Advancements in Artificial Intelligence are dramatically reshaping the global employment landscape, with the potential to impact over 300 million jobs worldwide. 

At the Singapore Fintech Festival in November 2023, I had the opportunity to host the Talent Stage and prior to the event, I interviewed 50 industry leaders from banking, government, and AI companies. This discussion led to a comprehensive survey focusing on four key areas: the impact of AI on organizations and employment, the influence of AI on individual skills, the challenges posed by AI, and potential solutions.

AI’s Disruptive Influence on Organizations and Skills Development

AI is not merely an incremental innovation but a disruptive force that will significantly transform all sectors, leading to the development of new skills. While the landscape is rapidly evolving, the Centre for Finance, Technology, and Entrepreneurship (CFTE) maintains that skills and talent remain the primary drivers of transformation.

In the research survey, 95% of industry leaders expressed a positive outlook on AI’s potential to enhance operational efficiency, automation, and customer experience. GenAI, in particular, was highlighted for its ability to improve communication and personalised services, with a notable emphasis on its role in elevating content creation.

On an individual level, 82% of senior leaders believe AI will augment the capabilities of professionals, helping them deliver solutions that are better, cheaper, and faster. However, uncertainties remain about the net impact on jobs, with AI’s effects likely to vary depending on the specific roles and sectors involved.

What to look out for in 2024?

In 2024, I would like to focus on 3 areas which I feel are still issues in our industry. I learnt from the Future of Skills Forum CFTE organised this year in Dubai where we interviewed the senior leaders including Governments, policy makers, the senior leaders from financial services companies and from the startups worldwide. We discussed how we bridge the skills gap: a national and corporate challenge.

Addressing skill shortages, especially at the national level, emerged as a key theme during discussions with senior leaders. The private sector plays a crucial role in bridging these gaps by investing in the broader community, promoting upskilling, and ensuring a sustainable workforce. To tackle the evolving demands of the digital economy, collaboration among governments, private enterprises, and educational institutions is essential.

Several strategies were proposed to address national skill gaps:

1. Cross-Functional Skill Development: It is crucial to merge technical skills with professional knowledge, particularly in sectors like finance, where AI can drive innovation and compliance.
2. Transforming Organisational Roles: Organisations should focus on transforming existing roles by fostering diverse talent and creating individual development plans to encourage innovation.
3. Public-Private Partnerships: Governments and the private sector must collaborate effectively to develop robust skill-building initiatives that not only support corporate social responsibility but also ensure long-term economic sustainability.
4. Innovative Educational Models: Traditional education systems need to evolve by incorporating continuous learning, vocational training, and essential soft skills like adaptability and risk management into curricula.

Getting Everyone AI-Ready: A New Skills Framework 

I shared my views on bridging the skills gap in this article published by Elevandi. To me, upskilling and reskilling at scale is the priority, and this starts with identifying the skills gap.

To prepare the workforce for an AI-driven future, CFTE developed the SHIME framework, which provides a qualitative tool to identify the key skills needed in finance and technology sectors, helping individuals assess their strengths and areas for improvement, and guiding companies and governments in workforce development.

The road to AI readiness involves acquiring foundational knowledge of AI tools, understanding the associated risks, effective data management, identifying use cases, and fostering a strategic mindset that embraces innovation.

The aim of CFTE is to provide a thorough process for individuals to evaluate their competencies to ultimately upskill into the jobs of the future. Moreover, considering the bigger picture – SHIME can be utilised by governments to analyse the workforce and its readiness to implement a country’s digital economy strategy. 

The exponential growth in finance requires new skills, and the skills gap influences all levels in finance, from organisations to sectors to countries. By focusing on these pillars, organisations can cultivate leaders who are knowledgeable about AI and capable of guiding their teams through digital transformation.

Senior Women in Leadership within the Rapidly Evolving Tech and AI Sectors

Another critical discussion point we saw was how to bring more women into leadership roles within the tech and AI sectors. Despite the transformative potential of AI, women remain underrepresented in AI development and leadership. We emphasized the need for inclusive policies and the cultivation of soft skills like empathy, teamwork, and emotional intelligence.

AI presents both opportunities and challenges for women. While it can empower women by amplifying their emotional intelligence and creativity, there are concerns about inherent biases in AI systems, especially within human resource technology. Addressing these biases and ensuring high-quality data are essential to prevent AI from perpetuating discrimination.

I see here are the areas to bring more Women Leadership roles in AI and how do we tackle this: 

• Lifelong learning and upskilling

Lifelong learning and upskilling In terms of the skills the 3 C’s were discussed: Curiosity is essential in an environment of constant learning. Creativity involves making good use of AI tools, which is what will likely differentiate humans from machines. Courage is about having the bravery to learn, to fail fast, and to learn from those failures

• Allowing Women to understand the fundamentals tools of AI

Understanding the fundamentals of AI tools, especially generative AI and understanding the fundamentals of the technology are critical. Many entrepreneurs think people are binary, like 0s and 1s, and they will fail if they don’t change this mindset. Those who excel in technology but also understand the importance of human relationships will be successful in leadership

• Ethical considerations and awareness with AI tools

Ethical AI use requires leaders to balance AI reliance with judgment, addressing biases and risks. Ethical leadership and self-awareness ensure AI aligns with organizational values, fostering trust and integrity in decisions. Leaders should balance reliance on AI with their own instincts, maintaining a healthy scepticism to ensure informed decisions. Ethical leadership involves understanding and mitigating AI risks, while self-awareness helps align AI use with personal and organisational values, fostering trust and integrity in AI initiatives.

• Enabling women to develop soft skills

Soft skills and teamwork were highlighted as being the most essential for leading AI and technology teams effectively. Leaders should invest in self-education and stay updated with global trends to leverage their teams’ capabilities. By fostering a supportive environment for their team’s upskilling and valuing both technical and non-technical contributions, leaders can enhance their team’s performance and innovation.

