Technology major IBM has announced the establishment of an artificial intelligence (AI) cluster specifically for banking, financial services, and insurance (BFSI) units at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. This initiative aims to enable BFSI units to experiment with AI and scale up their capabilities in developing AI solutions for financial services institutions. The cluster will be based at IBM’s software labs in GIFT City, as stated by Sandip Patel, managing director of IBM India. The state government and IBM have signed a memorandum of understanding (MoU) to establish an AI cluster utilizing IBM’s WatsonX to promote innovation and collaboration among financial institutions in GIFT City. Through this collaboration, financial institutions will have access to the AI Sandbox, as well as support in implementing proofs of concept, AI literacy programs, and digital assistant solutions.
Gujarat’s Chief Minister Bhupendra Patel expressed that the MoU with IBM will position Gujarat as a leader in AI adoption and digital transformation efforts. Under this partnership, IBM will provide software technologies and platforms in a cloud environment to enable financial institutions to customize and optimize AI models in multiple languages within a sandbox environment. By leveraging WatsonX, BFSI units will be able to structure data effectively, develop models, applications, and use cases. IBM is committed to training 30 million individuals by 2030 and plans to train 2 million students in AI by the end of 2026. As part of this initiative, IBM will develop an AI curriculum for schools and colleges in Gujarat.
In other news, despite the state government’s decision to permit alcohol sales at Gujarat International Finance Tech City, liquor sales have been disappointing, with only 600 liters sold in four months. The initiative was intended to enhance the city’s social environment and attract investors by introducing ‘wine and dine’ facilities. However, the lackluster sales reflect challenges in creating a vibrant global business ecosystem within the city.
Furthermore, the Aurus limousine used by Putin and Kim Jong-un to showcase their anti-Western alliance contains South Korean components, highlighting tensions with South Korea and Western technology following the Ukraine crisis. The car’s imports include global parts, production takes place in Tatarstan and is planned for a former Toyota factory in St. Petersburg amidst a shift in foreign carmakers.
Lastly, Times Network celebrated Digit magazine’s anniversary with the launch of Digit’s AI-Q, a tool designed to assess the artificial intelligence capabilities of devices. The comprehensive evaluation covers aspects such as speed, accuracy, initialization time, and more for smartphones, laptops, and TVs.
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https://timesofindia.indiatimes.com/city/ahmedabad/ibm-to-set-up-ai-cluster-for-bfsi-units-at-gift-city/amp_articleshow/111373219.cms