This Week in FinTech, AI, & Consulting

Money 20/20 is Underway. Here's What Happened on Day One.?The Money 20/20 USA event, held at the Venetian resort in Las Vegas, convened 300 industry leaders delivering over 60 hours of innovative financial content. Key discussions spanned fostering successful fintech partnerships, and navigating the evolving cannabis banking sphere, reflecting the broader theme of exploring emergent financial landscapes. Read more

iink Secures $12M to Refine Property Insurance Claim Lending. iink, a digital payments network, aims to streamline funds accessibility in property insurance claims, aided by a recent $12 million Series A funding. Initially a service business, iink evolved to automate complex claim workflows, offering a digital solution akin to TurboTax for quicker payments. Their services now also extend credit lines to contractors, addressing cash flow and administrative hassles, part of an effort to digitalize and expedite the insurance claim process. Read more

ThetaRay Amplifies AirPak's AML Efforts with AI to Battle Financial Crime. Central American remittance service provider?AirPak partners with AI transaction monitoring firm ThetaRay, enhancing its anti-money laundering program. The collaboration aims at rapid deployment of AI, improving compliance management and customer service, alongside ensuring smoother transactions. By utilizing ThetaRay's SONAR, AirPak expects to bolster financial oversight, particularly in customer due diligence, marking a significant stride in its journey toward operational excellence and regulatory adherence. Read more

Mastercard Bolsters Consulting Arm with AI, Economics, and Digital Labs. Mastercard unveils new AI and Economics practices, alongside Digital Labs, to fast-track solutions from concept to market. The expansion facilitates secure AI implementation, addresses economic uncertainties with data-driven insights, and nurtures innovative solutions, aimed at aiding businesses across various sectors in navigating complex economic landscapes and consumer preferences. Read more

Finerio Nabs $6.5M to Propel Open Finance in Latin America. Mexican fintech start-up Finerio Connect secures $6.5 million in funding, aiming to advance its open finance platform that offers personalized financial products and services. The funding, led by Third Prime with notable participants like Visa and Bancolombia Ventures, underscores a significant move toward fostering financial inclusion and regulatory compliance across the Latin American region. Read more

EU Lawmakers Struggle to Reach Consensus on AI Regulations Ahead of Key Meeting. Ahead of a crucial meeting on Tuesday, European legislators remain divided on new artificial intelligence rules, deferring potential agreement till December. The discussions, centered around the regulation of foundation models like OpenAI's ChatGPT and high-risk AI systems, underline the EU's ongoing endeavor to harmonize AI governance across member states. Read more

UK's Public Sector Employs AI for Decision-Making, Stirring Bias Concerns. UK officials are leveraging artificial intelligence (AI) to aid decision-making in areas ranging from benefits allocation to marriage license approval, reveals a Guardian investigation. The use of AI across various Whitehall departments and some police forces has been highlighted as potentially discriminatory, with specific tools like an algorithm at the Department for Work and Pensions and a facial recognition tool by the Metropolitan police cited for erroneous or biased outcomes. Read more

U.S. Federal Agencies Reveal 700+ AI Applications Amid Regulatory Assurance. The U.S. government discloses over 700 AI use cases on AI.gov, aligning with the Biden administration's commitment to bolster AI regulation. While the Department of Energy and Health and Human Services lead in disclosed use cases, the initiative highlights the varied AI applications within federal agencies, yet also raises concerns regarding effective oversight and data reporting consistency across agencies. Read more

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