Shanghai HiCore Tech, an online fraud-detection company, will cooperate with the Massachusetts Institute of Technology (MIT) to establish an artificial intelligence (AI) lab in an attempt to keep track of fraudulent financial deals.
They signed an agreement that signals a major breakthrough for the application of AI in the anti-fraud industry.
“We hope to apply the world’s most advanced algorithms to the industry and serve the financial sector well,” said Xu Yunbo, technological superintendent at HiCore Tech.
“HiCore Tech hopes the joint-initiative will allow them to develop more profound algorithms in cooperation with MIT’s globally renowned scholars and professors,” Xu said. “We can complement each other.”
Also, the two partners hope to develop cutting-edge anti-fraud technologies by creating specialised unsupervised machine learning. So far, the domestic financial-tech sector has been slow to adopt unsupervised machine learning due to the extensive data collection required by its meticulous algorithms.
HiCore Tech already enjoys strategic partnerships with China UnionPay, China Railway and China Civil Aviation. The company has also provided anti-fraud services to over 2,000 financial institutions, covering banking, consumption finance, loans and internet finance.
“We’ll work with our strategic partners and endeavor to safeguard social credibility and financial security across the country,” Xu said.