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SOFTSWISS Highlights iGaming Areas in Which AI Outperforms Humans

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GZIRA, Malta, July 28, 2023 /PRNewswire/ — SOFTSWISS, a cutting-edge iGaming software provider, shares its experience in implementing AI tools into its everyday practice. AI has proven to be a valuable asset, revolutionising real-time data analysis, player management, content personalisation, and design.

Real-Time Data Analysis

The Anti-Fraud team within SOFTSWISS’ Managed Services helped operators save EUR 16m+ in 2022, having processed 61,810 requests. It is hardly possible to analyse such data volumes by hand. That is where AI stepped in.

The SOFTSWISS Research and Development (R&D) department developed a real-time data analysis tool leveraging machine learning models to detect suspicious cases and bring them to the Anti-Fraud team’s attention. Additionally, its recent updates have enhanced the ability to assess affiliate traffic quality, ensuring a secure and trustworthy iGaming environment.

Another valuable tool created by the SOFTSWISS R&D department is Business Metrics Monitoring and Management (BM3), a machine learning-driven system that analyses key business indicators and identifies deviations on a near-real-time basis. BM3 helps identify potential issues more efficiently than traditional rule-based solutions, enabling prompt detection and troubleshooting to prevent negative impacts and avoid financial losses.

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Vitali Matsukevich, COO at SOFTSWISS, comments: “AI is an effective tool for analysing big data in real time, however the final decision should still be left to an expert. While AI offers speed and efficiency, relying solely on AI for business decisions may not be advisable.”

Player Management & Content Personalisation

Another area where AI has demonstrated its efficiency is player management. SOFTSWISS’ R&D department developed a service called DOSSIER, which analyses player behaviour to enhance gaming experience. DOSSIER predicts future actions, enabling operators to make timely and tailored offers.

For example, the system identifies players with high potential lifetime value (LTV) and allows operators to offer them special bonuses or assign individual managers. Such segmentation can be used across various scenarios.

Likewise, AI is used in the SOFTSWISS Sportsbook to personalise content for players. AI-based tools enable the display of events according to player preferences. The system collects real-time data on player activity and offers the most relevant content, including events particularly appealing to specific players or similar player groups.

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Vitali Matsukevich adds: “When it comes to players, this approach helps reduce the time between bets and increase their amounts and player LTV. When players easily find exciting events tailored to their preferences, their gaming experience becomes more enjoyable, positively impacting overall business performance.”

iGaming Brand Design

Design is one of the trendiest areas where AI is making significant strides, and the iGaming industry is no exception. At SOFTSWISS’ WebStudio, the implementation of generative artificial intelligence has become a game-changer.

AI acts as an ally during the initial layout creation phase. Through crafted queries, AI generates a diverse range of images aligned with specified parameters while preserving the essence of the original concept in just minutes. Such images then serve as a basis for further refinement by illustrators and animators.

Vitali Matsukevich summarises: “Being innovators, we continuously explore and test emerging tools, adapting worldwide trends to enhance the iGaming experience. The enormous potential of AI lies in its ability to optimise repetitive tasks and handle big data, improving overall efficiency. Nevertheless, we exercise prudence when integrating AI into decision-making processes, recognising that unforeseen outcomes could result in financial losses. Striking the right balance between leveraging AI’s capabilities and maintaining human oversight is crucial to ensuring sustained growth and success.”

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About SOFTSWISS

SOFTSWISS is an international tech iGaming company supplying certified software solutions for managing gambling operations. SOFTSWISS holds several gaming licences and provides one-stop-shop iGaming software solutions.

Photo – https://mma.prnewswire.com/media/2164201/SOFTSWISS.jpg

View original content:https://www.prnewswire.co.uk/news-releases/softswiss-highlights-igaming-areas-in-which-ai-outperforms-humans-301887726.html

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Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University

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In an innovative effort to revolutionize digital financial education, a prominent digital currency provider has teamed up with a renowned university in Taiwan. This strategic collaboration aims to equip students with advanced knowledge and practical experience, preparing them for the future of finance.

Empowering Future Financial Professional

The partnership focuses on immersing students in the complex world of digital assets, blockchain technology, and cutting-edge financial instruments. Industry experts will offer invaluable insights and mentorship, enhancing students’ understanding and skills in this rapidly evolving field.

Curriculum Highlights:

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  • Blockchain Principles: Foundational knowledge of blockchain technology.
  • Critical Thinking: Developing analytical skills for problem-solving in digital finance.
  • Risk Assessment: Strategies for identifying and managing financial risks.
  • Legal Compliance: Understanding the regulatory landscape and compliance requirements.
  • Career Insights: Exploring potential career paths in the digital finance industry.

Commitment to Digital Economy Growth

This initiative underscores a commitment to fostering the digital economy’s growth by highlighting the stability of digital assets against traditional currencies. The newly introduced digital token combines traditional asset stability with blockchain security, offering a robust financial instrument for the future.

The digital currency provider has a long-standing history of promoting blockchain education and advocating for financial inclusivity. By facilitating cross-border transactions and investing in emerging markets, the organization continues to play a crucial role in shaping digital finance’s future.

Advancing Financial Literacy and Inclusivity

This collaborative effort represents a significant step towards democratizing financial literacy and empowering individuals worldwide to engage with the evolving digital currency landscape.

