Human Managed unveils white paper on federated learning

Human Managed, a Singapore-based platform specialising in data and artificial intelligence (AI), has unveiled a white paper focused on the potential applications of federated learning technology.

The white paper, titled "Better Intelligence Is Collective: Unlocking the Potential of AI with Federated Learning," has been developed in collaboration with experts from Microsoft, Snowflake, and PayNet. It aims to provide insights for enterprises and business leaders, particularly in the ASEAN region, on employing federated learning for enhanced data privacy, risk assessment, and the development of new business models.

By enabling decentralised machine learning models training, organisations across various sectors, such as banks, hospitals, and insurers, can potentially accelerate digital transformation, according to the white paper. It outlines that this approach could benefit critical capabilities within an increasingly digital economy, including credit risk scoring, digital identity authentication, fraud management, financial payments, and patient privacy in healthcare.

The document further discusses the enhancement of centralised agencies' roles, such as central banks and medical authorities, in advocating for federated learning as a strategy to address shared concerns or enable industry-wide gains.

Key findings from the white paper point to an increasing interest in federated learning and privacy preservation technologies due to rising data privacy requirements. It highlights the potential for various industries, including banking, financial services, healthcare, and autonomous vehicles, to harness the benefits of federated learning. However, the paper points out that federated learning is still in its early stages within ASEAN but holds significant application potential.

Human Managed's CEO, Karen Kim, stated, "Better intelligence is the result of real-time, cross-collaborative exchange and sharing among multiple parties. As we continue to explore and understand Federated Learning, our commitment to advancing knowledge and fostering collaboration among stakeholders in the ASEAN region remains steadfast. This journey underscores the importance of evolving our methods and embracing new solutions to meet the ever-changing demands of the essential services sector."

Rishu Saxena, Principal Specialist for AI/ML Strategy, APJ at Snowflake, added, "As the ASEAN economy continues its growth trajectory, regional public and private intelligence sharing on supply chains, cyber and risk threats while ensuring data privacy will become increasingly important. Federated learning can help address these multiple concerns."

Aloysius Chong Kin Faa, Head of Fraud & Projects at PayNet, commented, "Federated Learning represents a significant opportunity for enhancing intelligence across sectors while maintaining data privacy and security. PayNet is proud to contribute to this research effort, which highlights the potential of this emerging technology within ASEAN. Beyond the technical aspects, the white paper shines a light on the socio-economic and regulatory challenges, including the importance of fostering collaboration, addressing participation incentives, and ensuring centralised stewardship. We look forward to further exploring these vital areas as we continue our journey towards building more robust, secure intelligence frameworks."

The release of this white paper is timely, considering the global market for federated learning was valued at USD $133.1 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 10.2%, potentially reaching over USD $311 million by 2032.