BigBrainBank (BBB) is a fintech startup founded by Dato’ Dr. Brendon Yong, a trader and an entrepreneur with 10 years of experience in the financial education industry.
Just recently, BBB raised a 7-figure (US$) funding from angel investors.
Aside from citing his experience as a key factor in raising investor confidence, Brendon pointed to a global trend.
“It is also good to know that in this COVID-19 pandemic era, the market attractiveness of the financial markets has also grown with some regions like Africa reporting a growth of 300% and companies charting double-digit growth,” he shared.
This funding comes just months after the launch of their new app, TheBrain, which digitally assists investors in making trading decisions using AI.
It’s Not Exactly A Trading Platform
The app provides trade ideas and analytics to help users improve their trading results.
However, Brendon clarified that it’s not a trading platform; it’s more of an advisor.
“Using these trading strategies, any ordinary user can place their trades on any trading platform of their choice, anywhere in the world,” he said.
The platform was developed by using a wide range of big data, machine learning, and AI technologies.
It collates years of market information and matches them with an optimised, deep-learning algorithm that generates smart trade suggestions for users.
Over 1,000 robot expert advisors are integrated into its machine learning capabilities, while its deep-learning algorithm was developed by a global team of programmers and experienced traders.
Brendon also told Vulcan Post that their AI-powered technology differs from robo-advisors as the latter uses computers to analyse, then trade automatically.
TheBrain however, doesn’t do the trading for you, just gives you suggestions on where and what to trade.
“The app can analyse market trends, identify market entry and exit points as well as provide trade ideas,” he said,
“They’re all tested against a minimum of 3 years of historical data for similar types of occurrences, while also measuring the risk versus reward ratio.”
Trading Advice From Data With Over 65% Accuracy
Bredon said that one of TheBrain’s most notable features is its trade ideas guide, a feature that notifies users on “what to trade” and “when to trade” based on historical data that has more than 65% accuracy.
Additionally, BBB’s app also includes multi-channel analysis on commodities, indices, bonds and forex, with plans to integrate multi-broker accessibility in the longer term.
“The markets worldwide including Malaysia, have long used expert advisors and trading robots to trade,” he said.
As the app is primarily an education platform on trading, it’d be most beneficial for self-driven users who are active and involved in growing their investments.
Targetting passive investors who prefer to leave their funds alone in fixed deposit investments, for example, wouldn’t work.
Artificial intelligence-driven algorithms with deep machine learning using big data incorporated in TheBrain is a big step forward in technology. Traders only have to start using TheBrain and experience it in real-life scenarios to truly appreciate the amazing possibilities.Dato’ Dr Brendon Yong, founder Of BigBrainBank
Expecting 100,000 Subscribers By December
Since its launch in July 2020, TheBrain has garnered over 60,000 trial users who registered through the app stores and website.
While the platform is designed on a freemium basis, the company charges an annual subscription of US$300 for more advanced features.
Moving forward, BBB expects to draw in 100,000 more subscribers by the end of the year.
As of today, most of the current subscribers are from Malaysia, with 20% coming from Singapore, Indonesia, Thailand, Taiwan, and Dubai—markets that Brendon believes have tremendous opportunities for growth.
Next year, they intend to penetrate new markets in the Philippines and Hong Kong, and eventually the rest of Asia.
Brendon told us that the bulk of the 7-figure investment will go into further R&D for TheBrain.
This includes its proprietary technology and continuous intensive system improvements in the back-end and support resources.
“A sum will also be channelled into BigBrainBank’s globalisation strategy and market expansion plans, which we will divulge in the next quarter,” he added.
- You can learn more about BigBrainBank here.
- You can read about other startups who raised enough investor confidence to raise funding during the pandemic here.
Featured Image Credit: Dato’ Dr. Brendon Yong, founder of BigBranBank