Additional Facts:

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  • Taiwan’s Blockchain Hub: Taiwan actively promotes itself as a hub for blockchain and digital currency innovation through various initiatives.
  • Research and Development: The partnership is expected to spur increased R&D activities in digital assets, benefiting both academia and industry.
  • Regulatory Exploration: Taiwan’s government is interested in exploring regulatory frameworks for digital currencies and blockchain technology, creating a supportive environment for such collaborations.

Key Questions Addressed

  1. Impact on Adoption: How will the collaboration between the digital currency provider and the university impact the adoption of digital currencies in Taiwan?
  2. Skills and Knowledge: What specific skills and knowledge will students gain from the curriculum focusing on blockchain technology and digital assets?
  3. Regulatory Compliance: How does the initiative address potential regulatory challenges and compliance issues in the digital currency space?

Advantages and Disadvantages

Advantages:

  • Enhanced Education: Offering students unique educational opportunities in digital finance and blockchain technology.
  • Industry-Academia Bridge: Providing hands-on experience and mentorship to bridge the gap between academia and industry.
  • Economic Growth: Contributing to the growth and development of the digital economy in Taiwan and beyond.

Disadvantages:

  • Curriculum Updates: Potential challenges in keeping the curriculum up-to-date with the rapidly evolving digital currency landscape.
  • Practical Exposure: Ensuring students receive practical, real-world experience to complement theoretical knowledge.
  • Regulatory Balance: Balancing the promotion of digital currencies with the need for regulatory compliance and risk management.

The collaboration between the digital currency provider and the Taiwanese university marks a significant milestone in digital financial education. By integrating industry expertise with academic rigor, this partnership aims to nurture the next generation of financial professionals and foster the growth of the digital economy.

Source: smartphonemagazine.com

The post Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University appeared first on HIPTHER Alerts.

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Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator

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In a recent court appeal, Binance argued that it does not specifically target Canadian customers, claiming its activity in Canada is merely a byproduct of its international operations, according to a June 19 report by the Canadian Press. The exchange revealed that although it had previously attempted to establish a Canadian presence, these plans were abandoned. By May 2023, Binance had fully exited the Canadian market, citing new regulations on stablecoins and investor restrictions that made continued operations unfeasible. Despite its departure, Binance acknowledged the sentimental value of Canada, being the home country of its founder.

In May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.3 million fine on Binance for non-compliance with anti-money laundering (AML) and terrorist financing rules. FINTRAC claimed that between June 2021 and July 2023, Binance failed to report over 5,000 transactions of $10,000 or more. Additionally, despite having multiple opportunities, Binance failed to register as a money services business within the deadlines set by the regulator.

Beyond its issues in Canada, Binance is facing a multitude of legal challenges globally. In April, a class-action lawsuit was filed against the exchange in Canada, accusing it of violating securities laws. The plaintiffs allege that Binance sold crypto derivative products to everyday investors without proper registration, breaching Ontario’s Securities Act and federal regulations. This lawsuit, representing tens of thousands of Canadian investors, seeks compensation and the reversal of unauthorized trades.

Globally, Binance has also faced significant financial penalties. In November, the exchange settled with US authorities, agreeing to a $4 billion fine for violations of anti-money laundering and sanctions laws. Similarly, the Indian Financial Intelligence Unit imposed a $2.24 million fine, the largest ever against a crypto entity in the country, for failing to comply with AML regulations.

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Binance’s regulatory and legal troubles illustrate the significant challenges faced by cryptocurrency exchanges operating across multiple jurisdictions. While the exchange continues to navigate these complexities, its ability to comply with global regulatory standards and address legal disputes will be critical to its long-term viability and reputation in the market.

Source: cryptonews.com

The post Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator appeared first on HIPTHER Alerts.

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Binance.US Dealt Another Blow: North Dakota Revokes License

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Following the lead of states like Florida, Alaska, Oregon, Maine, and North Carolina, North Dakota has moved to block Binance.US from regaining its money transmitter license. This decision by the North Dakota Department of Financial Institutions (DFI) is grounded in a November 2023 guilty plea by Binance founder Changpeng Zhao on anti-money laundering charges, further questioning the exchange’s suitability for operation.

Protecting Public Interest

DFI Commissioner Lise Kruse emphasized the need to protect the public interest in her statement: “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license.” This decision adds North Dakota to the growing list of states placing Binance.US in regulatory “penalty boxes.”

Global Troubles and US Regulatory Concerns

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The regulatory issues faced by Binance.US in the United States reflect broader global challenges. For instance, a recent regulatory conflict in Nigeria, which resulted in the detention of a Binance executive, raises additional concerns for US regulators, complicating Binance.US’s situation further.

Impact and Outlook for Binance.US

Currently, Binance.US is unable to onboard new users in several regions and is entirely inaccessible in over 10 states. The exchange has until July 17, 2024, to challenge North Dakota’s decision. However, the outlook remains uncertain, given the mounting restrictions and regulatory pressures.

The relatively short prison sentence for Zhao might suggest a potential course correction within Binance. By prioritizing user safety and adhering strictly to US regulations, Binance.US could potentially regain some lost ground. The exchange’s future hinges on its ability to address regulatory compliance issues effectively.

The Broader Implications

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This regulatory crackdown highlights the evolving landscape of cryptocurrency regulation. While the innovative potential of cryptocurrencies is significant, exchanges must operate within established regulatory frameworks to maintain trust and stability in the market. Binance.US’s struggle will be closely watched by the entire cryptocurrency industry, serving as a cautionary tale for exchanges that prioritize growth over compliance.

Source: bitcoinist.com

The post Binance.US Dealt Another Blow: North Dakota Revokes License appeared first on HIPTHER Alerts.

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