US to Invest in AI Drones to Counter Chinese Advancements in Technology; Fintech Companies Leveraging Artificial Intelligence

Every day, there are constant developments in AI, evident from the regular announcements made by companies of all sizes. IIT Bombay, in partnership with Google Cloud, has recently introduced a Chair Professorship in generative AI. Additionally, Tencent Holdings is getting ready to unveil its latest AI chatbot.

All this and more in today’s AI review.

1. India’s Apollo Hospitals partners with Google to offer AI-powered telemedicine

Harnessing the power of artificial intelligence, India’s Apollo Hospitals on Wednesday announced its partnership with Google Cloud to offer AI telemedicine and online medical consultation services across the country. According to a PTI report, the hospitals’ partnership will lead to the development of an AI-based clinical decision support system with AskApollo. Apollo Hospitals Vice President Shobana Kamineni said, “Access to up-to-date and accurate health information is a real challenge in India and our partnership with Google Cloud is poised to address it through various collaborations.”

2. Fintech companies use artificial intelligence to detect money laundering

At the ongoing Global Fintech Fest 2023 in Mumbai, Rajesh Mirjankar, CEO of Kiya.ai, said that fintech companies are harnessing the power of artificial intelligence to detect money laundering patterns and clean funds. According to a report by ANI. companies are using artificial intelligence to scan volumes of data as technological advances have changed the investigative practices of government agencies. “Now we’re not just scanning large volumes of data for our government clients and institutions, not just data, but patterns, social profiles, business profiles and what kind of business that company is doing, and most importantly, we detect where you say the movement of money happened. like siphoning, when you take a loan, etc. .”, Mirjankar said.

3. The US is investing in an AI arsenal to counter China

To counter the threat posed by China, the U.S. Department of Defense plans to develop a vast arsenal of artificial intelligence-powered air, land and sea drones and autonomous systems, the Wall Street Journal reported Wednesday. According to the report, Deputy Defense Secretary Kathleen Hicks spoke about US plans to spend hundreds of millions of dollars to develop “small, smart, cheap” artificial intelligence systems in a speech on Wednesday.

4. Tencent is teasing the release of a new AI chatbot

As the AI race heats up in China, Tencent Holdings teased a new AI chatbot on social media on Wednesday. Reuters reported that the Chinese tech giant released a teaser on the country’s social media platform WeChat to promote its upcoming two-day summit, while revealing a demo of an artificial intelligence chatbot that helps the user create promotional material. This news comes after two other Chinese companies, Baidu and SenseTime, launched their own AI chatbots last week.

5. IIT Bombay Announces Professorship in Generative Artificial Intelligence

The Indian Institute of Technology Bombay on Wednesday announced a new partnership with Google Cloud India to create a ‘chair professor’ in creative artificial intelligence to encourage students to take up artificial intelligence in their studies. According to a PTI report. The goal of this professor’s professorship is to enhance research in the academic environment and strengthen cooperation. nolla Bhansali, VP Design and Director, India Development Center, Google Cloud said, “Our goal is to provide academic and technical leadership in generative AI, and to launch and provide expert assistance in R&D programs supported by government agencies and industry. They help tomorrow’s innovators get the right skills and resources .”