Future FinTech Establishes a New Blockchain Division

Future FinTech | January 03, 2022

Future FinTech Group Inc., a leading blockchain-based e-commerce business and a fintech service provider has now established a new blockchain division to its business. The new division will be responsible for managing the existing blockchain sector business. It will play a key role in formulating and executing strategic plans for business growth.

Future FinTech Group Inc. is a well-known blockchain e-commerce company. In Florida, it is the leading provider of financial technology. The company's operations include Chain Cloud Mall ("CCM"), a blockchain-based online shopping mall platform, and supply chain financing and services. The company is also engaged in the development of blockchain cryptocurrency mining.

Future FinTech has appointed Mr. Zhi as the president of the new division. He’ll be the key person to direct the company's blockchain business ahead. The primary mission of the new blockchain division is to develop, operate, and manage the company's bitcoin mining farm plans in the United States and Paraguay. Further, the mission is to coordinate with the Dubai-based digital currency trading service and crypto asset management business through its FTFT Capital Investments LLC subsidiary.

Mr. Yan has broad experience in blockchain and cryptocurrency. He has been general manager of Cloud Chain Network Technology (Tianjin) Co., Ltd. since February 2020. He also served as the Chief Technology Officer of the company between February 2018 and February 2020. Mr. Yan managed the development of the real-name blockchain-based e-commerce platform for Chain Cloud Mall.

We are enthusiastically developing a sophisticated and cutting-edge financial services platform and are also intent on executing a global expansion strategy for our cryptocurrency mining business. The establishment of this new division has come with responsibility for executing this strategy and underscores our commitment to being a leading firm in this sector."

Mr. Shanchun Huang, Chief Executive Officer of Future FinTech

Spotlight

The DNA of Future CFOs: Research Insights

A Chief Financial Officer is central to the success of any organization. So any changes to that role, especially if those changes are being driven by broader trends impacting the function of the CFO across multiple industries and operational models, are important to recognize and understand.

More featured news

Spotlight

The DNA of Future CFOs: Research Insights

Related News

FINANCIAL MANAGEMENT, FINTECH

Ocrolus Adds OpenAI GPT Embeddings for Deeper Automation in Financial Document Analysis

PRnewswire | May 09, 2023

Ocrolus, a leader in AI-driven document automation for faster and more accurate lending decisions, announced it has integrated GPT embeddings from OpenAI into its set of technologies. The addition of OpenAI GPT embeddings strengthens Ocrolus' ability to process semi-structured and unstructured documents, such as bank statements, paystubs and mortgage applications, without human involvement. Integrating GPT embeddings from OpenAI further cements the company as a leader in creating best-in-class automation solutions for small business, mortgage and consumer lenders. Ocrolus document automation combines state-of-the-art AI from across the industry within a single solution to help lenders make decisions with confidence. In addition to the OpenAI integration, the company's technology set includes subsystems from Amazon, Google and its own proprietary deep learning architectures. These models are enabled by its massive document dataset, built from processing hundreds of millions of document pages, and the company's unique ability to create accurate training data in-house to constantly improve its algorithms. "Ocrolus continuously seeks to integrate AI solutions that can improve our machine learning models as well as our Human-in-the-Loop (HiTL) verification process," said Zach Haehn, SVP of engineering at Ocrolus. "Today, most documents we receive are processed with no human interaction, and we're staying on the offensive by continually adding the best technology from leaders like OpenAI. By expanding our technology platform, we're creating more efficient ways to deliver the accurate data and analysis lenders require to make more informed decisions in the fastest way possible." Leading small business, mortgage and consumer lenders across the financial services sector use Ocrolus to classify, capture and analyze financial documents for more informed lending decisions. This integration will lead to even more efficient document automation for Ocrolus customers, enabling them to process more loans while continuing to deliver the precise data required for financial decision-making. "Ocrolus' AI technology has transformed our lending business," said Ocrolus customer and Head of Operations Strategy & Enterprise Projects at Kapitus, Murugappan Chettiar. "The automation and accuracy have saved us many hours of manual work and drastically reduced errors in our lending decisions. It's been a game-changer for us, allowing us to handle more loan applications without sacrificing accuracy or speed." Ocrolus will demonstrate its AI-driven document automation technology at booth #343 during Fintech Nexus USA 2023, taking place at the Javits Center in New York City May 10-11. For additional information or to book a product demo, visit www.ocrolus.com/product/. About Ocrolus Ocrolus is an AI-driven document automation platform that powers the digital lending ecosystem, optimizing credit decisions in small business, mortgage, and consumer lending. Ocrolus enables financial services companies like Brex, Cross Country Mortgage, Enova, PayPal, and SoFi to make high-quality decisions with trusted data. By empowering lenders to automate financial analysis, we help borrowers access credit faster and on better terms.

FINANCIAL MANAGEMENT, DIGITAL BANKING

Abrigo unveils new AI-driven banking intelligence capabilities at ThinkBIG conference

