The rise of artificial intelligence (AI) these past couple of years has been one of the most significant technological revolutions in recent history, promising a substantial impact on productivity, employment and innovation.
Across all sectors, the fintech industry has been among the biggest adopters of the technology, securing the third biggest sum in AI investment in 2022 at US$5.5 billion, a new report released by the Stanford Institute for Human-Centered Artificial Intelligence (HAI) says. The sum represents 6% of global AI funding in 2022 and makes fintech the third largest focus area for AI investment.
Against this backdrop and amid the rise of AI in fintech, Fintech Global, an online platform providing information and media services focusing on the fintech industry, has released its third edition of AIFintech100, an annual selection of the top companies leveraging AI to revolutionize financial services.
This year’s top 100 companies were selected by a panel of industry experts and analysts based on research produced by Fintech Global on over 2,000 fintech companies and recognizes “the world’s most innovative AI solution providers for financial services.”
Of the 100 companies named, five originate from Asia-Pacific (APAC) and represent the region’s AI fintech pioneers. The following are the five APAC AI fintech companies that made it into the 2023 AIFintech100.
BGL Corporate Solutions
Founded in 1983, BGL Corporate Solutions is a leading developer of compliance management solutions from Australia, specializing in self-managed superannuation funds (SMSF), investment portfolios, and company compliance.
BGL Corporate Solutions offers innovative, cloud-based software through its BGL Product Suite which includes CAS 360, Simple Fund 360, and Simple Invest 360. These applications, known for their user-friendly interfaces, leverage advanced artificial intelligence (AI) and automation to provide streamlined services.
CAS 360 focuses on company compliance, trust, and anti-money laundering (AML) management; Simple Fund 360 is an AI-powered SMSF administration software; and Simple Invest 360 is an end-to-end investment portfolio management software.
Furthermore, BGL integrates with over 350 data feeds and ecosystem partners, catering to more than 9,500 businesses across 15 countries, including accounting firms, law firms, financial planners, and individual SMSF trustees.
Over the past four decades, BGL Corporate Solutions has evolved from a small consultancy with two employees to a global market leader employing over 200 individuals across countries including Australia, New Zealand, Singapore, China, and the Philippines.
Founded in 2020 and headquartered in Singapore, Bolttech is an international insurtech company aiming to create a leading technology-enabled ecosystem for insurance and protection products. The company provides an insurance exchange platform that connects insurers, distribution partners and customers, leveraging AI and data-driven technology to make buying and selling insurance easier and more efficient.
Bolttech boasts collaboration with over 230 insurers and 700 distribution partners globally, offering more than 6,000 product variations. It now quotes approximately US$55 billion worth of annualized premiums.
Founded in 2012, Cinnamon AI is an AI solution provider specializing in semantic understanding. The Tokyo-based company’s technology, particularly its Flax Scanner, can comprehend information within documents semantically, going beyond basic text recognition. This enables seamless processing of an expanding array of 50+ document types, such as invoices, medical certificates, and contracts.
Cinnamon AI has been instrumental in the insurance and banking sectors. Through AI automation, it addresses key operational areas like know-your-customer (KYC) processes, customer support, insurance claim reviews, and loan assessments.
One notable collaboration is with Dai-ichi Life Insurance, for whom Cinnamon AI developed an AI-OCR engine that converts handwritten medical certificates into structured text data. This collaboration enhances efficiency in operations, claims processing, and customer service.
Cinnamon AI claims more than 100 clients, including large Japanese corporations. The company has raised US$42.4 million in funding, according to the report. Its latest round was a US$3.67 million round secured in July 2022.
Founded in 2017 and headquartered in Malaysia, Finology specializes in embedded finance within the Asia-Pacific region. The company offers API-driven lending and insurance solutions that allow financial institutions, such as banks and insurance companies, to provide enhanced digital experiences to their clients. These solutions also empower ecosystem businesses like property developers, automotive distributors, and digital platforms to integrate loans and insurance products seamlessly into their offerings. Finology also operates Loanstreet, a direct-to-consumer brand that promotes banks’ and insurance companies’ financial products.
Finology holds patents in lending technology in Australia and Malaysia. The company has earned a number of accolades and prizes, including the ITC Asia Award 2023 for Best Insurtech and the 5-Star Insurance Innovator 2022 by Insurance Business Asia. It was named Seedstars’ Global Winner of World Competition in 2020/21 and Frost & Sullivan’s Asia-Pacific Insurtech Entrepreneurial Company of the Year in 2020.
Think Analytics India
Think Analytics India, doing business as Think360 AI, is an AI and data sciences firm established in 2013 in India. The company provides innovative solutions using digital technologies including advanced analytics, machine learning (ML), mobile and cloud computing.
Think360 AI offers software as a service (SaaS)-based products, data science and technology advisory services to market-leading firms in India and across the globe. The company collaborates with clients in data-rich industries such as financial services, healthcare, oil and gas, and retail across India and the US, aiding them in data integration, insights management, and their evolution into big data-driven market differentiators.
In the financial sector, Think360 AI’s proprietary product suite, including Algo360, Kwik.ID, FlowXpert, and AAmaze, employs AI algorithms to process extensive traditional and alternative data for underwriting risks, portfolio management, and agile transformation into digital-native financial institutions.
Featured image credit: edited from Freepik