Women’s leadership in an AI-driven world has immense potential to drive innovation and inclusivity, leveraging strengths in emotional intelligence and creative problem solving. Achieving this potential requires addressing biases in AI systems, promoting continuous learning, and fostering supportive environments. By building confidence, advocating for diversity, and ensuring ethical AI practices, women can lead the Fourth Industrial Revolution, contributing to a more equitable and innovative future.

The Future of Workforce Development

As AI continues to reshape industries, the importance of lifelong learning and upskilling cannot be overstated. The development of essential soft skills—curiosity, creativity, and courage—will differentiate human contributions from machine automation. Building confidence, advocating for diversity, and promoting ethical AI practices will enable women and other underrepresented groups to lead in the Fourth Industrial Revolution.

The journey toward equipping the workforce with future-ready skills is ongoing. Collaboration between the public and private sectors, coupled with a commitment to continuous education, will ensure that no one is left behind in the rapidly evolving job market.

The Future skills Forum Impact report highlights the key insights and impact from the Future Skills Forum, featuring contributions from government, industry leaders, and professionals. It provides an in-depth look at the future of work and necessary skills for upcoming generations. I’d be happy to discuss the findings with anyone interested.

Contact: ta-nguyen@cfte.education

The post AI Transforming the Global Employment Landscape: Insights from Industry Leaders – by Tram Anh Nguyen appeared first on CFTE.

From the past few years, we have seen the unprecedented milestone of AI. From machine learning and deep learning to generative AI, the growth in these fields has significantly transformed the industry. Throughout 2023 and 2024, significant developments such as the emergence of AI agents and the adoption of custom GPT models by banks have enhanced efficiency and productivity. Meanwhile, major techs are accelerating their pace of model development, driving innovation in the AI space. In this article, we will explore how AI is changing the industry and how organisations can build a more resilient workforce.

How do organisations react to the AI transformation?

A significant majority of banks are integrating AI into their operations, with strong support from board-level executives. This marks a definitive shift from traditional systems to more agile AI-driven solutions.

• 45% of banks are already integrating generative AI into their technology stacks, while another 30% are in the early stages of exploring its potential.
• 91% of respondents reported that their AI and cloud initiatives are endorsed by the board, indicating strategic prioritisation.
• 63% of banking decision-makers affirm that generative AI is playing a pivotal role in accelerating the transition of banking applications to the cloud.

Banks, which are highly regulated in terms of compliance and risk management, are increasingly adopting AI to boost efficiency and productivity while providing value-added services to clients. AI is disrupting various functions across the banking sector, from retail banking and wealth management to compliance and insurance.

The Impact of AI on Financial Services Is Now Real

The increasing adoption of AI benefits all industries, especially financial services, by boosting productivity and efficiency in KYC, reporting and customer services, etc. Another example is Klarna, a buy-now-pay-later fintech company using generative AI to cut marketing costs by $10 million annually. Employees at Klarna use tools like Midjourney, DALL-E, and Firefly for image generation, saving an additional $4 million on external marketing suppliers.

More than 80% of professionals in financial services are leveraging tools like ChatGPT (which we call it Bring Your Own AI – BYOAI), even though many organisations have not formally approved or integrated such tools into their workflows. This trend indicates a growing reliance on AI for tasks like data analysis, customer service, and content generation, highlighting a potential gap between the tools employees find valuable and the technologies officially sanctioned by their employers.

Additionally, regulators are increasingly turning their attention to the implications and challenges posed by generative AI. The number of AI-related bills passed worldwide increased from just 1 in 2016 to 148 in 2023, according to the AI Index Report done by Stanford University. 

How Is AI Transforming Industries and Job Markets?

AI is reshaping the labour market, leading to disruption across industries, organisations, and among professionals. AI’s impact on jobs can be categorised into three main areas:

1. Displacement: Certain roles become obsolete, requiring workers to transition to new fields or face unemployment.
2. Augmentation: AI enhances human capabilities, allowing professionals to perform tasks more efficiently and focus on higher-level responsibilities.
3. Creation of New Industries: AI innovation opens up entirely new job opportunities that previously did not exist.

These changes necessitate reskilling, upskilling, and strategic adjustments from senior leadership.

According to the LinkedIn workforce survey 2024, 4 in 5 people want to learn more about how to use AI in their profession. However, 57% of global leaders lack confidence in their leadership team’s AI skills and knowledge.

Many organisations recognise the urgent need for upskilling and reskilling. For example, SkillsFuture provides a budget of 4,000 Singapore dollars to upskill and reskill citizens aged 40 and above. JP Morgan ensures all new hires receive training in AI to better understand industry knowledge. Companies are developing a broad mix of strategies, from top-down approaches to partnering with learning providers to train employees on various AI-related topics.

The Future of Skills in Finance

The skills required in today’s industry are not the same as years ago. The acceleration of technology has transformed job requirements, demanding proficiency in digital tools, adaptability to AI, and a continuous learning mindset to keep up with rapid advancements. 

A New Skills Framework: SHIME

CFTE’s Fintech Job Report analysed 40,000 jobs in Fintech and created the SHIME framework, a qualitative tool to help the industry identify key skills in financial services. SHIME can help individuals assess their skills, analyse strengths, and identify areas for improvement in an AI-driven world. It can also assist companies in understanding the skills required for new hires and aid governments in framing their strategies for workforce development.

The exponential growth in finance requires new skills, and the skills gap influences all levels in finance, from organisations to sectors to countries.

Getting Everyone AI-Ready

The impact of technology on the industry has been nothing short of transformative. Achieving AI readiness involves several crucial pillars: foundational knowledge, skills and capabilities, which involve acquiring the necessary expertise to work with AI tools and technologies; and risk understanding and management, which requires recognising and mitigating the risks associated with AI. Additionally, effective data management is essential for ensuring efficient and secure data handling. Identifying AI use cases is also vital for understanding where and how AI can add value. Finally, a mindset of strategic thinking is necessary, embracing change and being open to innovation. Each of these pillars is essential for leveraging AI to drive industry transformation.

By focusing on these pillars, organisations can cultivate leaders who are knowledgeable about AI and capable of guiding their teams through digital transformation.

What are the Strategies for Effective Upskilling?

