Lingfeng Monthly Update_January 2018

Time:2018-12-10

Wecash Recognized by KPMG as one of China’s Top 50 Fintech Companies

Wecashwas selected by KMPG as one of the 50 Leading Fintech Companies in China for 2017.  This marks the second consecutive year that Wecashearned this distinction. The KMPG Top 50 Fintech Companies ranking also includes Ant Financial, Lufaxand WeBankamong others.  Wecashwas recognized in the KPMG report for its deep technological resources, innovation capability and connection efficiency.  The company’s success is seen in its user base which has grown from 0.8 million at June 2014 to over 120 million in October 2017.  The KPMG report saw Wecashas being able to further deepen its huge user base and continue to achieve large scale growth. (December 13, 2017)
 

Wecashis First China Fintech Company to Access China Central Bank’s New Personal Credit Platform

China’s Central Bank announced that it is establishing a personal credit information platform which will be formally approved by the end of 2018. This platform will include individual customer financial credit data that the Central Bank Credit Reference Center cannot cover, and build a national-level basic database to share information in the industry to effectively reduce the cost of risk.  In response to this policy initiative, Wecashbecame the first financial technology platform to access the Central Bank's new credit information platform system.  It launched a multi-data assessment tool, especially targeted at overdue borrowers which is designed to help create a good financial environment and prevent financial risks. (December [ ], 2017)
 

MinshengBank Selects 4thParadigm to Build its AI Platform

MinshengBank recently signed an agreement with 4thParadigm under which the latter will build an AI machine learning platform and provide system support to MinshengBank for the creation of an “all-intelligent” bank.  It is reported that 4thParadigm’s on-line anti-fraud system is several times more effective than traditional bank control methods, and that it upgrades banks’ traditional“after-the-fact” anti-fraud detection, to “fraud detection during the transaction process”, thereby greatly reducing losses. In addition, 4thParadigm took the lead in introducing a financial product recommendation system that uses AI to create personalized marketing touches. The response rate using the 4thParadigm system is much more effective than traditional approaches; customer response rates have increased by 200% to 1,100% and the amount sold to customers using this system has increased by 50% to 500%. (December 1, 2017)
 

4thParadigm Debuts “Prophet 3.0” - the Latest Upgrade to its Enterprise AI Core system

The 4thWorld Internet Conference opened in Wuzhen, Zhejiang on December 3, 2017. Leading AI technology and service provider 4thParadigm was invited to attend the conference and used the occasion to release the latest upgrade of its product “Prophet 3.0.”  This product is positioned as an enterprise AI core system and becomes another important core of the enterprise following the transaction core system and the internet core system. The enterprise AI core system helps enterprises build a machine learning closed loop around their business and build-up their intelligent business capabilities so as to intelligently formulate strategies in the AI era. 4thParadigm’s Prophet Enterprise AI core system helped one of its clients, a leading national bank, establish more than 2.5 billion new credit card fraud detection strategies and improved the accuracy of its anti-fraud identification by more than seven fold.  Moreover, the bank leverages the Prophet Enterprise AI Core System to deliver value in more than 20 other business scenarios, allowing the bank to quickly and fully implement a full line of intelligent upgrades to business lines. (December 4, 2017)
 

4thParadigm Team wins International Hackathon Competition

4thParadigm won the world championship in the International Hackathon Competition and became the first championship team from China in the history of the top event and also the first champion from Asia. (December 4, 2017)









 


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