Owl Detect, All Detect Qorus Reinvention Awards - APAC 2024-2025 - Winner

Fubon Financial Holdings stands as Taiwan’s second-largest financial holding company with total assets of NT$10.93 trillion and the largest by market capitalization in the sector. Taipei Fubon Bank, a subsidiary, is committed to enhancing financial security, protecting customer rights, and delivering a secure, innovative, and convenient digital financial service experience. Following the receipt of highest honor in the first "Best Digital Finance Glory Award" in 2023, the bank has unveiled a new AI-driven anti-money laundering system which leverages fintech in the fight against money laundering, using cutting-edge technology to precisely monitor and effectively detect illegal transactions that are detrimental to society. The bank’s goal is to become one of Asia’s first-class-financial institutions and a market leader.

(1) Development Strategy: Global Trends International organizations and regulatory authorities are accelerating the regulation and promotion of AI. Thus, in December 2023 Taiwan’s Financial Supervisory Commission issued the “Guidelines for the Use of Artificial Intelligence in the Financial Industry”, and in February 2024 the Hong Kong Monetary Authority released “The Digitalisation of AML/CFT Supervision: Where Now and What Next?” report. Both endorse the banking industry’s focus on risk control and RegTech to enhance risk-based governance. The consensus among international organizations and the global financial industry is that AI technology is a potent tool for reducing supervisory costs and effectively managing risk.

(2) Unique Value Proposition (UVP): Pioneering Taiwan’s First AI AML System Anti–money laundering is integral to various banking services, from initiating business relationships to executing transactions, all of which must follow AML regulations. Compliance is a key strength at Taipei Fubon Bank. The current landscape of money laundering risk management faces increasing challenges owing to a more diverse customer base and more complex transaction monitoring environment. In line with global AI development trends and ongoing digital transformation, the bank has taken the lead in developing an AI model to monitor transaction risk which enables precise decision-making that minimizes false positives, effectively manages risks, and enhances the efficiency of AML operations. Future plans include the creation of a repository for transaction typologies that can be shared and used within the financial industry, enabling the establishment of a secure, innovative, and convenient digital financial service.