By Lee Kah WhyeSingapore, July 17 (ANI): Mumbai-based Think Analytics India Pvt Ltd, often known as Think360 AI, was one among solely 5 Asia-Pacific corporations that have been named within the 2023 version of AIFINTECH100 record of 100 of the world’s most progressive AI resolution suppliers for the monetary companies trade. In its third yr, the record is compiled by a panel of trade specialists and analysts and is revealed by FinTech Global, a web based platform offering info and media companies specializing in the fintech trade. With the rising use of AI (synthetic intelligence) in numerous sectors and particularly in monetary companies, FinTech Global believes that”these companies are ones that every financial institution needs to know about as they consider and develop their digital transformation strategies and new customer propositions.” FinTech Global is the world’s main supplier of fintech info companies, B2B media merchandise and trade occasions, and serves a community of over 300,000 fintech professionals to supply them with important enterprise info and assist them join with potential traders, shoppers and companions. Despite falling in Q1 this yr in contrast with the interval from 2021 up until Q1-2022, fintech VC funding continues to be greater than earlier than Covid. This is principally as a result of softer tech funding local weather within the final 6-9 months introduced upon by greater rates of interest and a slowing world financial system.
According to knowledge from Dealroom, fintech continues to be the second-best VC funding class in Q1-2023. It is available in forward of such sectors as well being, vitality, transport and safety and solely behind enterprise software program as a result of cash being poured into OpenAI and the remainder of generative AI. Fintech captured 14 billion USD in funding or 21 per cent of whole world VC funding, not far behind enterprise software program at 16 billion USD.
Fintech startups are actually value over 3 trillion USD, with two-thirds of the worth nonetheless personal.
Companies that made it to FinTech Global’s high 100 record, together with Think360 AI, would have demonstrated important skill to unravel trade issues, innovate, develop by way of capital raised, improve income and acquire buyer traction. In the options they supply, they need to additionally have the ability to present shoppers with potential price financial savings, and effectivity enhancements, enhance the worth chain, and generate extra income for shoppers.
Think360 AI which was based in 2014 is a quickly rising knowledge science firm, working on the intersection of knowledge, know-how, and operations, and focuses on creating progressive options utilizing cutting-edge applied sciences, superior analytics, synthetic intelligence/machine studying, and cloud and cell computing.
They have shoppers in India and the US in data-rich industries resembling monetary companies, healthcare, oil and gasoline, and retail, providing software program as a service (SaaS)-based merchandise, knowledge science companies, superior analytics, insights administration and know-how advisory companies to market-leading corporations to assist them differentiate themselves from opponents.
Earlier this yr in March, Chennai-based Computer Age Management Services Limited (CAMS), stated in a regulatory submitting that it’s going to choose up 55.42 per cent of the whole paid-up share capital of Think360 AI by means of a secondary acquisition. CAMS is India’s largest registrar and switch agent of mutual funds. With the acquisition, Think360 AI turns into a subsidiary of CAMS. Financial particulars of the deal weren’t disclosed. According to the phrases of the settlement, CAMS will even be entitled to amass the remaining shares of Think360 AI in phases.
The different Asia-Pacific corporations that have been named in FinTech Global’s record are Singapore’s Bolttech, Australia’s BGL Corporate Solutions, Japan’s Cinnamon AI, and Malaysia’s Finology.
Bolttech was based in 2020 and is a global insurtech firm and creates main technology-enabled ecosystem for insurance coverage and safety merchandise. The firm gives an insurance coverage trade platform that connects insurers, distribution companions and clients, leveraging AI and data-driven know-how to make shopping for and promoting insurance coverage simpler and extra environment friendly.
BGL delivers software program options to over 9,500 companies in 15 international locations by means of its user-friendly and extremely smart internet purposes, combining superb UX with highly effective know-how. It was based in 1983 with solely two workers.
Cinnamon AI was based in 2012 in Tokyo and specialises in semantic understanding. The Tokyo-based firm’s know-how can comprehend info inside paperwork semantically, going past primary textual content recognition. This permits seamless processing of an increasing array of over 50 doc varieties, resembling invoices, medical certificates, and contracts. It is used within the insurance coverage and banking sectors withDai-ichi Life Insurance one among its key companions. Through AI automation, it is ready to simplify operational areas like know-your-customer (KYC) processes, buyer help, insurance coverage declare opinions, and mortgage assessments.
Finology was established in Kuala Lumpur in 2017 and affords API-driven lending and insurance coverage options that permit monetary establishments, resembling banks and insurance coverage corporations present enhanced digital experiences to their shoppers. These options additionally empower ecosystem companies like property builders, automotive distributors, and digital platforms to combine loans and insurance coverage merchandise seamlessly into their choices.
Fintech Global in its report stated that the”AIFINTECH100 list will help senior management and technology executives evaluate which applications of AI in financial services have market potential and are most likely to succeed and have a lasting impact on the industry.” (ANI)