Empowered by Microsoft, FORMS Syntron unleashes Banking Copilot and FINNOSafe to transform the financial sector
HONG KONG SAR 13 September 2023 – Today, a leading fintech thought leader, incubator and enabler in the banking and finance industry, is set to redefine the financial landscape with the introduction of Banking Copilot and FINNOSafe as pioneering generative AI and Web 3.0 platforms in Hong Kong’s financial sector. Empowered by Microsoft Azure, these platforms stand as a testament to FORMS Syntron’s commitment to making banking and finance simpler, faster, smarter and safer.
“Today marks a significant milestone in our journey towards the future of banking,” said Mr. Frank Chow, Chairman of FORMS Syntron. “Both Banking Copilot and FINNOSafe platforms reflect our embrace of transformation within the financial services industry. As we enter the era of Web 3.0, characterized by the rise of Central Bank Digital Currencies (CBDC), virtual assets, and generative AI, we firmly believe that forward-thinking institutions must seize the opportunity to integrate these technologies into their strategies, business models, and adoption plans. We are proud to be at the forefront of this shift, enabling our customers to navigate the future of finance with confidence.”
Banking Copilot: Streamlining compliance processes
Banking Copilot, an AI-enabled compliance application platform, is designed to streamline compliance processes and tackle the challenges that arise from the compliance talent shortage. By leveraging Azure OpenAI, which provides enterprise-grade security and reliability for AI workloads, it automates compliance data collection and documentation, conducts risk assessment and mitigation, and improves overall governance. Banking Copilot compresses support document assessment tasks that would normally take six to eight weeks into hours via AI automation.
FORMS Syntron’s dedication to responsible AI ensures that its technical developments are both innovative and secure, enabling users to safeguard their data privacy. As a part of responsible AI, Banking Copilot does not use customer data to train, retrain or enhance the models under Azure OpenAI.
FINNOSafe: Simplifying the Web 3.0 digital money experience
An AI-powered Web 3.0 platform developed to simplify the digital money experience for mass adoption, FINNOSafe features two key services: the FINNOSafe Wallet and Tokenized Assets Custody. Backed by Microsoft Azure and enterprise-grade security functions, the FINNOSafe Wallet is a cold wallet enabling self-custody of digital assets and card payment, designed to securely store and transfer digital assets for financial institution’s clients and employees. FINNOSafe’s Tokenized Assets Custody Services, another key feature, will assist Hong Kong’s virtual assets key market participants in entering the market under the new Virtual Asset Service Providers Regime (VASP).
Leveraging over 20 years of financial industry experience, FORMS Syntron built these platforms to help businesses meet increasingly stringent regulatory requirements and adapt to the rapidly changing environment. The collaboration between FORMS Syntron and Microsoft aims to foster widespread and secure use of generative AI in the financial industry.
“We are delighted to support FORMS Syntron’s initiative, demonstrating our shared passion for driving innovation in the financial sector,” added Dr. Hou Yang, Chairman and Chief Executive Officer, Microsoft Greater China Region. “With transformative cloud and generative AI solutions, Microsoft is harnessing the exciting innovation in Hong Kong’s finance industry and building a secure and efficient financial infrastructure platform with enterprise-grade security measures and Responsible AI practices. This collaboration underscores our commitment to empowering Hong Kong’s digital economy and strengthening its position as a leading international finance center.”
FORMS Syntron’s early success with BEA in AI and Web 3.0 pilots
FORMS Syntron’s early success with The Bank of East Asia, Limited (“BEA”) in its AI and Web 3.0 pilot programs has laid the foundation for their continued innovation. Leveraging the Banking Copilot and FINNOSafe collaboration program, BEA successfully developed two visionary and first-in-Hong Kong initiatives.
BEA used FINNOSafe Wallet to pilot a highly user-friendly native digital asset wallet to manage its self-minted utility coin on blockchain as part of a staff reward program. BEA also utilized Banking Copilot to assist the bank’s cybersecurity team in conducting C-RAF assessments. Empowered by Azure OpenAI, Banking Copilot automated compliance data collection and documentation; conducted self-assessments, early risk identification and mitigation; as well as improved governance and raised regulatory and compliance maturity.
“At BEA, we recognize the tremendous significance of teaming up with FORMS Syntron under the Banking Copilot and FINNOSafe collaboration program and BEAST (BEA + Startups), BEA’s own fintech collaboration platform,” commented Mr. Stephen Leung, Head of Information Technology and Fintech Development Department, The Bank of East Asia, Limited. “This partnership has enabled us to leverage cutting-edge technologies like generative AI and Web 3.0 to drive innovation and reinvent the possibilities within the financial sector.”
As one of the leading companies in the Greater China region to introduce industry-specific generative AI and Web 3.0 platforms for the financial sector, FORMS Syntron remains at the forefront of the fintech revolution. With the philosophy of creating a safer environment for innovation in the banking and finance industry, these platforms enable banking and financial institutions to innovate and transform, ushering in a new digital era.