Top-Down Approaches

Effective actions to address the skills gap often involve long-term, collaborative strategies that engage governments, central banks, educational institutions, businesses, universities, and other stakeholders. Key steps include:

1. Strategy: Acknowledging the problem and prioritising it at the top of the agenda. Regulators and central banks play important roles in implementing and enforcing alignment.
2. Alignment: Providing guidance on talent trends, setting skills frameworks and curricula, and allocating funding to stakeholders.
3. Implementation: Raising awareness on digital and financial literacy through regular training and a multi-stakeholder coalition.

Common Approaches to Building AI Literacy

Diverse AI knowledge and implementation strategies are essential for everyone in the organisation. CFTE recommends tailored approaches to maximise impacts and learning outcomes:

• Senior Leaders: Understand today’s world to make better strategic decisions.
• Mid-Level Managers: Build solid knowledge of industry use cases to identify opportunities and risks.
• Domain Professionals: Understand different business units or support functions.
• Entry-Level Analysts: Quickly apply AI understanding to their jobs.

By adopting these strategies, organisations can ensure that their workforce is equipped with the skills needed to thrive in an AI-driven economy.

The Time is Now

Throughout this period, we must address several crucial questions to tackle the new skills gap in financial services. What types of programmes should we develop? What policies are currently in place to support this reskilling mission? What specific skills are essential? In a rapidly changing world that challenges governments, organisations, and individuals, there is a widening skills gap for those unable to adapt to the new digital landscape. Identifying this skills gap in financial services is crucial for developing a digitally resilient and future-ready workforce, making it a top priority for governments.

But how can governments, regulators, and other policymakers drive this progress? The need for action has never been more urgent. How we approach this challenge will determine our success in preparing the workforce of the future. At CFTE, we believe that quality online education is the key to succeeding in this mission. By understanding new ways of working and adapting to the evolving environment, we can strategically approach upskilling and ensure success.

Learn more about CFTE’s programme: https://courses.cfte.education/

Learn more about AI in Finance Academy: https://courses.cfte.education/ai-in-finance-academy/

The post The Urgency of Upskilling and Reskilling in an AI World appeared first on CFTE.

Background

Revolut recently announced a private valuation of $45 billion, marking a significant milestone in the journey of challenger banks. Meanwhile, Brazilian digital bank Nubank has reached an impressive 100 million customers across Brazil, Mexico, and Colombia, underscoring its significant growth and influence in the market.

As we observe the evolution of the digital banking sector, it’s time to assess the progress of key players like Revolut and Nubank. Additionally, we’ll explore the differences between challenger banks and neobanks.

Understanding Challenger Banks and Neobanks 

To fully appreciate the landscape of digital banking, it’s essential to understand the commonly conflated terms: challenger banks and neobanks.

Challenger banks are new, digital-first banks that possess a banking licence. This regulatory status allows them to offer a full suite of banking services, including loans, mortgages, and overdrafts. Importantly, customers of challenger banks are also protected by national protection funds, which offer a safety net in the event of a bank failure.

In contrast, neobanks offer a subset of banking services without holding a full banking licence. They often operate under frameworks like e-money regulations and cannot provide lending services directly. Their business model mirrors that of tech startups, prioritising rapid user acquisition and product iteration.

If you would like to learn more about the difference between challenger banks and neobanks, please visit CFTE’s blog on this topic.

A Comparative Snapshot: Nubank vs. Revolut

Size and Growth:

Nubank and Revolut are among the largest challenger banks in the world. Nubank leads with a customer base of 100 million, while Revolut follows closely with almost 50 million clients. Both companies are experiencing impressive growth, with annual increases of around 20%. Despite Revolut’s recent strides, Nubank remains the larger entity.

Profitability:

A few years ago, challenger banks were criticised for being loss-making ventures. However, both Nubank and Revolut have turned the corner, achieving profitability. Interestingly, while Nubank earns more per customer ($80 compared to Revolut’s $45), Revolut manages to extract slightly more profit per customer ($12 versus Nubank’s $10).

Divergent Growth Strategies:

The primary distinction between these two companies lies in their growth strategies. Nubank has concentrated its efforts on a select few markets, whereas Revolut has aggressively pursued international expansion. This global ambition was evident even five years ago when a cohort of the CFTE extrapreneurship programme collaborated with Revolut on this very strategy.

The Bigger Picture: Revenue Potential and Market Dynamics

The digital banking landscape is dynamic and rapidly evolving, with Nubank and Revolut currently leading the charge. However, the market remains vast and ripe for innovation. As these companies grow and new players enter the field, we can expect the sector to develop further and new financial innovations to emerge.

Despite their success, there is still significant untapped potential for revenue generation. Currently, these digital banks’ revenue per user is two to four times lower than that of giants like Netflix or Facebook. This gap underscores the importance of Revolut obtaining a banking licence, which would enable a broader range of financial services and revenue streams.

Learn more about the future of finance in the Rearchitecting the financial system programme, gaining insights from top CEOs, CIOs, Founders and industry leaders at Singapore Fintech Festival.

The post The Rise of Digital Banks: Revolut vs Nubank appeared first on CFTE.

Introduction

According to Capgemini, 60 % of organisations have already implemented or are exploring generative AI in marketing. The integration of Generative AI in marketing is opening up new possibilities for businesses to engage with their customers more effectively. From creating captivating ad campaigns to optimising customer service, here’s how some of the biggest names in the industry are harnessing the power of AI.

How can AI and Generative AI help Marketing?

The integration of Generative AI in marketing is opening up new possibilities for businesses to engage with their customers more effectively. From creating captivating ad campaigns to optimising customer service, here’s how some of the biggest names in the industry are harnessing the power of AI.

Key industry use cases

1. Google Launches New AI Features to Help Retailers Market Products

Google has unveiled a suite of new tools for retailers, featuring enhanced visual brand profiles, AI-powered content creation capabilities, and immersive ad formats. These innovations help marketers craft ads that stand out and maintain visibility throughout the online search process, ultimately driving better engagement and sales.

