Ant International, a financial technology firm based in Singapore, is expanding its use of artificial intelligence (AI) to enhance cross-border transaction security and efficiency for nearly 100 million small and medium-sized enterprises (SMEs) globally.
Serving over 200 markets, Ant International aims to reduce transaction costs and improve fraud prevention for merchants operating internationally.
“Integration of AI into cross-border processing is critical for strengthening global trade, especially for SMEs unable to afford real-time settlement services,” said Yang Peng, CEO of Ant International. “With AI in merchant services, we’re not just enhancing operational efficiency but bolstering fraud detection against new schemes like deepfakes.”
Ant International’s AI model predicts currency exchange rates hourly, allowing precise forecasts for inbound and outbound transactions. This model, which consolidates multiple existing models, aims to support SMEs by lowering transaction expenses. However, relying on one comprehensive AI model also introduces potential risks.
“We maintain safeguards to allow human intervention if any discrepancies arise. We avoid blind faith in AI, ensuring accuracy with checks,” Yang said.
As deepfake technology poses increasing security threats, Ant International has also developed an AI-driven e-KYC (electronic Know Your Customer) tool with a high interception rate to detect deepfakes in financial transactions.
Recently, Ant International signed an MoU with OCBC to enable real-time transactions between Singapore and Malaysia, using AI-based solutions on Ant’s Whale platform. In Japan, Ant International’s Alipay+ expanded its partnership with PayPay, extending its reach across Japan’s merchant network to accommodate foreign tourists using e-wallets.