PRnewswire | May 17, 2023

Abrigo, a leading provider of growth and risk management software for U.S. banks and credit unions, recently announced significant improvements to Abrigo Connect, the company's banking intelligence solution. Abrigo Connect now includes new artificial intelligence (AI) capabilities for ease of use and new role-based products to help leaders make strategic and operational decisions. The functionality was revealed at Abrigo's ThinkBIG conference in Miami last week, where 600 attendees convened for thought leadership and Abrigo product innovation. Introduced in 2020, the Abrigo Connect platform curates relevant information to quickly deliver intuitive and actionable dashboards across lending, credit risk, financial crime management, enterprise risk, and banking operations. These dashboards give financial leaders insights into institutional performance, opportunities for growth, and employee efficiency. "Banking leaders have to do more with less given the economy, and they need real-time information to optimize decisions around resources, loan growth, and risks. Abrigo Connect can close that information gap quickly, without months' long implementations or complex data stacks," explained Ravi Nemalikanti, Abrigo Chief Technology Officer. Abrigo Connect features a new user interface powered by ThoughtSpot Everywhere. It uses AI, GPT-3.5, and natural language search capabilities so bankers can find their data using the words they speak everyday – improving the speed and quality of results. "Companies that are building their businesses on data, both internally and in their offerings for customers, will realize unprecedented competitive advantages. It makes us immensely proud to be empowering a global community of data-driven companies, like Abrigo, that are using ThoughtSpot to build sticky products that deliver business impact and extend analytics to their customers that deliver a modern data experience," said Sumeet Arora, Chief Development Officer at ThoughtSpot. "Abrigo is driving innovation in the banking sector with AI-Powered analytics, and we're thrilled to be an innovation partner in differentiating their platform with a bespoke analytics experience and in delighting their end users." Abrigo supports 2,400 financial institutions through lending, portfolio risk, and financial crime management automation. Leveraging its customer network, the company has built a proprietary database of banking data for exclusive benchmarking within Abrigo Connect. While many financial institutions grapple with a talent shortage, they may also struggle to source or fund an in-house data science team. Similarly, many community institutions lack resources dedicated to data warehousing to power general business intelligence systems. Abrigo Connect uses information already flowing through the Abrigo Platform to sidestep lengthy, expensive data integration projects and yield immediate access to curated data. Later this year, Abrigo will also integrate additional data sources for richer analysis. The Abrigo Platform, including Connect, provides unlimited user access, allowing financial institutions to add users as their usage of data analytics expands. Bankers can have confidence in the security and expediency of data flows through Abrigo, knowing the company has integrated to more than 50 unique core systems across thousands of successful technology implementations. About Abrigo Abrigo is a leading provider of compliance, credit risk, lending, and asset/liability management solutions and services that help financial institutions thrive. Abrigo accelerates growth, increases client efficiency, and improves customer experience with an easy-to-use and expansive platform. We ensure customer success with our award-winning client service team, advisory expertise, and innovative technology. With a network of 2,400+ FIs, Abrigo offers unique opportunities for insightful peer benchmarks and best practices. Visit abrigo.com to learn more.

FINANCIAL MANAGEMENT, PAYMENTS

Accepting phone payments is a smart move for a seamless, secure and speedy buying experience, says Lanistar

PRnewswire | April 26, 2023

The adoption of card payment acceptance by smartphone apps is transforming how payments are processed. Mobile payments not only benefit retailer-customer relations but open up business opportunities to innovations such as click-and-collect and mobile wallets with integrated loyalty. This is according to virtual payment card provider Lanistar. Jeremy Baber, CEO of Lanistar said: "With smartphone technologies continuing to advance, businesses can process card payments through apps to improve efficiencies and streamline sales. Merchants should consider accepting card payments on a mobile device to allow customers to pay from any location. Mobile payments not only reduce expenses but increase data security which is instrumental to business success." Businesses can choose from a variety of methods of mobile payments, including cloud terminals that process transactions through a web-based application, scanning app-generated QR codes and sending payment links directly to customers that leads to transaction web pages. SoftPos a new revolutionary technology also bypasses the need for external card readers by using NFC technology on smartphones to read cards and accept payments. Baber continued: "Payments accepted through smartphones are the future of transactions provided that proper regulations and compliance are in place. However, due to its restricted availability, it is crucial to choose the app wisely. Merchants must select a reputable service provider with a reliable track record, with regular updates being the top priority." Accepting payments through mobile apps provides a host of benefits, including reducing costs by eliminating external hardware and cumbersome payment infrastructures, and increasing sales thanks to the reduced complexity of processes. Merchants are also more secure, with payment app developers continuously introducing fraud-prevention tools to enhance safety. Baber concluded: "New mobile payment tools allow organisations to analyse financial behaviour providing data-based knowledge to establish business strengths. Furthermore, accepting phone payments is a sustainable and green option, eliminating the need for extensive hardware and the need for printing receipts and transaction records." "Mobile payment acceptance is the future and will help satisfy a new generation of customers with smooth payment experiences. Mobile devices are transforming where we can do business, with new processes allowing businesses to accept payments from any location. Organisations need to adapt to change as the benefits speak for themselves." About Lanistar Lanistar was founded in 2019 by entrepreneur Gurhan Kiziloz, whose ambition is to build a fintech unicorn that truly challenges the status quo of old-fashioned, traditional banking services. Using modern technology and working with industry-leading partners, the Lanistar team is building a platform that provides a total 'AnyMoney' solution for its customers. This will give customers access to all their financial products in one place, from general bank accounts all the way through to cryptocurrency. Lanistar is not a bank but a payment card provider, operating as an intermediary that offers financial services to end users. Lanistar offers the services of a typical bank account through its banking partner Modulr, but with advanced UI/UX and design to make it easier and more secure than high street banks. Lanistar Ltd is a registered EMD agent (FRN:902996) of Modulr FS Limited and may distribute and redeem e-money and provide payment services. Modulr FS Limited is authorised by the Financial Conduct Authority ("FCA") under the Electronic Money Regulations 2011 (FRN: 900573) for the issuing of electronic money and to provide payment services. Lanistar Limited ("Lanistar") is currently only carrying our pre-launch marketing in preparation for the future launch of Lanistar branded payment cards ("Cards"). Lanistar is finalising arrangements with various partner firms who are authorised and/or regulated (by the FCA and other overseas regulators) and the Cards will only be launched and go-live when those arrangements are in place.