Data as AI fuel

THE financial technology (fintech) industry in South-east Asia is at the forefront of innovation, redefining the ways in which we transact and manage our finances. As the industry continues to evolve, it faces several significant challenges such as data quality and integration and harnessing the power of artificial intelligence (AI) to structure and unlock the potential of data foundations.

The region has seen a significant shift towards digitalisation – a trend that will certainly accelerate as AI becomes more widely adopted. A study revealed that adopting AI in South-east Asia could add an estimated US$1 trillion to the region’s gross domestic product by 2030. Singapore has the highest rate of AI and machine learning (ML) penetration in fintech, at 5.36 per cent.

It is essential for fintechs to fully embrace AI’s capabilities – and doing so is largely dependent on having a well-organised and accessible data foundation. It enables accurate algorithm training, improves predictive analytics, and enhances decision-making. This organised data infrastructure ensures that AI applications can extract valuable insights, optimise operations, and ultimately address the unique challenges faced by fintech companies.