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Hi readers,
Most people probably have the impression that bankers are stuffy, hidebound rule followers. But actually, bankers are also people who take enormously risky bets.
Take for instance the 2008 financial crisis in the US, which was triggered by predatory lending practices that targeted low-income groups. Or when 233-year-old British lender Barings Bank went bankrupt because it let Nick Leeson, a 28-year-old trader, make unauthorized trades that resulted in losses of US$1.3 billion.
That said, I was surprised when I learned that some banks are using generative AI for their coding needs. But because usage of this technology is still in a regulatory gray space, few bankers wanted to talk about it on record.
Today, the R&D centers of many banks are buzzing with pilots involving generative AI. And these pilots could get incorporated into banks’ mainstream operations, once there’s more clarity from regulators on the usage of this tech. Given all these developments, watching this space will certainly prove interesting in the coming years.
— Rachel Chitra, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. How generative AI can transform banking via bots and streamlining the backend
This new tech can transform how banks operate, but concerns over regulation, data security, and systemic biases will act as a constraint.
2. Surviving the funding game: how timing can make or break your startup
Industry realities, economic conditions, and market volatility can affect the time gap between funding rounds.
3. SEA records least funded half-year since 2020: report
A Tracxn report attributed the result to a significant decrease in late-stage funding, which dropped 54% to US$997 million in H1 2023.
4. Planting the seeds for Indonesia’s game industry
Meet Toge Productions, an indie gaming studio from Indonesia on a mission to showcase the incredible potential of Indonesian game developers.
5. Hepmil was almost sold after stagnating. Now it’s tapping TikTok to hit record revenues
Hepmil Media Group’s revenue was stagnating, and it was on the verge of selling the business. But it found growth again with the help of TikTok creators.
6. China is winning the AI patent race
Some of the biggest tech firms in China have secured far more AI patents than their American counterparts, with Baidu alone holding almost 14,000.
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