2. Adobe Releases New Adobe Express to Simplify Marketing for Enterprises

Adobe Express, fueled by generative AI models, provides enterprises with a robust platform to create, translate, and customise marketing assets efficiently and securely. Key features include Text to Image, Text Effects, Generative Fill, and auto-translate, empowering businesses to produce high-quality content swiftly.

3. Salesforce Embeds More AI into Marketing and Commerce

Salesforce has introduced new AI and personalisation features across its Marketing Cloud, Commerce Cloud, and Data Cloud platforms. The addition of three Copilots aims to enhance customer experiences and streamline tasks, allowing businesses to deliver more personalised and efficient services.

4. Klarna Launches AI Assistant for Customer Services

Klarna, a Swedish fintech firm known for its “buy now, pay later” services, has incorporated generative AI into its chatbots to automate customer service in over 35 languages. Powered by OpenAI, this AI assistant manages a range of tasks from multilingual support to handling refunds and returns, significantly enhancing the customer service experience. It now powers 2.3 million (two-thirds) of Klarna’s customer service chats.

5. Nike Uses AI Avatars for Ad Campaign

Nike’s innovative “Never Done Evolving” ad campaign features AI-generated avatars of Serena Williams from different eras. This campaign, celebrating Nike’s 50th anniversary, used machine learning to model Williams’ playing style, resulting in an engaging and award-winning video. The ad saw an 11x increase in organic views compared to other Nike content on YouTube, showcasing the powerful impact of AI-driven creativity.

6. Specsavers and Infinity Collaborate on AI for Call Analysis in Marketing

Specsavers leveraged “Conversation Analytics,” an AI-powered suite of speech analytics tools developed by Infinity, a leading call intelligence provider. These tools monitor, transcribe, and analyse call data to extract key trends and convert conversations into actionable sales insights. This initiative resulted in a 59% increase in Pay Per Click visits leading to calls and a 32% reduction in the cost per acquisition, demonstrating the effectiveness of AI in enhancing marketing strategies.

More to read

Generative AI is reshaping the marketing landscape by offering innovative solutions that enhance efficiency, personalisation, and customer engagement. Companies across various sectors are leveraging AI to stay competitive and meet the evolving demands of their customers. 

Staying informed about the latest AI advancements is crucial for businesses aiming to capitalise on these cutting-edge technologies.

Explore more about Generative AI in marketing and stay ahead of the curve!

The post Generative AI Initiatives in Marketing: Real-world Use Cases appeared first on CFTE.

London, 30 May 2024 – CFTE launches an online certification on Generative AI in Ｃlimate Ｃhange. This programme is designed to provide a solid grounding in Generative AI for professionals interested in ESG. 

Developed specifically for the ESG/Sustainability sector, it caters to professionals including senior leaders & executives, as well as those in strategy, consulting, and innovation. The course format is bite-sized, continuous, and updated knowledge—15 minutes per day over six weeks—to complement a modern business schedule.

Participants will get a chance to build their knowledge of Generative AI and gain expertise in its practical application in ESG. The programme features contributions from senior lecturers Huy Nguyen Trieu, co-founder of CFTE and Amit Agrawal, advisor of ClimateTech, FinTech, IT Software, providing a blend of structured learning, expert insights, industry applications and hands-on projects.

Leading organisations like Salesforce are exploring generative AI in ESG reporting and data extraction. Central banks and financial institutions are working together to develop AI tools to mine climate data. The power and the yet untapped potential of Generative AI have led to the transformation of the ESG sector, improving efficiency in business tasks and enhancing processes throughout entire organisations.

The opportunities presented by Generative AI tools are undeniable and can be utilised by knowledge workers across all seniority levels—from executives to junior staff. The disruption of Generative AI across business functions highlights the need for upskilling in Generative AI across the industry to capture the opportunities and intricacies of the technology.

“Generative AI is a game-changer for the ESG sector, offering unprecedented opportunities to enhance efficiency and innovation. This programme is designed to equip professionals with the skills and knowledge needed to harness this powerful technology for meaningful impact,”

says Huy Nguyen Trieu, Co-founder of CFTE.

“Generative AI holds immense promise in revolutionising our approach to climate change, offering innovative solutions for predicting environmental impacts and optimising resource use. However, as we harness this powerful technology, it is essential to stay cautious of issues such as biased data, ethical concerns, and unintended outcomes to ensure that our quest for sustainability is both effective and responsible,”

says Amit Agrawal, Helping ClimateTech, FinTech, IT Software and management consulting firms to scale in North America.

About the Generative AI in Climate Change Programme

Since the AI in Finance Academy launched in 2018, CFTE has been dedicated to AI knowledge within various industries. Our community spans Singapore, Europe, and MENA, with leading experts from renowned companies. To address the industry’s need to seize the opportunities of Generative AI, CFTE is launching a certification to prepare the ESG workforce to utilise Generative AI at scale.

The course consists of structured knowledge, use-cases, hands-on projects, and expert insights to give participants a well-rounded understanding of the application of Generative AI within Climate Action. 

The curriculum is divided into six chapters:

• Fundamentals of Generative AI in Climate Change– The foundational components of Generative AI in the context of ESG.
• The Landscape of Generative AI – 3 layers of landscape from model provider, infrastructure vendor to application provider
• Current landscape of Generative AI in Climate Change –  Traditional approaches vs AI-driven approaches in Climate Change
• Applications and use cases of Generative AI in Climate Change – ​​Generative AI applications and current initiatives and use cases in ESG
• From Theory to Practice: Practical Approach – Project showcasing including using Generative AI for research, data calculation, ESG reporting, etc.
• Opportunity and risk in Climate Action – Advantages and key success factors of implementing AI and ethical consideration

About CFTE

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. With offices in London, Singapore, Hong Kong and Abu Dhabi, CFTE partners with Fortune 500 companies to build their knowledge in Financial Technology, whilst simultaneously supporting their digital transformation process. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital transformation of finance.

Contact

Press: press@cfte.education

Partners: partners@cfte.education

Point of contact – Kanishka Joshi, Product Lead at CFTE (kanishka@cfte.education)

The post CFTE Launch the Generative AI in Climate Change Programme with Content from Prompt Engineering, ESG Reporting to Data Analysis appeared first on CFTE.

