Airwallex explores building AI models as it drives towards IPO
The fintech unicorn is embracing AI to streamline payments and expense management as it hurtles towards an eventual public listing.
Australian fintech unicorn Airwallex is experimenting with developing its own AI models as it continues to grow en route to an eventual IPO.
Airwallex’s global head of product, Shannon Scott, said in an interview that while excitement over generative artificial intelligence can sometimes be exuberant, the technology holds potential for improving automation, compliance and other aspects of its payments platform.
"We're trying to find the right balance of leveraging third-party models and building our own," Scott said. "It's obviously a very exciting space, and with that you get a lot of attention, perhaps a little bit a little bit inflated, but there's a lot of opportunity to introduce AI to support better cash flow understanding and automation of common processes."
Scott spoke to Capital Brief about a study commissioned by Airwallex, conducted by NewtonX, which found that 88% of small and medium-sized businesses struggle with managing global spending and expense processes.
