the golden opportunity brought by fintech, ai and big data
TRANSCRIPT
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www.cyberport.hk
Internet+ Accounting in the New Economy:The Golden Opportunity Brought by FinTech,
AI and Big Data
Dr. Toa CharmChief Public Mission Officer, Cyberport Hong Kong
https://hk.linkedin.com/in/toacharm
14 Oct 2017
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Agenda
1. The Rise of Global Internet+ Innovation
Key Driver for Economic Growth
2. Internet+ Accounting – AI and Blockchain
are the Key Enablers
3. Cyberport Internet+ Ecosystem –
Internet+ Innovation @Cyberport
4. Q&A – The Next Big Thing: Blockchain/DLT
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Forbes Rich ListJeff Bezos from Amazon is at the Top
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Market Value of Top 20 Companies - 2017
Although Wal-Mart is the largest company in the world in terms of revenue,
its market value is only 237B while that of Amazon is 475B
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Amazon – Big Data Innovator
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Digital Tech Unicorns around the Globe
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Digital Tech in China are Very Impressive
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116 Billion RMB (17 Billion USD)
on Nov 11, 2016
Alibaba’s
Ant Financial Group
Big Data+ Finance
Alibaba and its Ant Financial
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HKSAR Government Policy Address 2017 - Innovation and Technology
- The government will step up efforts in research and development, expanding talent pool, venture capital,
legislation reviews, and I&T development
- The government has set a goal to double the Gross Domestic Expenditure on R&D as a percentage of the Gross
Domestic Product from the current 0.73 percent to 1.5 percent within the current-term government’s five-
year tenure
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Agenda
1. The Rise of Global Internet+ Innovation –
Key Driver for Economic Growth
2. Internet+ Accounting – AI and Blockchain
are the Key Enablers
3. Cyberport Internet+ Ecosystem –
Internet+ Innovation @Cyberport
4. Q&A – The Next Big Thing: Blockchain/DLT
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Most People Know AI Because of Chess Competitions
“Will Robot replace human beings in the near future?”
1997
IBM Deep Blue
2011
IBM Watson
2016
Google AlphaGo
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12 Disruptive Technologies (2013-2025)
AI/Big Data is a CSF of all 12 technologies
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Stanford University
ARTIFICIAL INTELLIGENCE AND LIFE IN 2030
“Artificial intelligence is that activity
devoted to making machines intelligent,
and intelligence is that quality that
enables an entity to function appropriately
and with foresight in its environment.”
Nils J. Nilsson, Professor of Stanford University
“Artificial Intelligence and Life in 2030” is the first product of the One Hundred Year Study on Artificial Intelligence (AI100), an ongoing project hosted by Stanford University to inform debate and provide guidance on the ethical development of smart software, sensors, and machines. Every five years for the next 100 years, the AI100 project will release a report that evaluates the status of AI technologies and their potential impact on the world. (Sep 9, 2016)
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Key
Technologies
of AI
(Big Data Analytics)
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Big Data + Machine Learning is the Core of AI
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| Source: IBM
Business Optimization- Without AI
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| Source: IBM
Business Optimization- Without AI
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AI+ Customer Services
The current business scenario demands automating and injecting
artificial intelligence into various enterprise touch points
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Growth of AI Market Worldwide
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Adoption of AI
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AI+ Applications across Industries
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Commercialization of AI Technologies
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AI
Adoption in
Different
Industries
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AI+
Value
Chain
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AI+
Insurance – AI not just
for Front-
End but also
Back-End
Functions
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AI-Driven Risk Assessment and Pricing
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AI-Driven Fraud DetectionExample: Car Accident
• Potentially fraudulent-claims patterns: Are the amount of
damage, the stated time and location of the incident, and the
medical diagnoses in line with the accident as reported?
• Personal history: Does the claimant have a precarious financial
situation, a criminal record or online behavior that is in any
way suspicious?
• Possibility of a fraudulent network: Does the claimant have
connections to other suspicious claims or to people involved in
suspect activities?
ROI• Achieved an estimated 2 to 3 percent reduction in auto claims payouts by improving fraudulent-
claims detection by around 30 percent
• Lower auto-claims expenses, higher customer satisfaction through faster payouts and fewer
unjustified examinations of legitimate claims, lower claims-handling expenses by reducing manual
work
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Claims Mitigation and Prevention
Quick and accurate detection of outliers and
accurate detection of outliers – claims with the
potential for huge future payouts – and either
prevention or mitigation of overall claims.
Example:
• One insurer has established a next-generation predictive model for identifying outlier claims, initially using nearly 150 million data
points.• The benefits of the initiative have been much earlier and more precise detection of outlier claims through pattern recognition and
optimized claims handling, leading to a reduction in claims costs of 2 to 3 percent.
