The finance sector is one of the key areas where AI is put to use to drive innovations.
FinTechSpace provided the challenge for the AI finance division of the AI Wave: Taiwan Generative AI Applications Hackathon, challenging the participating teams to utilize generative AI to develop innovative fintech solutions. The teams named "Happy Oh Oh" and "I Want to Travel Abroad" stood out from the competition and won the gold and silver awards.
Happy Oh Oh drives green finance with generative AI
Yi-Ling Li, Xiang-Yi Ke, Hong-Chang Lin, Jia He, and Shao-Wei Chu from the Interdisciplinary Program of Management and Technology at National Tsing Hua University formed Happy Oh Oh. They used generative AI combined with green finance to solve financial difficulties for farmers and drive the low-carbon agriculture transition.
Leveraging AWS Partyrock to build a generative AI application platform without coding, the team built three systems. They include an evaluation system that assesses farmers' credit risk and expected return, a check system that tracks farmers' project progress, and a settlement system that calculates carbon credits and issues payments.
The way it works is that the bank grants a green loan to the farmer to cover upfront investment costs and the farmer earns carbon credits which can be used to pay off the loan. After the load period ends, the farmer can sell the carbon credits at the purchase price and the bank can trade the carbon credits in exchange for profit and SG responsibility fulfillment.
With the solution, farmers can get extra income from selling carbon credits. Corporations can buy carbon credits as a way to reduce spending.
Banks can make a profit while making a social influence. Governments can use the opportunity to build a carbon trading and offsetting system. Benefiting multiple parties, the solution integrates generative AI with green finance to improve farmers' financial well-being and drive low-carbon agriculture transition.
I Want to Travel Abroad uses generative AI for fraud prevention
Meng-Ru Chuang from AVA Angels and Hsiao-Hung Huang from Taiwan Association for Blockchain Ecosystem Innovation formed I Want to Travel Abroad. The team used generative AI to develop an innovative solution that fights increasing financial scams on social media.
The team built a chatbot on the foundation of AWS PartyRock. Using an automated process, their solution gathers past performances of stock market gurus, analyzes the content, finds suspicious investment advice using big data algorithms, sorts the findings into personalized investment portfolios, performs fact checks, and offers the information to users via a friendly interface. The solution was aimed at using generative AI to help users identify suspicious investment advice and prevent them from falling victim to financial fraud.
The rapidly rising popularity of social media on top of people's increasing need to invest their money provides a breeding ground for financial scams. The solution from I Want to Travel Abroad uses generative AI to collect different perspectives and convey them via a chatbot.
It perfectly fits what users need and thus has great market potential. Future developments of the solution include collaborations with brokerage firms to provide their clients with tailor-made AI investment advice to create more revenue streams.
The teams named "Happy Oh Oh" won the gold award for their innovative generative AI fintech solution
The teams named "I Want to Travel Abroad" secured the silver award with their creative AI-driven fintech innovation