With the landscape of Fintech in a seemingly constant state of flux, the blinding pace at which new ideas are conceived for the digital marketplace continues to surprise.
Just last week, SuperCharger hosted the demo-day for their inaugural FinTech Accelerator programme. Held at the Securities Commission in Bukit Damansara, the event marked the end of SuperCharger’s Kuala Lumpur initiative and a 12-week accelerator course that enabled startups to work with financial institutions as well as enlist MDEC’s support on opening local offices.
The event saw startup founders deliver their pitches, and we noted many interesting concepts that could prove to be game-changing innovations in the digital economic sphere. Here’s a roundup of the startups and their ideas:
Capnovum is a Regulatory Technology provider that aims to help financial institutions sort through complex and ever-changing regulatory requirements.
Founded in 2014 and headquartered in London, Capnovum will allow clients to save on cost, effort, and minimise risk by providing them with an intuitive method of keeping up-to-date on regulations, obligations, and laws.
Utilising an online platform, clients will have access to a database of over 6,000 acts and guidelines across over 20 supranational jurisdictions, over 70 countries, and more than 150 regulators.
The platform will be run on a combination of algorithms, AI, and smart categorisation of regulations and news, and will be offered on a subscription basis.
With the sharing of personal data proving to be a contentious issue, Chekk offers to solve this problem via a Digital Identity ecosystem that will allow users to personally regulate what information is shared with companies.
Based in Hong Kong, the service will function as a secure and reusable data wallet in which personal data can be stored and retrieved quickly. Consumers will be able to pick, choose and keep track of what information they share with companies online, providing them with peace of mind.
For corporations and government agencies, Chekk will enable improved customer service and experience by keeping client information up to date and reducing the cost of customer interaction and due diligence.
MyFinB is a big data and analytics startup that uses artificial intelligence to help businesses make more accurate and timely decisions.
The service converts financial data into usable narrative insights and provides recommendations on how to increase financial performance through the usage of certain metrics and indicators.
MyFinB is headquartered here in Kuala Lumpur. The startup targets financial institutions, investors, accountants, consultants, as well as governments and enterprises; and hopes to achieve Series B funding within the next 12 months.
Neosurance aims to change the status quo of the insurance industry by offering simplified hassle-free insurance solutions to customers as and when they need it.
Hailing from Milan, Italy and targeting both insurers and their clients, Neosurance will operate as an e-service offering specific insurance products to customers at the push of a button. Travel, accident, and fire health policies will all be made simplified through in-app services.
For example, travellers will be able to buy insurance on their luggage through their phone without having to fill up forms, with policies and disclaimers made easy to access and read through their devices.
Aiming to provide a better way to conduct risk-profiling, Neuroprofiler was created as a game to help financial advisors better derive investor profile info, by doing away with traditional 1-10 rating questionnaires that are poorly compliant, unscientific, and boring.
The service works through a user-friendly app that bases itself on scientific behavioural research and machine learning, and was developed internally with monitoring by KPMG.
Neuroprofiler is based in France, was launched in 2016, and is a MiFID 2-compliant service.
Pand.ai is an A.I. chatbot built with the purpose of helping businesses and financial institutions better understand their clientele. This is done through the use of a deep-learning algorithm that interacts with customers directly and translates these interactions into insights, allowing the bot to tailor unique content for each individual user.
Such a method of learning will allow the chatbot to understand local colloquialisms and lingo (such as Manglish), as well as enable it to better determine the best way to sell and conclude business deals.
Pand.ai hails from Singapore, with their chatbot already operational and serving several Fortune 500 companies across Southeast Asia and East Asia.
7. Pulse iD
By equipping businesses with the insight into their customers’ offline movement (done via geolocation analysis), Pulse iD enables them to better connect to their customers’ needs, and avert problematic situations such as fraud.
Through the analysis of a customer’s geolocation trail, Pulse iD will offer two distinct services:
Trail – A service that will enable businesses and financial institutions to understand consumer movement patterns and from there develop a database of needs, interests, risk-scoring, as well as data to protect against fraud.
Catalyst – A tool that business owners can use to reach out to potential customers based on where they are, offering specialised deals and offers whenever they set foot in certain locales.
8. Solus Connect
Solus Connect offers to provide businesses with next-level security capabilities by utilising machine-learned biometrics and behavioural analysis. The service has no hardware requirements and can be deployed in the cloud or on-premise, and eliminates the need for dongles—reducing costs.
What all this means is a simple and seamless system for authentication that businesses can use for their interactions with consumers. By analysing a mix of user and device behaviours, Solus Connect will then calculate a score to determine safety levels.
This comes in contrast to legacy security systems where only fingerprint scans and passwords are used, without the use of behavioural scoring.
Springday is a tech-based wellbeing company that collects popular and cutting-edge health resources from around the globe and delivers them online via a web-based portal and app that users can access anytime.
Users will be able to access the latest workout plans, diet schedules, tips and tricks, and other helpful features that can contribute to one’s wellbeing.
This service will be targeted first to insurers, allowing them to be more than just providers and more of well-being partners to their clients, providing a mutually beneficial service.
Of the many ideas shown off at SuperCharger’s demo day, we noted quite a few interesting concepts that could end up becoming part of everyday life.
It was inspiring to see the passion and enthusiasm displayed by the nine startups; and we hope to see more of such innovation-driving programmes conducted in the future.