JD Finance launches its own cl
JD Finance, the financial subsidiary of China's second biggest
e-commerce player JD.com Inc, launched an enterprise-level cloud services
platform on Monday, by leveraging its big data, cloud computing and artificial
intelligence to better serve financial institutions.
The cloud platform offers intelligent risk control, intelligent investment advisory,
intelligent payment and transaction by virtue of face recognition technology,
graph calculation and other AI technologies to enhance the work
efficiency for financial institutions, said JD Finance.
"We define JD Finance as a partner, but not a subverter to the financial
institutions. We help banks improve their efficiencies in credit authorization
by more than 10 times and reduce the costs by 70 percent,
and by virtue of our AI technologies, the ratio of bad loans and capital
loss rate is nearly 50 percent lower than the industry average,
" said Liu Qiangdong, founder and CEO of JD.com.
Liu said AI is a kind of technology and a way of thinking,
as well as a core force to make innovations in various industries in
the next 20 years, adding the financial sector is an important application field for AI.
"JD Finance aims to build up an ecosystem based on its capabilities in big data and AI," he said.
"The financial industry is one of the best industries to apply
AI as it is highly digitalized. AI could serve financial institutions
in the fields of identity authorization, risk control, market analysis
and investment strategy planning, to help them save resources
and enhance work efficiency," said Shen Nanpeng, founding and managing
partner of investment firm Sequoia Capital China.
Shen said the global AI market is witnessing a boom with the annual
investment in the sector reaching $30 billion. In China,
AI investment has surpassed $8 billion, with over 1,000 startups.
Chen Shengqiang, CEO of JD Finance, said in an earlier interview
that JD Finance provides enterprise services to financial institutions
instead of conducting financial business.
Established in 2013, JD Finance offers sophisticated financial
solutions including consumer credit, supply chain financing, asset
management, payment solutions and crowdfunding.
It leverages a vast array of transaction and customer data to
build complex credit and risk control models.
In June, JD completed the spinoff of JD Finance after first
announcing its intentions to do so in March this year.
Apart from JD Finance, Ant Financial Services Group,
the financial affiliate of e-commerce giant Alibaba Group
Holding Ltd, also enables individuals and businesses
to execute payments online in a secure manner.
e-commerce player JD.com Inc, launched an enterprise-level cloud services
platform on Monday, by leveraging its big data, cloud computing and artificial
intelligence to better serve financial institutions.
The cloud platform offers intelligent risk control, intelligent investment advisory,
intelligent payment and transaction by virtue of face recognition technology,
graph calculation and other AI technologies to enhance the work
efficiency for financial institutions, said JD Finance.
"We define JD Finance as a partner, but not a subverter to the financial
institutions. We help banks improve their efficiencies in credit authorization
by more than 10 times and reduce the costs by 70 percent,
and by virtue of our AI technologies, the ratio of bad loans and capital
loss rate is nearly 50 percent lower than the industry average,
" said Liu Qiangdong, founder and CEO of JD.com.
Liu said AI is a kind of technology and a way of thinking,
as well as a core force to make innovations in various industries in
the next 20 years, adding the financial sector is an important application field for AI.
"JD Finance aims to build up an ecosystem based on its capabilities in big data and AI," he said.
"The financial industry is one of the best industries to apply
AI as it is highly digitalized. AI could serve financial institutions
in the fields of identity authorization, risk control, market analysis
and investment strategy planning, to help them save resources
and enhance work efficiency," said Shen Nanpeng, founding and managing
partner of investment firm Sequoia Capital China.
Shen said the global AI market is witnessing a boom with the annual
investment in the sector reaching $30 billion. In China,
AI investment has surpassed $8 billion, with over 1,000 startups.
Chen Shengqiang, CEO of JD Finance, said in an earlier interview
that JD Finance provides enterprise services to financial institutions
instead of conducting financial business.
Established in 2013, JD Finance offers sophisticated financial
solutions including consumer credit, supply chain financing, asset
management, payment solutions and crowdfunding.
It leverages a vast array of transaction and customer data to
build complex credit and risk control models.
In June, JD completed the spinoff of JD Finance after first
announcing its intentions to do so in March this year.
Apart from JD Finance, Ant Financial Services Group,
the financial affiliate of e-commerce giant Alibaba Group
Holding Ltd, also enables individuals and businesses
to execute payments online in a secure manner.
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