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AGTech Expands into the Greater Bay Area Fintech Market after the Completion of Macau Pass Acquisition

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HONG KONG, Mar 24, 2022 - (ACN Newswire) - AGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.

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Since granted the financial license by the Macau SAR Government in 2006, Macau Pass has been propelling the development of a more convenient local electronic payment and promoting its popularity in Macau. Macau Pass, being the leading payment service provider in Macau, issued the first and the most commonly used contactless smart card for payments in Macau, Macau Pass Card ("MP Card"). While initially used in bus fare payment system, its usage has later been expanded into a wide range of payments such as those for other public transports, car parks, government services, retail consumptions, and food and beverage services. There are currently more than three million MP Cards in issue.

The first mobile payment platform in Macau, Macau e-wallet ("MPay"), was subsequently issued by Macau Pass, it was an innovated product which led Macau into the development of e-payment. The major functions of MPay cover on-line and off-line payments, transfers, utility payments like telephone, water, electricity and gas bills and public transports. Currently over 90% of Macau residents are registered MPay users. Its cross-border operation between Hong Kong and Mainland China has been approved by the People's Bank of China and the Monetary Authority of Macao ("AMCM") in 2019, the first financial institution having offshore headquarters to be granted the right to use its offshore e-wallet across the border in Mainland China. The completion of the acquisition will create tremendous synergies to AGTech's existing businesses and broaden the revenue base of the Group through integrations along the value chain.

"As a local business, Macau Pass's years-long investment in the community and economy of Macau has borne fruitful results, and is fully recognized and highly appreciated by AGTech." praised Mr. Sun Ho, Chairman and CEO of AGTech. "Over the years, Macau Pass has been actively involving in local fintech industry, expanding its e-payment applications to different levels of Macau people's daily lives. AGTech shares Macau Pass's ideology of livelihood services-oriented. While enabling a stable transition of Macau Pass, we will cooperate with the local government to turn Macau into a smart city of the 21st century. Through innovation, we will strive to facilitate the integration of Macau Pass, and will invest more resources into integrated payment scenarios that combine on-line and off-line payments, as well as to create a hybrid platform that integrates mobile payment, e-commerce and local services for users and merchants. We will expand mobile payment services to support merchants and SMEs to leverage its advantages in order to speed up services and the development of digitization and intelligence management to meet the increasing consumer demand in the Greater Bay Area. This can provide users with stable, secure and efficient mobile payment experiences, while giving Macau our support in its next new phase of digital economy."

According to AMCM's figures published in February this year, the number of mobile payment transactions in Macau has increased from approximately 65.5 million in 2020 to approximately 193 million in 2021, representing a year-on-year increase of 194%; the total transaction value has increased from approximately MOP 6.3 billion in 2020 to approximately MOP 18.5 billion in 2021, representing a year-on-year increase of 192%. These figures showcase increasing trends in both the frequency and the transaction value of mobile payments in Macau.

"The completion of Macau Pass acquisition marks an important milestone for AGTech. It lays a solid foundation for the Group's future strategic expansion into payment business and financial services ecosystem. Under the policy of "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area", we believe that Macau Pass will become the leader of local fintech innovation to propel the appropriate diversification of Macau's economy and the growth of local fintech industry. At the same time, it can also deepen the interconnection of mobile financial infrastructure of Macau, Greater Bay Area, Guangdong-Macao In-Depth Cooperation Zone and Mainland China. From here, we are preparing ourselves to tap into a market with 1.4 billion potential users and to jointly explore overseas opportunities and facilitate international grand economic cycle." added Mr. Sun Ho.

About AGTech Holdings Limited

AGTech was incorporated in Bermuda and its shares are listed on the GEM (Stock Code: 08279). As a member of the Alibaba Group, AGTech is the exclusive lottery platform of Alibaba Group and Ant Group.

For more information, please visit www.agtech.com


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.
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Fujitsu, Toyo University, and Amagasaki City leverage AI technology and psychological research in trial to protect senior citizens from phone fraud

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TOKYO, Mar 24, 2022 - (JCN Newswire) - Fujitsu, Toyo University Incorporated Educational Institution (Toyo University), and Amagasaki City(1) announced the launch of Japan's first joint research project leveraging converging technologies(2) that combine AI techniques and psychological research into the emotional state of victims of phone fraud and other scams. The objective of the joint research will be the development of an AI model capable of detecting various types of phone fraud(3), contributing to the prevention of scams that target senior citizens and other vulnerable populations.

