Cathay Financial Holdings Announces Digital Users Surpass 8.6 Million, Making Customers the Biggest Winners of Digital Transformation

The Group announced several key milestones, including its first AI guidelines, at its recent annual technology conference, which saw over 2,000 people participate in inclusive innovation.

TAIPEI, October 5, 2023 /PRNewswire/ — As technology reshapes financial institutions around the world, companies with strong technological capabilities are well-positioned to take the lead. Highlighting the important role technology plays, Cathay Financial Holdings (Cathay FHC) recently held its annual technology conference September 20, centered on the theme “Integrating technology for a new inclusive intelligence”. Attracting over 2,000 online and offline attendees, this year’s conference focused on the “ABCDEs” of key technologies and trends: AI, blockchain, cloud, data and ecosystems.

Senior Vice President of Cathay FHC, Marcus Yao, said at the opening: “With a financial environment constantly evolving and posing new challenges, Cathay FHC has strengthened its strong digital resilience by adopting various emerging technologies and businesses early on. He also mentioned that digital transformation is an “endurance race with ever-changing goals and no finish line.” After launching its major digital transformation effort eight years ago with the Center for Data and Digital Technologies Development (DDT), Cathay FHC has been empowering the digital, data and technology sectors for some time. Through these efforts, the total number of digital users across all businesses under the Cathay Group now exceed 8.6 million. “The customer is the biggest winner from our transformation achievements. As we move forward, Cathay FHC will continue to embrace a consumer-centric strategy, an international outlook and an open-minded attitude. By prioritizing collaboration over competition, we will continue to generate value for consumers with new and innovative approaches in the future. »

In addition to core fintech, this year’s conference explored new innovations in service experiences and financial monitoring, while also serving as a forum to advance industry dialogue on technology integration and inclusion cultural. While AI tools such as ChatGPT have emerged recently, Cathay FHC has been investing in AI and digital technologies for several years, and the Group revealed its first AI governance principles at the Conference. The Group also took the opportunity to announce strategic projects leveraging federated learning and synthetic data, which not only improve the depth and breadth of data, but also ensure data security and privacy. clients. Finally, Cathay FHC unveiled its new large-scale language model with RAG (Retrieval Augmented Generation) which drives its cloud knowledge consulting platform, offering automated real-time Q&A services, such as design topics and evaluation for the three main public clouds.

In the blockchain space, Cathay FHC has forged alliances between banking, property insurance, electric vehicles and other sectors to create synergies by leveraging the technology. Using cross-chain technology and integrating Oracle to connect real-world data outside of the blockchain, these partnerships enabled the exchange of data between different alliance chains, thereby developing more financial products and creating value for the industry. As the Group moves forward, it continues to promote blockchain partnerships, particularly around digital assets and decentralized identity applications and enters into international alliances across all domains to advance the industry and accelerate the adoption of Web3 technologies.

In the cloud space, Cathay FHC has developed a new generation of insurance cloud platform — Product Factory – which creates new insurance products and supports the speed of online digital channels. The technology uses microservices architecture and low-code, which provide high performance, high availability and scalability to meet the diverse needs of the digital age and provide policyholders with a more comprehensive and personalized insurance service. Additionally, Cathay FHC has ventured from finance to the medical field, creating the next-generation cloud-based electronic medical records platform, iFHIR Center, which converts unstructured electronic medical records commonly used in hospitals to international standard FHIR (Fast Healthcare Interoperability Resources). facilitate the exchange of medical information. The iFHIR Center integrates cloud architecture, microservices design, case format conversion engine, electronic health record exchange, and best-in-class data security. The future direction of the Group will be to continue to develop cross-sector and cross-scenario applications, as a means of developing the financial-medical ecosystem and accelerating the transformation of the medical industry.

Cathay FHC took the lead in the entrepreneurial community by hosting the first technology conference organized by that of Taiwan financial sector in 2020, focusing on fintech transformation and technological innovation. With great success from many parties, Cathay’s four annual conferences have attracted tens of thousands of participants to date. This year’s event saw the largest lineup of cooperative groups ever, with more than 10 Taiwanfintech-based groups and numerous fintech experts participated in face-to-face exchanges, making the event landmark for the financial industry and raising the bar for integration technological and inclusiveness.

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