In 2015, China Minsheng Bank was searching for a fintech company to upgrade its data system for risk control purposes. The bank reached out to a few firms, providing them with sample data from credit card users and asking them to identify the ones likely to default on payments. Newly founded AI startup CraiditX beat the other firms with its assessment to clinch the contract. To execute the upgrading project, eight CraiditX technicians spent half a year at the bank’s headquarters in Shunyi District in Beijing. Their efforts paid off. Soon after, two other big banks, Bank of China and China...
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