PayNet Wants to Develop Federated Artificial Intelligence Model, FinancialGPT

PayNet, the body behind a number of financial services in Malaysia, including MEPS, MyDebit, DuitNow, FPX, and several others, has now shared that it is exploring the development of its own federated artificial intelligence model, with a focus on finance. The working name given is FinancialGPT.

The model will work in detecting fraud and strengthening the security of digital payments. The model will be trained using financial transaction data in Malaysia, thus increasing resilience against cyber threats. It will also address fraud issues, in addition to ensuring wider financial inclusion.

PayNet is still in the early stages of this development, and will also collaborate with a number of researchers from leading institutions.