Leading “Inclusive and Open Finance” with AI KN Group Debuted at Hong Kong FinTech Week 2024

(Hong Kong, October 30) KN Group has made a significant impact with its debut at the Hong Kong FinTech Week 2024 by successfully capturing the attention of industry leaders and innovators. As one of the leading exhibitors in the "AI & Advanced Tech Zone," KN Group showcased its commitment to implementing AI in smart financial services, thereby advancing “open finance” and inclusive finance.

KN Group, represented by Mr. JIANG Xuan, Senior Vice President, and Mr. Lucas KONG Qingyuan, General Manager of the Hong Kong Treasury Center, engaged in meaningful discussions with fellow exhibitors and industry guests. Mr. JIANG expressed enthusiasm for the event, stating, "FinTech Week is an excellent opportunity to showcase our latest technologies and applications while exchanging insights on recent developments with entrepreneurs and industry insiders from around the world."

Mr. KONG took the stage at a forum titled “Rethinking Open Finance in a Robust Digital Economy Era.” He articulated the transformative potential of AI in "open finance," particularly for underserved populations who have been neglected by traditional banking. "With open finance, these individuals can access essential financial services, enabling them to participate in the regulated financial system and build financial resilience," he stated.

Over the last decade, KN Group has been elevating smart finance by implementing AI and big data into credit risk assessment. The algorithms analyze a wide range of data points and evaluate the creditworthiness of borrowers more accurately and efficiently. By considering over 20,000 data labels, including non-traditional data sources such as transaction history, social media activities, and mobile phone usage, underserved populations would have access to credit and other banking services. The entire analysis for a loan application takes less than 120 seconds, and as the system operates around the clock, underserved individuals could be assisted in a timely manner.

Looking ahead, KN Group remains dedicated to advancing "AI+Finance" technologies while maintaining its vision of being “rooted in Hong Kong, embracing ASEAN, and reaching for the World.” The insights gained and connections made during FinTech Week are expected to propel further innovation, fostering a more inclusive financial ecosystem for all.