New York City, June 08, 2023 (GLOBE NEWSWIRE) -- CBiBank, a burgeoning commercial bank based in the U.S., has recently announced its unique ability to establish international bank accounts for an array of automated systems powered by artificial intelligence (AI). This pioneering initiative positions CBiBank as the first-ever commercial bank worldwide to offer account services to AI entities.
CBiBank provides two avenues for AI to open accounts. One allows AI to autonomously set up an account, while the other involves opening a trust account. Regardless of the chosen method, the AI manages the entire process autonomously, including account setup and handling subsequent transactions. The bank endorses AI's capability to form trusts, which could serve as beneficiaries, thus creating a potentially self-sufficient cycle for AI. This innovative system could ideally establish a self-contained, efficient ecosystem for AI.
As artificial intelligence technology continues to mature, it's poised to become an integral "partner" in contemporary human life. Demonstrating this, AI practice blogger Jackson Greathouse Fall used the AI ChatGPT, to launch a company with a modest capital of $100, and entrusted it with business growth and expansion. Serving as a "human liaison", Fall implements orders from the AI. Just last month, this ChatGPT-driven company, a sustainable e-commerce site named Green Gadget Guru, earned $130 in revenue.
In a similar vein, Portuguese entrepreneur João F. Santos nominated ChatGPT as CEO of his startup, AIsthetic Apparel, with Santos himself taking on an assistant's role. Utilizing a start-up budget of €1000 and the assistance of another popular AI product, Midjourney, they launched an online store. This platform, in collaboration with Printful, prints designs created by Midjourney. Following AI's directives, the company managed to generate over €10,000 in revenue within five days, selling T-shirts priced at €35 each.
AI technology has come a long way since its nascent stage in the 1950s, evolving from niche applications to contemporary, money-making applications like ChatGPT. This transformation highlights not only the tremendous strides made in computing power, but also expands our imagination regarding the future potential of generative AI. As we advance, a significant gap is anticipated in the financial services sector, where AI's involvement will be crucial. CBiBank has proactively taken the lead to tap into this burgeoning AI financial services market. As of now, several AI development firms are already exploring possible avenues with the bank to leverage these new opportunities.
Available public records show that CBiBank, a commercial bank that has recently emerged on the scene, specializes in providing comprehensive cross-border financial services. To date, they've successfully catered to the needs of tens of thousands of international trading companies, adeptly handling challenges related to multi-currency payments and other complexities of cross-border trade.