London, 20 May 2024 – CFTE launches an online certification on Generative AI in marketing. This programme is designed to provide a solid grounding in Generative AI for marketers and content creators. 

Developed specifically for the marketing sector, the programme caters to professionals including senior leaders & executives, as well as those in strategy, content creation, and customer engagement teams. The course format is bite-sized, continuous, and updated knowledge—15 minutes per day over six weeks—to complement a modern business schedule.

Participants will get a chance to build their knowledge of Generative AI and gain expertise in its practical application in marketing. The programme features contributions from senior lecturers Huy Nguyen Trieu, co-founder of CFTE and Igor Pejic, fintech expert and author of Big Tech in Finance and industry experts at leading companies, providing a blend of structured learning, expert insights, industry applications and hands-on projects.

60 % of organisations have already implemented or are exploring generative AI in marketing mentioned in a Capgemini research. The power and the yet untapped potential of Generative AI have led to the transformation of the marketing sector, improving efficiency in business tasks and enhancing processes throughout entire organisations.

The opportunities presented by Generative AI tools are undeniable and can be utilised by knowledge workers across all seniority levels—from executives to junior staff. The disruption of Generative AI across business functions highlights the need for upskilling in Generative AI across the industry to capture the opportunities and intricacies of the technology.

“The impact of AI is not incremental but disruptive. It will significantly impact many roles and skills in marketing. It is no longer about why, but how to upskill people with the latest and practical knowledge,”

Huy Nguyen Trieu, Co-founder of CFTE

“Generative AI will be more transformative for marketing than any other technology in recent decades. Each marketeer should make sure to level up and is not left behind. Generative AI in Marketing teaches you how AI will transform all areas of marketing, how pioneers are deploying it to boost performance and slash costs, and how to use the most important GenAI tools and up your game immediately,”

Igor Pejic, fintech expert and author of Big Tech in Finance

About the Generative AI in Marketing Course

Since the AI in Finance Academy launched in 2018, CFTE has been dedicated to AI knowledge within various industries. Our community spans Singapore, Europe, and MENA, with leading experts from renowned companies. To address the industry’s need to seize the opportunities of Generative AI, CFTE is launching a certification to prepare the marketing workforce to utilise Generative AI at scale.

The course consists of structured knowledge, use-cases, hands-on projects, and expert insights to give participants a well-rounded understanding of the application of Generative AI within marketing. 

The curriculum is divided into six chapters:

• Fundamentals of Generative AI in Marketing – The foundational components of Generative AI in the context of marketing.
• The Landscape of Generative AI – 3 layers of landscape from model provider, infrastructure vendor to application provider
• Current landscape of Generative AI in Marketing –  Traditional approaches vs AI-driven approaches in Marketing
• Applications and use cases of Generative AI in Marketing – ​​Generative AI applications and current initiatives and use cases in marketing
• From Theory to Practice: Practical Approach – Project showcasing including using Generative AI for market research, campaign creation, content creation, etc.
• Opportunity and risk in Marketing – Advantages and key success factors of implementing AI and ethical consideration

About CFTE

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. With offices in London, Singapore, Hong Kong and Abu Dhabi, CFTE partners with Fortune 500 companies to build their knowledge in Financial Technology, whilst simultaneously supporting their digital transformation process. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital transformation of finance.

Contact

Press: press@cfte.education

Partners: partners@cfte.education

Point of contact – Kanishka Joshi, Product Lead at CFTE (kanishka@cfte.education)

The post CFTE Launch the Generative AI in Marketing Programme with Content from Prompt Engineering and Market Research to Successful Campaigns appeared first on CFTE.

Overview of recent AI market movements

Last week, NVIDIA became the third-most valuable company in the U.S., surpassing Amazon and Alphabet. However, its stock had its worst day since October 2023 this week, with shares plunging as much as 8.6%. The market cap dropped from $1.83 trillion on Feb 13th to $1.67 trillion (Quartz news, 2024).

Despite the ups and downs and the rapid evolution in an AI world, AI hardware production has become a highly competitive market. NVIDIA, leading the race in AI chip development, making it one of the most valuable companies with a lot of potential. 

AI technology is advancing rapidly and  a key factor driving this shift is the use of GPUs (Graphics processing units) in AI chips. GPUs, originally designed for tasks like computer graphics and image processing, excel at handling numerous computations per unit of energy consumed.

NVIDIA, a company initially known for gaming GPUs, has become a significant player in AI chips, especially for training Large Language Models (LLMs) in AI neural networks. This raises questions about NVIDIA’s dominance in AI chip production and whether competition among tech giants is just beginning. However, as the landscape evolves, NVIDIA may face challenges such as increasing competition, the need to innovate to maintain its edge, and navigating regulatory and ethical considerations surrounding AI technology.

We are gonna discuss why NVIDIA is leading the AI chips production, whether this competition between tech giants are just starting and what future challenges might NVIDIA face ahead? 

Three Reasons why NVIDIA is just getting started

1. Dominance in the GPU market: NVIDIA holds a major market share of 92% in data centre GPUs, compared to AMD’s (Advanced Micro Devices) mere possession of 3% market share based on the data provided by IoT analytics.

2. Comprehensive ecosystem for developers: NVIDIA is committed to advance the AI ecosystem by investing $30 billion in a unit focused on helping companies create custom AI chips (NVIDIA blog, 2024). One example of NVIDIA’s leadership in the industry is the widespread adoption of CUDA software layer by AI developers.
3. Heavy investment in competitive advantage: NVIDIA heavily invests in its research and development, dedicating to drive innovation and maintain its position at the forefront of cutting edge technologies.

Three Factors that could pose challenges for NVIDIA

1. Biggest clients are becoming biggest competitors: NVIDIA’s largest clients, such as Meta, Microsoft, Google and Amazon are also investing heavily in developing their own GPUs. For example, Amazon’s AWS Trainium and Google TPU are posing a direct threat to NVIDIA.

