Consilient Inc. and Harex InfoTech Partner to Fight Financial Crime in South Korea
WASHINGTON, May 8, 2023 — Consilient, a fintech innovator aiming to transform financial crime compliance, announced it has partnered with Harex InfoTech, Inc. to transform the fight against financial crime in South Korea. The current technologies and methods for protecting the financial system are outdated, inefficient and largely ineffective. Through the use of federated learning (FL), a revolutionary form of artificial intelligence (AI), Consilient and Harex InfoTech will transform business processes and enable dynamic risk management to prevent financial crime in the South Korean market.
During Republic of Korea President Yoon Suk Yeol’s State visit to the United States, Consilient and Harex InfoTech signed a Memorandum of Understanding (MOU) on April 25, 2023, at the Korea-US Global “The Night of Global K-SMEs” held by the Korean Ministry of SMEs and Start-ups in Washington D.C.
Republic of Korea President Yoon said, “President Biden and I welcomed the expansion of our firms’ bilateral mutual investment and advanced technology including semiconductors, electric vehicles, and batteries. This cooperation should extend beyond semiconductors to future emerging technologies such as AI, Quantum, SMR (Small Modular Reactors) and more.”
The Consilient and Harex InfoTech partnership forms a US-Korean AI technology alliance that will enhance the effectiveness and efficiency of Korean financial institutions in combatting financial crime. Consilient’s mission to transform the detection of financial crime globally is matched by Harex InfoTech’s goal of seamlessly enabling payments and commercial relationships through AI and federated learning.
Consilient uses this form of AI, called federated learning (FL), to detect financial crime more effectively and efficiently while concurrently employing a new design for the “anti-money laundering/countering the financing of terrorism (AML/CFT)” system. By leveraging FL, Consilient trains and optimizes machine learning models, while preserving data privacy and enabling industry-wide collaboration. This innovative network approach allows for the sharing of optimized models across or between organizations – facilitating continuous learning, discovery of unseen risk, and the evolution of AML controls and strategies – without ever moving or extracting data.
“Consilient was founded to change fundamentally how financial institutions and regulators worldwide prevent financial crime. By partnering with Harex, Consilient is poised to bring its ground-breaking FL-based solution to the South Korean market,” said Juan Zarate, co-founder and chair of the board at Consilient. “Together with Harex, we will develop an innovative model for dynamic financial crime risk management in the South Korean market that is more effective, efficient, and secure and will put South Korea on the leading edge of innovation in this domain.”
With its partnership with Consilient, Harex InfoTech puts the user at the center of all transactions to create a user-centric platform for companies and institutions to share learning without moving the individual users’ data. As a result, this protects user privacy and enhances data security by exponentially expanding companies’ use of FL.
“Financial crime is a major concern facing not only the South Korean government, but also the international community,” said Kyung Yang Park, founder, president and chief vision officer of Harex InfoTech. “With our joint experience and expertise in AI, our collaboration with Consilient enables South Korea to be on the cutting-edge of the deployment of this advanced technological approach to protect its financial system.”
Learn more about Consilient here.
Learn more about Harex InfoTech Inc. here.
About Harex InfoTech, Inc.
Harex InfoTech announced the world’s first mobile card payment service in Silicon Valley in 2000 and 2013 won the ‘Best Technology Award’ at the Innovation Project 2013 held by PYMNTS.com at Annenberg Hall on the Harvard University Campus, and is building the User-Centric Hyper-Connected Shared Network by sharing the platform with all businesses and based on the network created, is creating a user-centric new economic order that maximizes user benefits and business profits with hyper-personalized services based on User-Centric AI sharing platform.
About Consilient
Founded through a partnership between K2 Integrity (www.k2integrity.com) and Giant Oak (www.giantoak.com), Consilient is the 21st century answer for best-in-class anti-money laundering and countering the financing of terrorism (AML/CFT) compliance solutions.
Consilient’s solution is a behavioral-based, machine learning-driven utility and governance model design that enables financial institutions, payment systems, and regulators to more effectively share insights about risks and illicit actors in real time, while adhering to privacy protections and data localization restrictions and never moving data. Consilient uses federated learning, which allows financial institutions, associations, and platforms to access and interrogate data sets in different databases, institutions, and across jurisdictions to discover previously unknown but existing risks.
