ITB Hosts The 2023 International Conference ICOFM Discussing Optimization, Financial Mathematics, and Actuarial Science

Oleh Anggun Nindita

Editor Diky Purnama, S.Si.,M.Ds.

BANDUNG, - The 2023 International Conference of Optimization and Financial Mathematics (ICOFM) was organized by the Mathematical Sciences and Finance Research Group (KK-MIK), Faculty of Mathematics and Natural Sciences, Institut Teknologi Bandung (FMNS ITB). The conference took place on September 16-17, 2023.

An international conference recently took place, bringing together experts and researchers from around the world in the fields of optimization and financial mathematics. The conference was held in a hybrid format, with both in-person events at the Center for Research and Community Services (CRCS) Building and the Center for Advanced Sciences (CAS) Building, as well as online video meetings.

ICOFM 2023 aims to facilitate the exchange of research findings between Indonesian researchers and international experts in optimization methods and financial mathematics. In addition, the conference aims to enhance research networks and encourage academic publications by Indonesian researchers in the field of optimization and financial mathematics, both locally and globally. The ICOFM 2023 is expected to assist the creation of the Financial Mathematics Community.

Furthermore, the conference provided a platform to recognize the achievements of Prof. Dr. Kuntjoro Adji Sidarto, a prominent figure in the field of financial mathematics and optimization in Indonesia, who will be retiring in September 2023. Prof. Kuntjoro Adji Sidarto is widely recognized as a pioneer in the field of Financial Mathematics at ITB.

The ICOFM 2023 kicked off with a formal ceremony, featuring insightful presentations by experts in their respective fields. The conference showcased a lineup of distinguished speakers, including Prof. Dr. Kuntjoro Adji Sidarto from Institut Teknologi Bandung in Indonesia, Prof. Nicolas Privault from Nanyang Technological University in Singapore, Prof. Giorgio Consigli from Khalifa University in the United Arab Emirates, and Dr. Xin-She Yang from Middlesex University in the United Kingdom.

Furthermore, the event featured speakers from different countries, including Dr. Jinggong Zhang from Nanyang Business School, Nanyang Technological University in Singapore, Dr. Che Mohd Imran Che Taib from University Malaysia Terengganu in Malaysia, Dr. Xiaoping Lu from the School of Mathematics and Statistics at the University of Wollongong in Australia, Prof. Khreshna I.A. Syuhada from Institut Teknologi Bandung in Indonesia, and Felix Go, FCAS, AVP – North American Actuarial Group at Allied World in Canada.

The primary topics of discussion at ICOFM 2023 revolved around Mathematical Optimization and Financial Mathematics. Mathematical Optimization is all about choosing the most optimal elements from a variety of options, based on different criteria. However, Financial Mathematics is a practical discipline that involves using mathematical models in the world of finance. This pertains to quantitative finance, where statistical and numerical models, and eventually machine learning, are used in portfolio management instead of traditional fundamental analysis. Optimization methods play a vital role in portfolio management, ensuring optimal and efficient outcomes.

The conference organized the discussion topics into three main categories: Optimization, Financial Mathematics, and Actuarial Science. Here are some of the subcategories that are covered:


  • Artificial intelligence
  • Learning Algorithms
  • Combinatorial Optimization and Mathematical Programming
  • Numerical Methods
  • Linear and Non-Linear Programming
  • Multiobjective Programming
  • Parallel and Distributed Computing
  • Optimization Inspired by Nature and Neural Networks
  • Fuzzy System
  • Evolution Based Computation
  • Hybrid Optimization Algorithm
  • Dynamic Optimization
  • Optimal Control

Finance Mathematics:

  • Partial Differential Equation Approach in Finance
  • Stochastic Analysis in Finance
  • Monte Carlo Simulation
  • Credit Risk, Jump Risk, and Liquidity Risk
  • Risk management
  • Portfolio Optimization
  • Computational Finance
  • Volatility Model
  • Machine Learning in Finance

Actuarial Science:

  • Life Insurance and Annuities
  • Property and Accident Insurance
  • Retirement and Retirement Planning
  • Health

ICOFM 2023 aims to provide ITB with a valuable platform for sharing knowledge, experiences, and the latest research in the fields of optimization and financial mathematics. It also seeks to promote international collaboration in the pursuit of knowledge.

Reporter: Iko Sutrisko Prakasa Lay (Matematika, 2021)

Translator: Anggi Nurdiani (Manajemen, 2021)

Editor: Hanifa Juliana (Urban and Regional Planning, 2020)

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