2. Evolving AI technologies: As AI technology advances, there may be a shift towards smaller, specialised models that require less computing power, rather than larger, general-purpose ones. Moreover, as AI becomes increasingly integrated into smartphones, the demand for certain types of AI hardware could change in the future. 

3. GPUs price fluctuations: The price of GPUs has risen due to higher demand driven by factors related to Covid-19 and the growing use of AI applications. However, there is a possibility that prices could eventually decrease over the long term, in line with Moore’s Law. 

Conclusion

The recent market movements surrounding NVIDIA underscore the dynamic nature of the AI hardware market. The industry is witnessing a surge in competition and innovation as companies strive to capitalise on the growing demand for AI chips and technologies.

The AI hardware market is poised for continued growth and innovation. Companies that can adapt to the changing landscape and invest in cutting-edge technologies will be well-positioned to capitalise on the opportunities presented by the AI revolution.

AI is undeniably becoming a major trend where all tech giants are eager to dominate and reshape this dynamic landscape that is filled with opportunities and challenges. 

In today’s world that is rapidly changing, understanding AI and its applications is essential. If you are keen to explore the potential of AI technology and its use cases, CFTE has been dedicated to developing the AI in Finance Academy, empowering professionals with the essential skills to thrive in today’s fast-evolving AI in the finance industry.  

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*This interview has been edited to fit.

CFTE spoke to our alumni Gustavo Leal, who is currently an advisor at a fintech firm Kilde and a relationship manager at SingAlliance. Gustavo has made a brave turnaround from corporate finance to fintech innovation before finally moving to the Wealth Management industry. Let’s hear more about his journey and his dedication to lifelong learning. 

CFTE: What is your background? And what is your current job title and mission?

Gustavo: I come from a robust background in corporate finance and private banking, having accumulated years of expertise working in innovative companies. My journey began at IBM, which provided me with the opportunity to delve into diverse roles within corporate finance, embedded in a global organisation. This experience eventually led me to transition into the role of Chief Investment Officer (CIO) at an emerging FinTech company in Asia, marking a pivotal shift in my career trajectory. Currently, I am deeply entrenched in the investment world, serving as a Relationship Manager within an External Asset Manager (EAM) firm. This role allows me to leverage my background and experience to deliver value to clients, in alignment with their objectives and needs.

CFTE: Since when are you a CFTE alumni? How did you hear about CFTE and what programme did you take?

Gustavo: During my first year in Asia in 2019, I became acquainted with CFTE as I embarked on a journey to explore the diverse technologies and capabilities shaping the Fintech space. Eager to immerse myself in the dynamic startup ecosystem and establish new connections within a thriving hub like Singapore, I actively sought pioneering programs that could equip me with the skills to navigate an evolving financial industry landscape, while also connecting with fellow professionals in the region. Fortunately, I came across CFTE, a platform offering a range of courses that aligned perfectly with these goals. As a result, I enrolled in the AI in Finance and Intrapreneurship programs.

New Skills in the Financial Services Industry

CFTE: What was your main motivation for taking the courses? Were there any specific insights you gained throughout your career that prompted you to learn about these topics?

Gustavo: Having experienced a significant career transition after completing a full-time MBA program, I shifted from a large corporation to actively pursue opportunities in the startup landscape. This change brought to my attention the need to stay updated with new requirements and the array of tools available. While my tenure at IBM undoubtedly nurtured my forward-thinking approach, the rapid pace at which advancements unfold has underscored the crucial importance of continuous learning and the examination of diverse resources to remain prepared for the demands of the industry, particularly within the Fintech ecosystem. Guided by my curiosity, I delved into investigating how innovative companies approach credit scoring processes and explored various tools and frameworks designed to empower individuals in refining their investment strategies. Enrolling in courses like AI in Finance proved to be profoundly enlightening, offering a clearer understanding of multiple cutting-edge technologies available in the market. Additionally, participating in the Intrapreneurship program facilitated connections with industry peers, further enriching my experience.

CFTE: How have you implemented the knowledge and skills you acquired through the courses in your career?

Gustavo: The courses I completed have been instrumental in shaping my career journey. This became evident when I joined an early-stage Fintech firm in Singapore. I combined my years of sector experience with the recent insights gained from the courses to effectively manage complex data sets. This synergy allowed me to enhance credit evaluations using advanced machine learning techniques highlighted in CFTE’s programs. By merging existing knowledge with cutting-edge skills, I have made meaningful contributions to my company’s efforts in creating a leading platform in the Fintech space.

CFTE: You have a lot of experience in financial services. What is the best advice you would give to someone who wants to start his/her or develop a career in finance?

Gustavo: The finance industry is undergoing significant transformation, and we can anticipate more structural changes in the years ahead, driven by the technology at our disposal. While stringent regulatory requirements have typically imposed constraints on such changes, we are witnessing the emergence of a dynamic ecosystem of unregulated service providers. These providers are not only becoming more relevant and serving as complementary players to larger organizations but are also pushing regulated financial institutions to accelerate the adoption of new technologies. Hence, remaining up-to-date and open-minded is not merely a desirable trait but an essential requirement in such a dynamic environment. Furthermore, financial experts must genuinely embrace a passion for the numerous ways they can enrich society through more effective and well-informed decision-making procedures. This passion is crucial for embracing the limitless possibilities that lie ahead.

CFTE: The current economic landscape in financial services is very uncertain and always evolving. Do you think professionals should continuously learn to improve their financial literacy and acquire new skills? How?

Gustavo: I’m a strong advocate for adopting a continuous learning mindset. This perspective holds significance not only for staying current and well-equipped to navigate challenges within your organization, but also for amplifying your overall achievements and network. I observe that the world is increasingly becoming both specialized and interdisciplinary. Therefore, enrolling in various courses can serve as a compass to help you stay focused while maintaining the enthusiasm needed to effectively manage the countless changes that come your way.

The Lifelong Journey

CFTE: If you had to describe the learning journey in 3 words or less, what would they be?

