Artificial intelligence (AI) is not just a buzzword, but a valuable tool in the fintech sector that helps clients extract value from vast amounts of data, said an industry insider at the just-concluded Swift International Banker's Operation Seminar 2024 (Sibos 2024) in Beijing.
This year's Sibos was held from Monday to Thursday, marking the first time the Chinese capital has hosted this annual event.
Over 10,000 participants from more than 150 countries and regions gathered to discuss a wide range of topics, including payments, digital assets, trade financing, AI, and sustainable finance.
The integration of AI with financial services was one of the most discussed topics at the event. David Runacres, president of the Asia-Pacific region at leading global fintech company Broadridge, emphasized that the firm is leveraging AI to deliver high-value, high-speed services.
"I think what's changing is now people are starting to understand what they can do with AI. It's not just a sexy search engine anymore. We've got a lot of projects with inside the firm where we're actually taking AI and solving actual problems with it. Whereas it is an experiment at the moment, it does show us being able to do something that provides both high value and high speed to market for us and our customers. So I think that's what's changing with fintech in terms of AI is that it's becoming something actually useful and not just a buzzword," said Runacres in an interview with China Global Television Network (CGTN).
Runacres especially highlighted the critical role of AI in managing vast datasets to reduce costs.
"A lot of our customers have extremely large data requirements. They are looking at terabytes and petabytes of data to do their business, looking at historical data about trades. And these aren't things that most customers can manage themselves. They need to manage those in very large cloud-based environments and be able to use software, things like Snowflake, to be able to get through that data and derive value from that. I think a lot of the problems that our customers come to us with today is how can they derive value at a massive data without costing the millions and millions in management and storage of that data," he said.
Global fintech leader leverages AI to extract value from datasets
South China's Guangdong Province is accelerating its transformation into an international medical tourism hub, positioning itself as a destination for patients worldwide seeking affordable, high-quality care.
The push follows a joint initiative announced in late March by nine Chinese government departments, including the Ministry of Commerce, aimed at boosting spending by foreign tourists and enhancing exports of tourism services as part of broader efforts to expand the country's service sector.
Every day, some of the most complex surgeries are performed here. Li Zilun, deputy director of the division of vascular surgery at the First Affiliated Hospital of Sun Yat‑sen University, is among the doctors capable of carrying out these intricate procedures.
He recently completed surgery on a patient with an aortic aneurysm, a condition often described as a "time bomb" in the body’s main artery, increasingly common in aging societies around the globe. Li also specializes in highly difficult and pioneering procedures, including repairing leaks caused by failed grafts.
"This was a very challenging case. And then, we implanted the covered stent to eliminate the endoleak. Actually, the outcome was pretty good. The patient will be discharged today," said Li Zilun.
The ability to handle such complex cases -- combining international techniques with domestically produced devices -- is drawing patients from around the world to seek treatment. In addition, high safety standards and low costs are also major draws.
"Our government is encouraging innovation. So, lots of physicians -- including our vascular surgeons -- we are actively involved in the innovation that helps to increase the effectiveness and safety, and also bring down the cost," said Li.
This hospital is one of the first in Guangdong to be designated by the provincial health commission as a pilot site for building an international medical service hub.
The growing number of patients has pushed the hospital to explore new ways to transform every step -- from treatment to payment and everything in between -- into a seamless experience, reducing waiting times and delivering better care for patients.
"I think it's fast. When the patient come here for just about, I think, one week, you can solve the problem," said Xiao Haipeng, president of the First Affiliated Hospital of Sun Yat-sen University.
The hospital is also deepening its international cooperation with top-tier medical institutions, including those at Harvard University.
"Not just for China, for the whole globe, we are facing health care challenges -- emerging infectious disease and chronic, lung infectious diseases, and also the aging population, also the shortage of healthcare workforce," said Xiao.
In response to these challenges, China is promoting its own solutions, including aggressive innovation in artificial intelligence (AI)-driven workflows, while stepping up research and development investment and global engagement along the way.
"In recent years, the innovation in Western medicine is dramatically growing. An example of my hospital -- in the past few years, we have 140 innovations and seven of them are international leading innovations," said Xiao.
As global demand for medical tourism grows, China is positioning itself as a new destination. Official data shows that the number of foreign patients in Guangdong increased by 20 percent last year. Among them, the growth in inpatient admissions was even faster, rising by 76 percent.
Guangdong fast-tracks pilot for int'l medical service hub
