KX, Engine AI partner to offer generative AI platform for clients in financial services sector

KX and Engine AI announced today a partnership to offer a native, generative AI platform for clients in the global financial services sector.

Supporting advanced use cases including similarity search, recommendation systems, and pattern matching capabilities, this collaboration is set to revolutionize the way organizations approach trading decision-making and execution performance while boosting end-user productivity and seamlessly integrating within existing workflows.

Farhang Mehregani, CEO, Engine AI:

“We empower our clients to monetize the value of their data with AI-native data analytics applications. Our powerful, open, end-to-end enterprise platform and intuitive Data Analytics Co-pilot all engineered to unlock the full potential of AI and data analytics. We are thrilled about our partnership with KX, who offer exceptional vector and time-series database capabilities, making them the ideal partner for the financial sector”.

Ashok Reddy, CEO, KX:

“KDB.AI brings time and situational awareness to generative AI applications, while providing a superior developer experience. These capabilities, combined with Engine AI’s expertise in application delivery, is a game changer for retail and institutional clients looking to benefit from the transformative potential of generative AI. Together, we accelerate our clients’ abilities to address the most complex, high-frequency Financial Services use cases, significantly reducing time to insight from large data. We’re not only meeting our clients’ current AI-driven demands but also pushing the boundaries to redefine the future of intelligent finance”.

KDB.AI offers advanced search capabilities, empowering developers to bring hybrid similarity, fuzzy, temporal, and real-time search to their AI-driven applications. Built to handle high-speed, time-series data and multi-mode query data processing, it democratizes access to real-time data analytics, enabling business users to conduct searches on live financial market information through natural language search.

Moreover, its seamless integration with popular LLMs and machine learning workflows and tools, including LangChain and ChatGPT, and native support for Python and RESTful APIs means developers can perform common operations using their preferred applications and languages.

ASIC bans former Magnolia Group Capital director from providing financial services

The Australian Securities and Investments Commission (ASIC) has disqualified former Magnolia Capital Group director Mitchell Atkins from managing corporations for a period of 5 years and banned him for a period of 10 years from providing financial services and engaging in credit activities.

The Magnolia Capital Group of companies collapsed in 2022 owing unsecured creditors millions of dollars. The Group operated businesses between 2018 and 2022 that provided investors with financial advice and services in relation to secured lending transactions and share investment.

Mr Atkins was a director of all the companies in the Magnolia Capital Group, including 13 companies where a liquidator’s report was lodged with ASIC and identified that the companies were unable to pay their unsecured creditors more than 50 cents in the dollar.

From 19 September 2018 to 7 October 2022, Mr Atkins was an authorised representative of Australian financial services licensee Guildfords Fund Management Pty Ltd.

ASIC’s findings included that Mr Atkins:

  • failed to act in good faith as a director by putting investor funds at risk, showed a lack of honesty and integrity by creating false documents, co-mingling investor funds and displayed a lack of competence, professionalism and financial management such that it is in the public interest that he be disqualified from managing corporations;
  • is not a fit and proper person to provide financial services due to him dealing in financial products without authorisation from Guildfords, making misleading and deceptive representations to investors about their investments and dishonestly retaining investor funds which were due to be repaid to investors; and
  • is not a fit and proper person to engage in credit activities, including because he failed to undertake training, deal with investor complaints and to respond to requests from Guildfords.

The liquidators of the Magnolia Capital group of companies have reported a deficiency to creditors of between $40-50 million.

On 2 March 2023, Mr Atkins was declared bankrupt. In June 2023, ASIC obtained an order from the Federal Court of Australia to restrict Mr Atkins from leaving Australia for a period of six months.