Gustavo: Drawing inspiration from the Agile method, I could emphasize the words ‘learn, deploy, and refine’ as a guiding mantra. This implies that individuals should strive to engage with the available content and tools, gain practical experience, and explore novel avenues as needed throughout their learning journey within an unending cycle.

CFTE: How would you recommend CFTE’s programme to your networks or those who wanted to upskill themselves?

Gustavo: I strongly recommend — and I have done so in the past — that professionals seeking to learn about innovative tools and valuable frameworks in a structured manner should consider trying CFTE courses. The platform is not only a repository of excellent content, but it’s also a place where you can expand your network by connecting with experienced professionals in the finance industry.

CFTE: Any other thoughts on your journey with CFTE?

Gustavo: It was a pleasure to be both an Alumnus and an affiliated consultant at CFTE. As I took my initial steps in Asia, I turned to CFTE to discover cutting-edge technologies available for financial professionals and enhance my network in the region. Additionally, I provided support to the company on internal initiatives, which afforded me the opportunity to engage further with the fantastic CFTE staff and its wonderful founders, all while contributing valuable insights.

The Importance of Multidisciplinary Learning

This journey showcases an agile approach to career development. Through flexible learning in the latest subjects, including AI in Finance and participation in the  CFTE x Revolut extrapreneurship programme, Gustavo was able to enter the fintech industry. Financial industry professionals have to continuously develop their skills in order to grow in the industry and manage innovative fintech projects effectively.

The  industry undergoes a rapid transformation, while fintech products are created with regulations built around them. Executive education is important for developing companies, countries at a large scale. 

“Hence, remaining up-to-date and open-minded is not merely a desirable trait but an essential requirement in such a dynamic environment. Furthermore, financial experts must genuinely embrace a passion for the numerous ways they can enrich society through more effective and well-informed decision-making procedures.,” – as Gustavo Leal suggests. 

Learn more about our AI in Finance course and follow Gustavo Leal on LinkedIn to gain insight into the fintech field in Singapore. 

At CFTE, we believe in the importance of continuous learning, in order to prepare the capability and right knowledge in the workforce, or more broadly the whole community. In a digital-transforming world, we bet on people, and we are keen to share stories from our alumni like Gustavo Leal.

The post From CFTE Alumni to Chief Investment Officer at an emerging Fintech Company in Asia, before moving into the Wealth Management space – the story of Gustavo Leal appeared first on CFTE.

CFTE met Ondřej Kovařík, a member of the European (EU) Parliament at the Point Zero Forum 2023 (PZF) at the end of June in Zurich. We got the chance to interview Ondřej about the European approach to Digital Assets regulation – MiCA.

Ondřej Kovařík was elected as a member of the Economic and Monetary Affairs Committee in the European Parliament and as a member of the political group for Europe, representing the Czech Republic in 2019. He previously worked at the Czech Ministry of Foreign Affairs, the Office of the Government, the Embassy of the Czech Republic in Ottawa, the Czech Ministry of Defence and the European Parliament.

What is Europe’s approach to Digital Assets in terms of regulation?

O: The European Union has adopted an approach with a very comprehensive regulatory framework called the MiCA (Markets in Crypto Assets Regulation). This is the main piece of legislation dedicated specifically to digital assets in the European Union (EU), which will be applicable across the 27 member states in a unified manner in the future. MiCA provides companies in the crypto industry with Ex-Ante (before the event) rules, enabling them to be aware of their obligations and crypto-related rights within the industry.

What is the latest milestone with MiCA that happened recently?

O: The latest news with MiCA is that it has been published and adopted in any Member States of the European. It will enter into application very soon, but since it is the beginning of the practical implementation of these rules, it acts as a set stone for the legislation in the crypto market. Both industries and the public authorities are starting to prepare for the application with accumulative improvements in the upcoming years.

“The most significant challenge with the MiCA implementation is the licensing procedure, which will serve as the initial major test for the effectiveness of the regulation.”

Ondřej Kovařík, member of EU Parliament

Are there any potential challenges associated with MiCA’s?

O: The main challenge for MiCA is its successful implementation and enforcement across the EU. As it is a new piece of legislation, it requires significant effort not only from the companies to ensure compliance with the rules but also from public authorities for supervision and regulation. 

Since many of these authorities are not familiar with the dimensions of the crypto industry, MiCA being the first legislation to cover crypto assets becomes particularly important. I believe the most significant challenge within the MiCA implementation is the licensing procedure, which will serve as the initial major test for the effectiveness of the regulation. 

How do you see the integration of MiCA into the industry?

O: It will take some time before it gets fully materialised, even after implementation, its full application will be around 18 months from now, earliest by 2025. But the key with MiCA as a legal framework is that it remains stable and predictable since the rules are now written on paper. Still, they were never tested into practice within the industry and operators. There will be a period for MiCA to adapt throughout the development and new events.

I think this can be accommodated by the supervisory authorities when approaching the industries throughout the marker regime. So instead of changing the rules, I would see this as the adoption of the supervisory practice. If we are able to implement MiCA, it would fuel the international establishment of more regulation in the crypto market.

What’s next for and after MiCA?

O: MiCA includes the identification and definition of fundamental categories within the crypto sector, such as tokens and cryptoasset service providers. Since it only provides a general regulatory framework, more measures are expected to be developed in the future. For example, decentralised finance (DeFi) aspects such as NFTs, staking, and lending may be addressed with further regulations. Authorities like the EU Commission and supervisory bodies will examine these areas to assess the further actions required alongside MiCA, with an ongoing process of defining use cases.

Since we just finished the Point Zero Forum, are there any insights you want to share?

O: Through the panels and open discussions, I got to share insights and ideas about MiCA with various stakeholders from the crypto industry. I believe that these open dialogues with the industry and public authorities will ensure a shared understanding within the community and enable public authorities to stay updated on the latest trends and developments in the crypto sectors.

The potential impact of MiCA’s

In summary, Ondřej highlighted the significance of MiCA and some of the measures that may be developed in the future world of digital assets. As technology continues to advance, MiCA will be set as a significant step towards establishing more comprehensive and stable regulations within the crypto sector, such as tokens and crypto asset service providers, fostering a future financially inclusive economy.

