Sunday, May 19, 2024

ESCIENCE FINTECH TECHNOLOGY (MALAYSIA) BERHAD: Malaysia’s Bridge Into Artificial Intelligence

CEO Outlook 2024

The year 2024 sees the rapid proliferation of Artificial Intelligence across all industries, and the rising emphasis on Environment, Social and Governance (ESG). That said, there remains growth to be had in existing sectors, lest we miss out on opportunities yet untapped.

In this edition of International Business Review’s CEO Outlook, we explore these individual components from leaders of their respective companies as they look to transform and uplift the people around them through their drive and vision. Read on for the vision of the leaders in the following companies:

The use of Artificial Intelligence (AI) is becoming increasingly ubiquitous across industries, and it is no different for Fintech. Such a dynamically evolving technology can leave many unprepared, scrambling to keep up. EScience Fintech Technology (Malaysia) has its pulse on AI, identifying both its benefits and pain points to better lead the nation’s industries and people into a new era. Its Chief Executive Officer, Ts. Afdzal Nazri, shares his insights with International Business Review.

“When you look at our breadth of experience – 25 years managing government linked agencies, 15 in technical R&D – we’ve already been through a lot of technological advancements. That gives us an innate advantage in making our predictions, drawing on precedents to be a better industry leader when it comes to adopting the latest technological marvel.

Shaking Up the Financial Industry

The ‘simplest’ way to use AI is to have it automate a lot of time-consuming processes. We can see it eliminate certain repetitive tasks, so that people will have time for higher-level tasks, like analyzing the swathes of data that AI would be capable of sifting through. AI can also flag suspicious activity ahead of time for humans to do due diligence.

With the curated data from humans, the AI can then better tailor its responses to customers. As the AI ‘speaks’ to customers, we can later identify any particular patterns that a certain subset might display, or even collate frequently asked questions, continuously refining to create a chatbot or virtual assistant that better serves people.

We do believe that overall productivity and potential ROI can only go up when we can have humans focus on innovation, assisted by AI. That said, the market will need to upskill their staff for creative roles if they are going to be reliant on AI for mundane tasks. We must also caution industry players about the potential inequalities in access to the technology,
the need for transparency about AI use, and the geopolitical tensions that could
arise from fierce competition.

Walking the Talk

Already, we have integrated AI into our software that predicts the ‘what and when’ to buy in the stock market, namely NASDAQ and Bursa Malaysia, since 2021, assisting traders worldwide to make better decisions, with more matured technology. We’re also doing our part to collaborate with universities and research institutions so that we can continuously ensure responsible AI practices. By integrating AI technology in our software, we able to make better predictions with more than 90 percent accuracy. Using AI in stock trading to analyse the stock trends, technical data and to detect market news sentiment, the software is then able to find the lowest and most suitable prices to purchase a public-listed company’s shares/stocks to maximise profits. With this AI technology, we are able to assist traders worldwide in making more profit through stock trading with Bursa Malaysia and NASDAQ.

AI need not be the plaything of only the rich and powerful. EScience Fintech,
with AI, will transform the financial landscape for everyone at large.

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