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Image of the joint research

In Amagasaki City alone, damages from phone fraud in 2021 amounted to approximately 97 million yen (about 830,000 USD). To alleviate this problem and design new tools to combat fraud, from March 30 to March 31, 2022 the three parties will conduct simulations of realistic fraud scenarios in field trials with senior citizens from Amagasaki City, leveraging Fujitsu's human sensing technology to detect changes in human emotions in tandem with a methodology to measure and scale human emotions developed by Toyo University.

Professor Masayuki Kiriu, Department of Social Psychology, Faculty of Sociology, Toyo University comments, "the field trials will focus on the relationship between perpetrators and victims of phone scams and offer more concrete and effective fraud prevention measures. This project focuses specifically on the emotional and physical changes of victims, which is a field where research has not made much progress to date, with the goal of realizing an AI technology that can intervene to prevent phone fraud. We can call this an unprecedented and empathetic approach to dealing with phone fraud that places special emphasis on the feelings of victims."

Based on data and insights gained during these initial trials, the three parties will conduct further verification trials in the first half of fiscal 2022 to determine the accuracy of Fujitsu's AI model for phone fraud detection.

Innovation through converging technologies to combat a growing social problem

According to the Japanese National Police Agency, senior citizens aged 65 or older accounted for 88.2% of reported phone fraud cases in Japan in 2021, highlighting the vulnerability of this age group to phone frauds. While special fraud-prevention campaigns to deepen collaboration between anti-crime organizations and the police to strengthen patrols at ATMs, etc., the damage caused by phone fraud in Amagasaki City alone in 2021 amounted to approx. 97 million yen (approx. 831,000 USD) for 102 reported cases that year(4).

Amidst the growing number of people over 65 in Japan and many parts of the world this problem represents an increasingly urgent priority. To address this, Fujitsu, Toyo University and Amagasaki City started joint research toward the development of an AI model that detects phone fraud with high accuracy, leveraging technologies that combine Fujitsu's AI based sensing technology and Toyo University's research results on psychology and the emotional state of victims of criminal incidents.

Overview of the joint research

1. Research period:
February 17, 2022 to March 31, 2023

2. Research contents of the joint research

- Preparation phase: Development of test scenarios
Fujitsu and Toyo University analyzed keywords and patterns specific to phone fraud based on voice recordings of actual cases provided by the Hyogo Prefectural Police to create realistic phone fraud scenarios for use in the field trials.

- Field trials: Measurement data from senior citizens
The three parties will conduct field trials at the Amagasaki City Hall on March 30 and 31, 2022 with approx. twenty senior citizen volunteers from Amagasaki City as participants. Based on the phone fraud scenario created in advance, a phone call with a pre-recorded voice is made to the individual participants to simulate phone calls by a phone fraud group.
Fujitsu will leverage its "Actlyzer" AI technology for video-based behavioral analysis(5), its AI technology for facial expression recognition to detect changes in human emotions and its AI technology for real time pulse estimation based on facial images to measure and record data (including facial expressions and pulse data) of the participants.
After the phone calls, the participants will further reply to a questionnaire to measure their emotional state during the phone calls.

- Evaluation phase: Analysis of results and development of AI model for detection of phone fraud
Toyo University will analyze the actual data from participants measured during the trials and compare it to individual questionnaire results to identify the relationship between participants' physical and emotional state. Fujitsu will use this analysis to create an AI model to detect possible instances of phone fraud based on characteristics of participants that were (assumed to be) deceived during the simulations. The three parties will conduct a second field trial using this AI model in the first half of fiscal 2022 to confirm its accuracy in detecting phone fraud. Fujitsu aims to develop an AI model that can detect a range of different types of phone scams with high accuracy by the end of FY 2022.

