Global payments major Visa has launched a new US$100 million fund.
The fund will invest in the next generation of companies focused on developing generative AI technologies and applications that will impact the future of commerce and payments.
It is unclear if the new initiative will seek to invest in Asia/Southeast Asia.
The firm’s global corporate investment arm, Visa Ventures, will lead this initiative. The VC firm has been investing in and partnering with companies driving innovation in payments and commerce since 2007.
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The payments honcho has been using AI for the past several years and considers this initiative an extension of this experience to drive innovation in payments, create value for partners and clients and enable and empower global commerce.
Generative AI is an emerging subset of AI that is built on Large Language Models (LLMs) to develop artificial general intelligence capable of generating text, images or other content from large sets of existing data when given prompts.
“While much of generative AI so far has been focused on tasks and content creation, this technology will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand,” said Jack Forestell, Chief Product and Strategy Officer, Visa.
Visa facilitates transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.
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