8/31/23, 4:20 PM What’s happening with the global FinTech sector?

What’s happening with the global FinTech sector? Avinash Malladhi helps explain - News | Khaleej Times

My KT Puzzles UAE COP 28 Gold/Forex KT Events Prayer Timings Videos World Opinion Business Sports Entertainm
 Sign In 

02:21:50 Maghrib 18:42

Advertisement

HOME / KT NETWORK

What’s happening with the global FinTech sector? Avinash

Malladhi helps explain
We talked to one of the foremost names in the fields of finance and accounting, Avinash Malladhi — a finance business analyst,
about the transformation of accounting through the use of AI. Currently working at Calumet Specialty Products, he manages
products alongside financing and procurement while also being a specialist in implementing AI solutions and automating the
accounts payable process

Pakistan: Jailed ex-PM Imran Khan

allowed to speak with sons over…

https://www.khaleejtimes.com/kt-network/whats-happening-with-the-global-fintech-sector-avinash-malladhi-helps-explain 1/6
8/31/23, 4:20 PM What’s happening with the global FinTech sector? Avinash Malladhi helps explain - News | Khaleej Times

Top Stories
My KT Puzzles for you
UAE COP 28 Gold/Forex KT Events Prayer Timings Videos World Opinion Business Sports Entertainm

China rolls out ChatGPT- UAE to send 140-strong Joining BRICS supports Defying global trends
like products to public squad to19th Asian UAE’s multilateralism Dubai's office market
Games Hangzhou approach, says econom… thrives in Q2
minister

By Shagun Sharma Published: Thu 17 Aug 2023, 4:06 PM

Last updated: Thu 17 Aug 2023, 4:07 PM

He explained that with the advancements in technology and other adjacent domains, the FinTech industry has to adapt to the newly introduced
mechanisms to achieve maximum efficiency and output. It feels like something any expert would traditionally say, but that does not change the fact that it
SHOP
still THE
is, in LATEST
fact, very much true.
KIDSWEAR

The FinTech sector stands as one of the foundation blocks of the global economy. As the sector continues to evolve significantly through technological
advancements and regulatory changes, digitalisation is transforming the way financial services are delivered. Fintech innovations are getting better and
better with new trends emerging around the globe.

ADVERTISING

Avinash Malladhi started as an audit and accounting intern in India in 2007. He later pursued his MBA and worked on IT finance automation projects for a
while before taking the lead on finance and accounting automation solutions at one of the world’s most prominent companies. Working with artificial
intelligence and machine learning in the domain of finance, Malladhi claims to have been exposed to the vast potential of these technologies and tools in
the sector.

Pakistan: Jailed ex-PM Imran Khan

allowed to speak with sons over…

https://www.khaleejtimes.com/kt-network/whats-happening-with-the-global-fintech-sector-avinash-malladhi-helps-explain 2/6
8/31/23, 4:20 PM What’s happening with the global FinTech sector? Avinash Malladhi helps explain - News | Khaleej Times

In the conversation, he focused on the power of Artificial intelligence (AI) in significantly impacting risk management practices within the fintech sector,
My KT Puzzles UAE COP 28 Gold/Forex KT Events Prayer Timings Videos World Opinion Business Sports Entertainm
as AI is being used to analyse enormous quantities of data to identify potential risks such as fraud or cyberattacks, helping financial institutions mitigate
these risks and protect their customers. Fintech companies are further utilising AI algorithms and machine learning techniques to enhance risk
assessment and mitigation. “AI is also leveraged in anti-money laundering efforts, where it can analyse transactional data in real time to identify suspicious
activities and enhance compliance,” he insightfully added.

Advertisement

SHOP THE LATEST KIDSWEAR SHOP

Avinash’s expertise strongly focuses on the avenue of AI-OCR. AI-powered Optical Character Recognition (AI-OCR) is one of the most advanced
applications that we are seeing more and more of in customer-centric domains, including banking, insurance, and the like." AI-OCR allows us to take a
huge volume of unstructured data and convert it into structured data that can be easily analysed for financial insights", he elaborated, "and this is a game-
changer for the accounting profession.”

Blockchain technology is another decentralized and distributed ledger system, says Malladhi, that FinTech companies use as it securely records and
verifies transactions across multiple computers, using cryptographic principles to create a transparent and tamper-resistant network. This enables secure
and efficient transactions nullifying the need for intermediaries.

ADVERTISING

What are some of the challenges you face when holiday shopping?

Dealing with crowds Discovering new products to buy

Finding the time to shop Staying on budget

Other NEXT

The expert talked about the two imperative uses of blockchain in the industry. “Blockchain technology is being utilized in the recently founded financial
applications to develop secure, transparent applications for digital payments, further assisting the supply chain management and trade finance of the
industry,” he stated. “It is also used in accounting as blockchain technology used for storing and sharing accounting data can enhance the accuracy and
efficiency of accounting processes due to its secure and transparent nature,” he added.

Malladhi, with his current team, looks after procurement to pay processes at his organisation. Addressing the gap that AI and automation are bridging, he
shared: "With any delay in the process, the product's supply chain is impacted and is likely to cause considerable financial damage to the company while
also disrupting the whole operation. The introduction of machine learning/AI capabilities to this process can help smoothen things out.”