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Discover our Blockchain and Digital Assets for Financial Services online programme and build foundational knowledge with 50+ interactive case studies with 6 chapters, presented by 30+ innovators, senior lecturers, and world leaders.

Stay ahead in this fast-transforming digital era and keep updated on the latest blockchain advancements by enrolling in our program!

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CFTE met Alexandre Kech, Head of Digital Securities at SIX Digital Exchange (SDX), at Point Zero Forum 2023 (PZF) at the end of June in Zurich. SDX is a DLT-based platform for licence exchange and depository, where financial instruments such as bonds and equities can be issued, traded and secured as digital assets on the blockchain.

Alexandre has 25 years of expertise in traditional and open finance, including global custody, asset services, and data standardisation. As the former head of the Securities and FX market, APAC, at SWIFT, he has a strong post-trade experience, and an additional 5 years specialising in digital assets and blockchain. 

Can you explain what the wholesale CBDC project’s purpose and mission are?

A: In SDX, we automatically settle transactions by the Delivery versus Payment (DvP) method by moving securities and tokenising Swiss Francs together on the blockchain. Today’s challenge is that to tokenise Swiss Francs, we follow a structure where banks deposit Swiss Francs into our account at the Central Bank, and then we tokenise them on the block for DvP purposes. This means the banks have exposure to SDX. If we were to go bust, they would face the risk of losing the money deposited in our account at the central bank. 

The solution to this issue is the wholesale Central Bank Digital Currency (CBDC), which enables the Swiss National Bank to issue Swiss Franc in a tokenised form on our platform, where the commercial banks have no exposure to SDX through the Delivery versus Payment (DvP) system. There is no risk exposure when banks want to take back their tokens since the Swiss National Bank will pay back in cash. To make it happen, we have been in discussion with the Swiss National Bank for 3-4 years with one of the projects called Project Helvetia which was testing processability in various scenarios. Now, we are moving to a series of live production transactions starting Q4 2023.

What are the challenges that your project has faced?

A: The challenge is to onboard banks on SDX infrastructure, we are currently onboarding five more banks on the system, and now eight banks in total due to the wholesale CBDC project. The challenge is that these banks need to be familiar with the wholesale tokenisation process since they are used to the Real Time Gross Settlement (RTGS) payment system of the Swiss National Bank. The second challenge is to ensure banks are familiar with atomic settlements that requires pre-funding to ensure liquidity before settlements. Since banks are used to the settlement of DvP, T+2 where two additional days are required to fund and settle the transactions, it is a challenge to onboard and train the banks. 

How is the situation of the project, is it going to launch soon?

A: We are currently working with the Swiss National Bank to issue directly on our platform since it is a live transaction against tokenised central bank money. We are completing the Swiss National Bank onboarding process for wholesale CBDC integration, scheduled to be finalised by the end of October. In addition, we have onboarded several other banks to ensure regulatory compliance for issuance and secure live transactions on our platform. 

Regulation and access controls are necessary to determine who can access different financial services and assets.

Alexandre Kech, Head of Digital Securities at SIX Digital Exchange (SDX)

What is the timeline of the project?

The project involves a series of live transaction productions and is going to last until Q2 2024. After six months of the project completion, the National Bank will conduct a comprehensive assessment and release a report. So at the project’s early stage, it is quite limited to see the potential possibilities but we will see the end result and the direction the project will take. 

Are there any ongoing projects Switzerland has with other countries in the financial landscape?

The beauty of Switzerland is that you have a bit of everything, for example, the Swiss National Bank is working on Project Mariana with the Bank of France and the Monetary Authority of Singapore on cross-border payment of (Decentralised Finance) DeFi. Switzerland is also involved in financial instrument tokenisation alongside the Monetary Authority of Singapore (MAS), enabling the native issuance of blockchain-based private equity and assets. From these approaches, we aim to leverage the efficiency of the current financial market while fostering an ecosystem to support startups, SMEs, and institutional investors. 

What do you think the future of finance will look like in 10 years?

The future of finance will revolve around a global digital asset-agnostic settlement infrastructure, which is the direction we are heading towards. However, it is important to acknowledge that it may take 10-15 years to reach. Regardless of other financial instruments involved, our focus is on leveraging the efficiency of the infrastructure using wholesale CBDCs and other forms of digital currencies. So our ultimate goal is to ensure a seamless, and efficient settlement process within the financial ecosystem. 

What potential risks should we anticipate in the field of technology policy over the next decade, and what governmental frameworks can effectively manage these risks?

It is unrealistic to think that DeFi is a smart contract-based service on blockchain that can function independently. While financial inclusivity remains a challenge, it is impossible to have financial instruments for everyone, since those are better suited for experts or institutions. Therefore, regulation and access controls are necessary to determine who can access different financial services and assets. Regulated entities like Financial Market Infrastructures (FMI) play a crucial role in establishing new regulations, to ensure the deployment of audited smart contracts and blockchains that can be utilised by a wide range of users. Moreover, it is crucial for market stability to maintain a comprehensive regulatory framework that serves as a reference in case of unforeseen issues in the future. 

Are there any last thoughts you want to share?

In the next 10 or 15 years finance and banking integration will be rapidly transforming with blockchain technology. Despite the prior focus on pre-trade and trade activities, post-trade infrastructure, often siloed, hasn’t seen much innovation. Now, with blockchain, we can significantly enhance post-trade processes. So, I’d advise young people, if they are looking for jobs, to work for a post-trade provider like SDX or a bank. 

The future of finance in 10 years

In summary, Alexandre Kech of SIX Digital Exchange (SDX) sheds light on the intriguing progress of the wholesale Central Bank Digital Currency (CBDC) project. This initiative aims to alleviate the risk exposure associated with tokenising Swiss Francs on the blockchain for Delivery versus Payment (DvP) purposes. The future of finance will likely be centred on a global digital asset-agnostic settlement infrastructure, a direction that may take 10-15 years to fully realise. It is essential to have regulatory frameworks to ensure the accessibility and stability of these emerging financial services. 

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