Speaking Out
By Ignacio R. Bunye
In a remarkable showcase of the ever-evolving landscape of finance and technology, BPI Wealth, the wealth management arm of the Bank of the Philippine Islands (BPI), recently hosted an exclusive event titled “A.I.VOLUTION: Unleashing the Power of AI in Investments.”
The highlight of the event was the presence of Reid Menge, Managing Director and head of A.I. Labs at BlackRock, who shared invaluable insights into the transformative potential of artificial intelligence and how various industries can harness its power.
This invitation-only gathering brought together over 100 esteemed clients of BPI Wealth, all eager to delve into the latest developments in the world of artificial intelligence. Teresa Marcial, President and CEO of BPI Wealth; TG Limcaoco, President and CEO of BPI; Yvette De Peralta, Head of Institutional Business, BPI Wealth; and Eric Manalaysay, Head of Business Development, Institutional Business, BPI Wealth hosted the event which was also graced by Kok Fai Chow, Director, South East Asia Client Business, BlackRock.
The select clients were treated to a wealth of knowledge concerning AI’s transformative potential and the investment opportunities it offers in the realm of technology.
Teresa Marcial, President and CEO of BPI Wealth, set the tone for the event by emphasizing the profound impact of AI. She noted, “The rapid rate of advancement in artificial intelligence holds great promise in addressing challenges and improving many industries, including the investment space. However, it’s also important to note that AI’s trajectory will depend on how we collectively navigate the ethical and practical considerations surrounding its growth and deployment.”
Reid Menge showcased a myriad of use cases for AI. From large language models to voice optimization, predictive analytics, risk assessment, and data optimization, Menge emphasized the remarkable speed and precision that AI brings to these processes. His words resonated with the audience, underscoring how AI is poised to reshape industries in the coming years.
Menge’s insights went beyond mere observation. He urged investors to keep a keen eye on companies that can support the development and deployment of AI. He highlighted that the AI revolution would have a cascading effect across the entire technology ecosystem, benefiting industries involved in high-powered hardware, semiconductors, data centers, software, and data tools. According to Menge, these companies could become the dominant franchises of this generation.
To capitalize on this emerging trend, BPI Wealth launched the BPI World Technology Feeder Fund in 2021. This innovative product seeks to invest in both established leaders and promising newcomers in the technology sector, with a particular focus on artificial intelligence. As of August 2023, the fund’s top holdings include tech giants like Alphabet Inc., which owns Google and developed the AI platform Bard, and Nvidia, expected to benefit from increased demand for AI infrastructure. The fund also maintains exposure to Microsoft, a major investor in OpenAI, the research laboratory behind ChatGPT, among other sectors poised to thrive alongside AI development.
TG Limcaoco, President and CEO of BPI, highlighted the bank’s commitment to leveraging AI to revolutionize banking services. He explained how the bank has incorporated AI into its BPI App, introducing features such as Track and Plan, an AI-powered personal finance management tool.
This tool tracks and analyzes financial activities, provides insights into spending habits, suggests innovative investment opportunities, and assists users in planning for a secure financial future.
BPI Wealth – A Trust Corporation, a wholly-owned subsidiary of BPI, plays a pivotal role in this journey. Authorized to engage in trust and fiduciary services, it stands as the largest standalone trust corporation in the Philippines, managing PHP 1.145 trillion in assets as of August 2023. Regulated by the Bangko Sentral ng Pilipinas, BPI Wealth is poised to lead the charge in harnessing the power of AI for the benefit of its clients and the financial industry at large.
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