to meet compliance requirements. It strengthens the monitoring process, allowing banks to reduce operational costs associated with traditional anti-money laundering methods. The partnership promotes a joint approach to combating financial crime and sets a precedent for future cooperation within the banking sector.

Wallace Chow, Founder and CEO of FCC Analytics, expressed his gratitude and said: “We sincerely thank Airstar Bank and livi bank for their commitment to this initiative. Our vision is to support banks in fighting financial crime through a peer to encourage review.” to-peer federated learning network across the Asia-Pacific for various collaborative purposes.”

Henry Yu, Chief Compliance Officer of Airstar Bank, emphasized: “This partnership marks an important step forward in our commitment to combating financial crime. By leveraging federated learning, we can enhance our AML capabilities while maintaining the highest standards data privacy enforcement.”

Integrating this technology will improve the detection of suspicious patterns by facilitating collaboration between banks without the need to share raw data. Sensitive customer information remains safe as the technology ensures that data does not leave the banks’ local servers. Karen Kwok, Head of Financial Crime Compliance at livi bank, commented: “The ability to share insights without compromising customer data is revolutionary. This initiative not only strengthens our compliance efforts, but also reinforces our commitment to protecting our customers and the integrity of the financial industry. system.”

Hashtag: #FCCAnalytics #AirstarBank #livibank

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About FCC Analytics

FCC Analytics is a leading RegTech company specializing in AI KYC and compliance solutions. With offices in Australia, Hong Kong and Singapore, financial institutions trust us to deliver innovative technology that enhances their ability to fight money laundering and fraud. Our mission is to provide banks with cutting-edge tools that protect their customers and uphold the integrity of the financial system.

About AirstarBank

Airstar Bank is a digital bank in Hong Kong with Xiaomi Corporation and Futu Group as major shareholders. The Bank upholds the virtue of financial inclusion by putting advanced digital banking services at the fingertips of our customers. Airstar Bank has become an authorized bank under the Hong Kong Monetary Authority since May 9, 2019.

About livibank

livi has brought a unique, fresh and different banking experience to Hong Kong since 2020 with the aim of fostering digital innovation, promoting financial inclusion and improving customer experiences. We strive to provide our customers with secure, flexible solutions anytime, anywhere, coupled with the benefits of ecosystem partnerships that complement their daily lives. Connecting with our customers, understanding their needs and earning their trust is at the core of how we work at livi. livi bank is backed by BOC Hong Kong (Holdings), the Jardine Matheson Group and JD Technology, who together provide livi with an unparalleled range of benefits in financial strength, marketing excellence and technological expertise.