3. Roles and responsibilities

Fujitsu:
- Development of test scenarios for the field trials
- Exploration and implementation of test methods, data collection
- Design and development of AI models for detection of phone fraud

Toyo University:
- Development of test scenarios for the field trials
- Psychological analysis of trial results, data collection
- Design of an AI model for detection of phone fraud

Amagasaki City:
- Providing participants and environment (test site) for the field trials

Future Plans

Focusing on the needs and challenges of a rapidly ageing society, the three parties aim to develop an AI model that is able to protect possible victims from increasingly complex and sophisticated phone scams and ultimately contribute to a safer society.

Comment from Daiki Masumoto, Fellow, SVP, Head of Advanced Converging Technologies Laboratories, Fujitsu Research, Fujitsu Limited

"We were impressed by the advanced initiatives of Amagasaki City to protect senior citizens from phone fraud, as well as Professor Kiriu's long history of activities to prevent such frauds. This is one reason why we are researching converging technologies that combine knowledge from different fields. Using this research as a starting point, we aim to realize a sustainable society where elderly people can live safely and securely."

Comment from Mayor Kazumi Inamura of Amagasaki City
"Since fiscal 2018, Amagasaki City has been tackling phone fraud in cooperation with the Hyogo Prefectural Police Headquarters and other organizations. We hope that this joint research will lead to the prevention of phone frauds not only in this city, but also all over Japan."

(1) Amagasaki City :
Location: Hyogo Prefecture, Japan; Mayor: Kazumi Inamura
(2) Converging technologies :
Advanced technologies that combine computer sciences and knowledge from the humanities and social sciences, aiming to solve diverse and complex issues. The joint research will focus on the research and development of converging technologies that combine AI and criminal psychology, in order to eradicate the increasing complexity and sophistication of phone frauds.
(3) Developing an AI model capable of detecting various types of phone fraud :
Fujitsu respects the privacy of involved parties and takes appropriate measures when handling personal data.
(4) Number of reported cases of phone fraud in Japan in 2021 :
Japanese Police Agency press release "Report on phone fraud in 2021 (reported numbers and arrests)." bit.ly/3uqqzCz (in Japanese)
(5) "Actlyzer" AI technology for video-based behavioral analysis :
"Fujitsu Develops New 'Actlyzer' AI Technology for Video-Based Behavioral Analysis" (press release, November 25, 2019).
This technology has been commercialized as an AI image analysis solution "FUJITSU Technical Computing Solution GREENAGES Citywide Surveillance".

About Fujitsu

Fujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 126,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.6 trillion yen (US$34 billion) for the fiscal year ended March 31, 2021. For more information, please see www.fujitsu.com.

About Toyo University

Toyo University is one of Japan's comprehensive universities with many specialized academic fields, and more than 30,000 students enrolled now. In 2014, the university was selected as a university under the Top Global University Project carried out by the Ministry of Education, Culture, Sports, Science and Technology, and is accelerating the development of global human resources who will play active roles in the international arena. For more information, please see www.toyo.ac.jp.

Public Relations Section:
Toyo University Incorporated Educational Institution
Phone : +81-3-3945-7571
E-mail : mlkoho@toyo.jp


Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comFujitsu, Toyo University Incorporated Educational Institution (Toyo University), and Amagasaki City(1) announced the launch of Japan's first joint research project leveraging converging technologies(2) that combine AI techniques and psychological research into the emotional state of victims of phone fraud and other scams.

Fujitsu, Toyo University, and Amagasaki City leverage AI technology and psychological research in trial to protect senior citizens from phone fraud

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TOKYO, Mar 24, 2022 - (JCN Newswire) - Fujitsu, Toyo University Incorporated Educational Institution (Toyo University), and Amagasaki City(1) announced the launch of Japan's first joint research project leveraging converging technologies(2) that combine AI techniques and psychological research into the emotional state of victims of phone fraud and other scams. The objective of the joint research will be the development of an AI model capable of detecting various types of phone fraud(3), contributing to the prevention of scams that target senior citizens and other vulnerable populations.

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption
Image of the joint research

In Amagasaki City alone, damages from phone fraud in 2021 amounted to approximately 97 million yen (about 830,000 USD). To alleviate this problem and design new tools to combat fraud, from March 30 to March 31, 2022 the three parties will conduct simulations of realistic fraud scenarios in field trials with senior citizens from Amagasaki City, leveraging Fujitsu's human sensing technology to detect changes in human emotions in tandem with a methodology to measure and scale human emotions developed by Toyo University.

