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Westpac Banking Boosts AI Competency, Usage Across Workforce

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Westpac Banking (ASX:WBC, NZE:WBC) continues to build artificial intelligence competency across its workforce and embed AI into its day-to-day operations, according to a Tuesday filing with the Australian bourse.

The bank said more than 35,000 employees have access to AI tools, and 95% of its workforce use them on a monthly basis.

The company has conducted more than 250 specialized AI education sessions across the 12 months through August, while 95% of employees have completed non-mandatory training related to AI, per the filing.

It said 72% of employees have now integrated AI into their workflow, and are using it with more confidence than they were in February. AI has also helped deliver an up to 35% increase in code development productivity, leading to significantly faster model build and deployment, per the filing.

Westpac estimates that AI-enabled automation has freed up roughly 100,000 hours of banker capacity per year in the home loan segment, and an additional 50,000 hours in the consumer finance area.

What else is happening in Asia?

Asia

Orora Chief Safety, Sustainability, Governance Officer to Step Down at End of Year

Orora (ASX:ORA) said Ann Stubbings plans to step down as chief safety, sustainability, and governance officer, effective Dec. 31, after more than 13 years with the packaging products firm, according to a Monday filing with the Australian bourse.In addition, Susannah Jobling Hodgens will be appointed as chief legal officer, the company said. Hodgens has worked with Orora for 13 years in senior legal and governance roles, most recently as general counsel and alternate company secretary.Orora shares gained nearly 1% in recent Monday trade.

ASX:ORA
Asia

Biokin Pharma Enrolls First Patient in Phase Three Trial for Breast Cancer Drug; Shares Up 4%

Sichuan Biokin Pharmaceutical (SHA:688506) enrolled the first subject for the third-phase clinical trial of biologic drug T-Bren for injection, according to a weekend filing with the Shanghai bourse.The trial evaluates T-Bren combined with pertuzumab versus standard chemotherapy in neoadjuvant treatment of HER2-positive breast cancer, according to a weekend filing with the Shanghai bourse.Shares of the pharmaceutical company rose 4% in recent trade.

SHA:688506
Asia

Market Chatter: Korea Exchange to Extend Trading Hours till 8PM

South Korea's main stock market, the Korea Exchange, will enable trading till 8 pm following the regular close at 3:30 pm from Monday, in its move toward 24-hour trading, Bloomberg News reported Sunday.This decision opens 2,400 Korea Composite Stock Price Index, or Kospi, and Kosdaq stocks for evening trades, which include short-selling. The move excludes exchange-traded funds, the report said.The Korea Exchange plans to introduce pre-market trading by the end of next year, it said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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