• A worker’s compensation claim involving a severe foot injury for which no surgery has been scheduled in the 3 months following
the incident.• First, using a vast amount of data points from historical claims, medical bills and insurance, treatment records, employer information on
the claimant, and even social media activities, insurers can detect incident patterns that reveal typical follow-up costs for similar claims.
• Second, detailed analysis of the claimant – including medical history, demographic profile, and lifestyle – can estimate the probability of
his or her development of long-term health problems potentially of long-term health problems potentially linked to the accident.
• On the basis of this analysis, a disease manager can be assigned to the claim and proper treatment prescribed.
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Potential Use of Big Data in F&A (1 of 2)
• Data as an asset
• Customer equity by Customer Lifetime Value (CLTV)
Valuation of Data
• Evaluate the risks & rewards of long-term investment in new products and new markets
• Prediction of customer risks like customer attrition through correlating variety of data
• Reputation risk through social media analytics
Forecast Accuracy through better risk analysis
• Real-time fraud detection
• Forensic accounting
• Real time anti-monetary laundry (AML)
• Big-data driven underwriting
Risk Management
• Incorporate and analyze non-financial data like macroeconomic, customer behavior, demographic, geo-political data together with financial data
• Quick response in GRI (global reporting initiative)
Integrated Reporting “IR”
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Potential Use of Big Data in F&A (2 of 2)
•From the role in compliance and internal control only to cross-organizational data stewardship and data governance
Effective Stewardship of Data Assets
•Sift through all of a client’s payables and find out duplicate payments (compare invoices and payments)
Asset Recovery
•Prioritize collections to take actions based on cost to collect
Collections
• New lead KPIs in your CFO dashboard (some are real-time)
New CFO Cockpit
•Basel 3, Solvency II, Litigation, M&A, etc. requires F&A to compile more data in terms of volume and variety. Big data technologies can ease that part in terms of time and money savings.
•Sustainability Management: Continuous carbon audit and energy management
•Enhance transparency in Annual Report's Management Decision and Analysis Section
Compliance and Litigation Effort and Cost
More …..
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Agenda
1. The Rise of Global Internet+ Innovation –
Key Driver for Economic Growth
2. Internet+ Accounting – AI and Blockchain
are the Key Enablers
3. Cyberport Internet+ Ecosystem –
Internet+ Innovation @Cyberport
4. Q&A – The Next Big Thing: Blockchain/DLT
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Cyberport Digital Tech CommunityA Community of 900+ Internet+ Companies
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Cyberport Digital Tech Ecosystem
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Driving the Digital Economy
Smart Finance Smart Business Smart Living
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29 Aug 2017
11 Sep
2017
Fund Raised: 115M USD
Valuation: 500M USD
1st Unicorn from Cyberport
More Unicorns
to come
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US$115 M
Fund Raised
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Deal Flow - Investors EngagementBridging Cyberport Community with Strategic Investors
2017 Hong Kong Venture Capital Association Annual
Conference (10 Jul)
2017 Alibaba AEFJumpStarter (Apr – Nov)
HKEX “New Board for New Economy Companies”
Conference at Cyberport (11 Aug) UC-Berkeley Angel Pitching
Training (16-17 Sep)
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Connect to Global Partners
EUROPE: The UK and FranceRegular collaborations
CHINA: Shanghai, GuangzhouStrategic partners in various areas
ASIA: Japan, Korea, SingaporeRegular collaborations
CANADA: Toronto, WaterlooRegular collaborations
U.S.: Silicon Valley,
San Francisco, AustinStrategic partners and frequent events/
programmes take place in multiple
cities
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Cyberport start-ups are well received by
top accelerators in the world
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Cyberport Clusters of Excellence - FinTech
Smart City
FinTech
eCommerce
Artificial Intelligence /
Big Data
Wearables
/ IoT
EduTech
Digital Entertainment
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Build Global FinTech Ecosystem
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Cyberport FinTech Landscape
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Collaboration – 2017 Hong Kong ICT Award Best FinTech Award organized by Hong Kong Institute of Bankers
4 out of 7 awards won by CyberportBest FinTech (Banking, Insurance and Capital Market) Award• Gold Award: FWD Life Insurance• Silver Award: Seasonalife• Bronze Award: Prive• Certificate of Merit: Axisoft
Best FinTech (Emerging Solutions/Payment Innovation) Award• Gold Award: Bank of China (Hong Kong)• Silver Award: Neat• Bronze Award: Clare.AI
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• CUPP 2017 Opening Ceremony (22 Jul) followed by a series of 8