Professor Masayuki Kiriu, Department of Social Psychology, Faculty of Sociology, Toyo University comments, "the field trials will focus on the relationship between perpetrators and victims of phone scams and offer more concrete and effective fraud prevention measures. This project focuses specifically on the emotional and physical changes of victims, which is a field where research has not made much progress to date, with the goal of realizing an AI technology that can intervene to prevent phone fraud. We can call this an unprecedented and empathetic approach to dealing with phone fraud that places special emphasis on the feelings of victims."

Based on data and insights gained during these initial trials, the three parties will conduct further verification trials in the first half of fiscal 2022 to determine the accuracy of Fujitsu's AI model for phone fraud detection.

Innovation through converging technologies to combat a growing social problem

According to the Japanese National Police Agency, senior citizens aged 65 or older accounted for 88.2% of reported phone fraud cases in Japan in 2021, highlighting the vulnerability of this age group to phone frauds. While special fraud-prevention campaigns to deepen collaboration between anti-crime organizations and the police to strengthen patrols at ATMs, etc., the damage caused by phone fraud in Amagasaki City alone in 2021 amounted to approx. 97 million yen (approx. 831,000 USD) for 102 reported cases that year(4).

Amidst the growing number of people over 65 in Japan and many parts of the world this problem represents an increasingly urgent priority. To address this, Fujitsu, Toyo University and Amagasaki City started joint research toward the development of an AI model that detects phone fraud with high accuracy, leveraging technologies that combine Fujitsu's AI based sensing technology and Toyo University's research results on psychology and the emotional state of victims of criminal incidents.

Overview of the joint research

1. Research period:
February 17, 2022 to March 31, 2023

2. Research contents of the joint research

- Preparation phase: Development of test scenarios
Fujitsu and Toyo University analyzed keywords and patterns specific to phone fraud based on voice recordings of actual cases provided by the Hyogo Prefectural Police to create realistic phone fraud scenarios for use in the field trials.

- Field trials: Measurement data from senior citizens
The three parties will conduct field trials at the Amagasaki City Hall on March 30 and 31, 2022 with approx. twenty senior citizen volunteers from Amagasaki City as participants. Based on the phone fraud scenario created in advance, a phone call with a pre-recorded voice is made to the individual participants to simulate phone calls by a phone fraud group.
Fujitsu will leverage its "Actlyzer" AI technology for video-based behavioral analysis(5), its AI technology for facial expression recognition to detect changes in human emotions and its AI technology for real time pulse estimation based on facial images to measure and record data (including facial expressions and pulse data) of the participants.
After the phone calls, the participants will further reply to a questionnaire to measure their emotional state during the phone calls.

- Evaluation phase: Analysis of results and development of AI model for detection of phone fraud
Toyo University will analyze the actual data from participants measured during the trials and compare it to individual questionnaire results to identify the relationship between participants' physical and emotional state. Fujitsu will use this analysis to create an AI model to detect possible instances of phone fraud based on characteristics of participants that were (assumed to be) deceived during the simulations. The three parties will conduct a second field trial using this AI model in the first half of fiscal 2022 to confirm its accuracy in detecting phone fraud. Fujitsu aims to develop an AI model that can detect a range of different types of phone scams with high accuracy by the end of FY 2022.

3. Roles and responsibilities

Fujitsu:
- Development of test scenarios for the field trials
- Exploration and implementation of test methods, data collection
- Design and development of AI models for detection of phone fraud

Toyo University:
- Development of test scenarios for the field trials
- Psychological analysis of trial results, data collection
- Design of an AI model for detection of phone fraud

Amagasaki City:
- Providing participants and environment (test site) for the field trials

Future Plans

Focusing on the needs and challenges of a rapidly ageing society, the three parties aim to develop an AI model that is able to protect possible victims from increasingly complex and sophisticated phone scams and ultimately contribute to a safer society.