While the advancements mentioned are doing away with the conventional mechanisms of managing operations at FinTech organisations, Malladhi shared
with us the unconventional changes occurring within that are boosting new ideas and innovations:

Blockchain-based trade finance: Blockchain is streamlining trade finance transactions by tracking the movement of goods and payments in real-time,
reducing the risk of fraud and delays.

Asset tokenisation: Representing physical assets on a blockchain or creating digital representations of real-world assets is becoming a viable application of
blockchain technology.
Pakistan: Jailed ex-PM Imran Khan
Robo-advisory industry growth: AI-based automated investment platforms, or robo-advisors, offer a low-cost andallowed
convenient way
to speak tosons
with invest, which has led
over…

to their increased popularity.

https://www.khaleejtimes.com/kt-network/whats-happening-with-the-global-fintech-sector-avinash-malladhi-helps-explain 3/6
8/31/23, 4:20 PM What’s happening with the global FinTech sector? Avinash Malladhi helps explain - News | Khaleej Times

As the integration of advanced technology results in unprecedented changes within the industry, boosting efficiency to stages that weren’t foreseen, future
My KT Puzzles UAE COP 28 Gold/Forex KT Events Prayer Timings Videos World Opinion Business Sports Entertainm
trends of AI and blockchain seem to be levelling against the status quo.

Concluding and summing up the topic, Avinash Malladhi observed — “Predictions for future applications of AI, AI-OCR, and blockchain in finance and
accounting, such as real-time fraud detection, automated compliance checks, personalised financial advice, and creation of new financial products and
services, are inevitable with the advent of technological dominance in the industry and the global economy at large.”

Advertisement

Shagun Sharma is an independent business journalist.

KT NETWORK

Advertisement

More News From KT Network

Tubidy: Your ultimate
portal for online music
and videos

Tubidy: Your ultimate portal for online music and videos

KT NETWORK

Sarkariprep is the best

site for government jobs
notifications and sarkari
result

Sarkariprep is the best site for government jobs notifications and sarkari result Pakistan: Jailed ex-PM Imran Khan
KT NETWORK allowed to speak with sons over…

https://www.khaleejtimes.com/kt-network/whats-happening-with-the-global-fintech-sector-avinash-malladhi-helps-explain 4/6
8/31/23, 4:20 PM What’s happening with the global FinTech sector? Avinash Malladhi helps explain - News | Khaleej Times

My KT Puzzles UAE COP 28 Gold/Forex

Youngest
KT Events
developerVideos
Prayer Timings World Opinion Business Sports Entertainm
Saleh Tabakh taps
Dubai’s architectural
landscape

Youngest developer Saleh Tabakh taps Dubai’s architectural landscape

KT NETWORK

King’s College Hospital

Dubai: Leading the way in
complex liver cancer
treatment

King’s College Hospital Dubai: Leading the way in complex liver cancer treatment
KT NETWORK

Top five things to consider before

renting a car in Dubai

Top five things to consider before renting a car in Dubai

KT NETWORK

Amicus Tax set to host

exclusive seminar on
UAE corporate tax

Amicus Tax set to host exclusive seminar on UAE corporate tax

KT NETWORK

Clikon celebrates Emirati

Women's Day: Honouring the
legacy of Shaikha Jasem
Mohammad Mubarak Al
Suwaidi

Clikon celebrates Emirati Women's Day: Honouring the legacy of Shaikha Jasem Mohammad Mubarak Al Suwaidi
KT NETWORK

From
guidelines to
global reach:
Regulatory
experts’
contribution to
From guidelines to global reach: Regulatory experts’ contribution to medicine
KT NETWORK

     
Pakistan: Jailed ex-PM Imran Khan
©2023 Galadari Printing and Publishing LLC. All rights reserved. allowed to speak with sons over…

https://www.khaleejtimes.com/kt-network/whats-happening-with-the-global-fintech-sector-avinash-malladhi-helps-explain 5/6
8/31/23, 4:20 PM What’s happening with the global FinTech sector? Avinash Malladhi helps explain - News | Khaleej Times

UAE My KT Puzzles UAE COP 28 WORLDKT Events

Gold/Forex Prayer Timings Videos BUSINESS
World Opinion Business Sports Entertainm

Crime Saudi Arabia Auto

Education Bahrain Aviation
Expo City Dubai Oman Corporate
Government Kuwait Cryptocurrency
Legal Qatar Markets
Transport MENA Economy
Weather India Realty
Opinion Pakistan Start-ups
Prayer Timings Philippines Tech
Americas Currency Exchange
Europe Gold and Forex

SPORTS ENTERTAINMENT LIFESTYLE

Cricket Movies Art & Culture

Football OTT Beauty
F1 Music Design
Golf Local Events Fashion
Horse Racing Newsmakers Food
Tennis UAE Cinema listings Health
Home
Mental Health
Parenting
Relationships

MULTIMEDIA ABOUT US

Videos Advertise With Us

Photos Contact Us
Podcasts Privacy Policy
Sitemap

KT APP DOWNLOAD

iPhone | iPad

Android

Huawei

Pakistan: Jailed ex-PM Imran Khan

allowed to speak with sons over…

https://www.khaleejtimes.com/kt-network/whats-happening-with-the-global-fintech-sector-avinash-malladhi-helps-explain 6/6