pre-training sessions by FSI industry experts and entrepreneurs
• CUPP 2017 group is in Stanford now and will visit Wells Fargo,
Citi Venture, NASDAQ Entrepreneurship Center, 500 Start-ups,
and more
3rd Cyberport University Partnership Programme (CUPP)
Stanford Graduate School of Business (21- 29 Sep 2017)
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Cyberport FinTech FinTech
Mission to London (19-21 Sep)
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Internet Economy Summit 2017 Global FinTech Innovation Forum on 10 Apr
Ant Financial (China)
R3 Lab (New York)
Over 1,000 audiences
5 major banks & HKMA 6 Cyberport’s FinTech Start-ups & SFC
FinTech O-2-O with R3 Lab
Strong support from FSI industries
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52Enterprise Collaboration & Engagement 2017 Citibank Kick-off Event at Cyberport SS FinTech on Jan 23, 2017
• Citi hosted its full day 2017 kick-off
event at Cyberport SS FinTech (120
pax)
• Invited 13 Cyberport FinTech start-ups
for demo & idea sharing
• Next Program: Joint Hackathon
Campaign in Mar – Jun 201752
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HKMA & Cyberport HacceleratorCiti HK FinTech Challenge Demo Day (22 June)
• 22 June, Demo day at HKCEC, Taiger (The Grand Award), Citi AI Digital Assistant (Silver Award), Gini(Bronze Award and My Favourite Solution) & NeuroValue (Student Award)
• 6 out of 16 Finalists are Cyberport companies (Clare.ai, Gini, Stock Flash, Prive, Tiager, AI moment)• Over 200 applications, 80% HK, others came from US, UK, China, Korea, Singapore, India
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Launch of 4th Accenture FinTech
Innovation Lab @Cyberport (22 Aug)
• Record High: Received over 150+ application covering over 25+ countries
• Selected 10 candidates; 2 out of them come from Cyberport community: Covergo & Red Pulse (Cyberport incubatees)
• 4 weeks: 18 Aug – 9 Nov
• Welcome Event: 22 Aug
• Investor Demo Day: 9 Nov
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Cyberport Clusters of Excellence - AI
Smart City
FinTech
eCommerce
Artificial Intelligence /
Big Data
Wearables
/ IoT
EduTech
Digital Entertainment
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Cyberport AI and Big Data Initiatives
• Major Programs and Events
• HKMA-Cyberport AI Conference for Financial Services (Feb)
• IBM Watson AI Training for Cyberport Start-ups (Feb)
• B4B (Big Data for Biz) Challenge (April)
• HKMA-Cyberport-Hang Seng Bank AI Hackathon (May)
• AI Training for University Students in BJ (Jul)
• Alibaba-Cyberport AI/Big Data Competition (Oct))
• HKTDC SmartHK Fuzhou - Big Data Forum & Exhibition (May)
• SCC-Cyberport Smart City AI Hackathon (Oct)
• A20 AI Chinese Chess Challenge (Oct)
• GMIC Conference on AI (Oct)
• Strategic Alliance
• IBM Watson for Financial Services Lab
• HKU Master of Science (Business Analytics)
• AI Accelerator (Zeroth)
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HKMA-Cyberport Haccelerator Programme SeriesHang Seng Bank AI Hackathon (27 – 28 May)
• Received over 100+ applications, finalised with close to 80 pax attending
• 2 out of 4 winners applied for Cyberport’s CUPP or Incubation
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Partnership with Alibaba, IBM, Google,
Facebook, Microsoft on AI+ Collaboration
Worked with Alibaba on Alibaba Entrepreneurship Fund (AEF), JumpStarter Competition and eCommerce partnership. AEF
invested 4 of our Cyberport start-ups since its launch. Co-organize JumpStarter Competition in 2017 with US$3M as awards.
One of the 4 partners for FbStart Hong Kong programme IBM Watson and
Bluemix Training
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• A contest focusing on Big Data
innovation aiming at promoting the
development of Big Data business
application in Hong Kong
• 12 finalists joined an Energizing Week in
Shanghai in Dec 2016 for an intensive
training
• Test algorithm using data from UnionPay
and apply them in China market
• Final competition and ceremony will be in
Apr 2017
Big Data Competition with Support from Large Enterprises
Enterprise Collaboration
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AI+ Start-ups in Cyberport Community
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Cyberport AI+ Programmes in Oct 2017
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Agenda
1. The Rise of Global Internet+ Innovation –
Key Driver for Economic Growth
2. Internet+ Accounting – AI and Blockchain
are the Key Enablers
3. Cyberport Internet+ Ecosystem –
Internet+ Innovation @Cyberport
4. Q&A – The Next Big Thing: Blockchain/DLT
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Blockchain+
Financial
Services
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Innovations from Blockchain Start-ups for Various
Indusrtries (Not just Financial Services)
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F&A on the Blockchain
or Distributed Ledger Technology (DLT)
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Do we still
have a job
in AI and
DLT Era?
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www.cyberport.hk
Internet+ Accounting in the New Economy:The Golden Opportunity Brought by FinTech,
AI and Big Data
Dr. Toa CharmChief Public Mission Officer, Cyberport Hong Kong
https://hk.linkedin.com/in/toacharm
14 Oct 2017