Comment from Daiki Masumoto, Fellow, SVP, Head of Advanced Converging Technologies Laboratories, Fujitsu Research, Fujitsu Limited

"We were impressed by the advanced initiatives of Amagasaki City to protect senior citizens from phone fraud, as well as Professor Kiriu's long history of activities to prevent such frauds. This is one reason why we are researching converging technologies that combine knowledge from different fields. Using this research as a starting point, we aim to realize a sustainable society where elderly people can live safely and securely."

Comment from Mayor Kazumi Inamura of Amagasaki City
"Since fiscal 2018, Amagasaki City has been tackling phone fraud in cooperation with the Hyogo Prefectural Police Headquarters and other organizations. We hope that this joint research will lead to the prevention of phone frauds not only in this city, but also all over Japan."

(1) Amagasaki City :
Location: Hyogo Prefecture, Japan; Mayor: Kazumi Inamura
(2) Converging technologies :
Advanced technologies that combine computer sciences and knowledge from the humanities and social sciences, aiming to solve diverse and complex issues. The joint research will focus on the research and development of converging technologies that combine AI and criminal psychology, in order to eradicate the increasing complexity and sophistication of phone frauds.
(3) Developing an AI model capable of detecting various types of phone fraud :
Fujitsu respects the privacy of involved parties and takes appropriate measures when handling personal data.
(4) Number of reported cases of phone fraud in Japan in 2021 :
Japanese Police Agency press release "Report on phone fraud in 2021 (reported numbers and arrests)." bit.ly/3uqqzCz (in Japanese)
(5) "Actlyzer" AI technology for video-based behavioral analysis :
"Fujitsu Develops New 'Actlyzer' AI Technology for Video-Based Behavioral Analysis" (press release, November 25, 2019).
This technology has been commercialized as an AI image analysis solution "FUJITSU Technical Computing Solution GREENAGES Citywide Surveillance".

About Fujitsu

Fujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 126,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.6 trillion yen (US$34 billion) for the fiscal year ended March 31, 2021. For more information, please see www.fujitsu.com.

About Toyo University

Toyo University is one of Japan's comprehensive universities with many specialized academic fields, and more than 30,000 students enrolled now. In 2014, the university was selected as a university under the Top Global University Project carried out by the Ministry of Education, Culture, Sports, Science and Technology, and is accelerating the development of global human resources who will play active roles in the international arena. For more information, please see www.toyo.ac.jp.

Public Relations Section:
Toyo University Incorporated Educational Institution
Phone : +81-3-3945-7571
E-mail : mlkoho@toyo.jp


Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comFujitsu, Toyo University Incorporated Educational Institution (Toyo University), and Amagasaki City(1) announced the launch of Japan's first joint research project leveraging converging technologies(2) that combine AI techniques and psychological research into the emotional state of victims of phone fraud and other scams.

BitYard Officially Partners With Mercuryo to Enhance Crypto Payment Solutions

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionPRESS RELEASE. Mercuryo is an international fintech company based in London founded in 2018, focused on providing cryptocurrency payment solutions. The company’s cryptocurrency infrastructure provides global access to fast and cheap money transfers with a bank-level oversight and it’s mission is to reinvent the ease of making digital transactions. Features Of Mercuryo: Integrated Multicurrency Wallet: […]

Maple Finance Originates $1B of Loans in 10 Months

Maple Finance

The crypto lender's CEO reveals plans for a institution-sourced lending pool for crypto miners

The post Maple Finance Originates $1B of Loans in 10 Months appeared first on Blockworks.

Goldman Sachs Becomes First Major Bank to Execute OTC Crypto Trade

Banking giant Goldman Sachs has become the first major financial institution in the United States to trade crypto assets over the counter (OTC). First reported by CNBC, Goldman traded a Bitcoin-backed non-deliverable option issued by crypto merchant bank Galaxy Digital. The two firms told CNBC that Goldman will essentially be taking on more risk with […]

The post Goldman Sachs Becomes First Major Bank to Execute OTC Crypto Trade appeared first on Coin Bureau.

Qatar Plans to Issue Digital Bank Licenses and Explore a CBDC: Report

Qatar wants to join the CBDC race and start issuing digital bank licenses, said the QCB Head of the FinTech sector.
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