WASHINGTON D.C. — Might 8, 2023 — Consilient, a fintech innovator aiming to rework monetary crime compliance, introduced it has partnered with Harex InfoTech, Inc.to rework the struggle towards monetary crime in South Korea. The present applied sciences and strategies for safeguarding the monetary system are outdated, inefficient andlargely ineffective. Via the use offederated studying (FL), a revolutionary type of synthetic intelligence (AI), Consilient and Harex InfoTech will remodel enterprise processes and allow dynamic danger administration to forestall monetary crime within the South Korean market.
Throughout Republic of Korea President Yoon Suk Yeol’s State go to to the USA, Consilient and Harex InfoTech signed a Memorandum of Understanding (MOU) on April 25, 2023, on the Korea-US World “The Night time of World Ok-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 expertise together with semiconductors, electrical automobiles, and batteries.This cooperation ought to lengthen past semiconductors to future rising applied sciences resembling AI, Quantum, SMR (Small Modular Reactors) and extra.”
The Consilient and Harex Infotech partnership types a US-Korean AI expertise alliance that can improve the effectiveness and effectivity of Korean monetary establishments in combatting monetary crime.Consilient’s mission to rework the detection of economic crime globally is matched by Harex InfoTech’s aim of seamlessly enabling funds and industrial relationships by way of AI and federated studying.
Consilient makes use of this type of AI, referred to 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 information privateness and enabling industry-wide collaboration. This progressive community method permits for the sharing of optimized fashions throughout or between organizations – facilitating steady studying, discovery of unseen danger, and the evolution ofAMLcontrols and techniques – withoutever transferring or extracting information.
“Consilient was based to alter essentially how monetary establishments and regulators worldwide stop monetary crime. By partnering with Harex, Consilient is poised to carry its ground-breaking FL-based resolution to the South Korean market,” stated Juan Zarate, co-founder and chair of the board at Consilient. “Along with Harex, we’ll develop an progressive mannequin for dynamic monetary crime danger 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 corporations and establishments to share studying with out transferring the person customers’ information. In consequence, this protects person privateness and enhances information safety by exponentially increasing corporations’ use of FL.
“Monetary crime is a significant concern going through not solely the South Korean authorities, but in addition 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 method to guard its monetary system.”
Be taught extra about Consilient right here.
Be taught extra about HarexInfoTech right here.
About Harex InfoTech, Inc.
Harex InfoTech introduced the world’s first cell card fee service in Silicon Valley in 2000 and 2013 gained the ‘Finest Expertise Award’ on the Innovation Mission 2013 held byPYMNTS.comat Annenberg Corridor on the Harvard College Campus, and is constructing the Person-Centric Hyper-Related 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 earnings with hyper-personalized companies primarily based on Person-Centric AI sharing platform.
About Consilient
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 resolution is a behavioral-based, machine learning-driven utility and governance mannequin design that permits monetary establishments, fee methods, and regulators to extra successfully share insights about dangers and illicit actors in actual time, whereas adhering to privateness protections and information localization restrictions and by no means transferring information. Consilient makes use of federated studying, which permits monetary establishments, associations, and platforms to entry and interrogate information units in numerous databases, establishments, and throughout jurisdictions to find beforehand unknown however current dangers.
