Growing affluent and mass-affluent segments herald new demand for financial advisory services across the Asia-Pacific region. Worldwide, McKinsey anticipates a substantial increase in households with investable assets between US$100,000 and US$1 million, reaching a total of US$4.7 trillion by 2026.

This presents a unique opportunity for financial advisory firms (including banks and insurance companies) to expand offerings to new segments but also challenges in how to deliver the expected bespoke relationship-based services at scale. 

At the heart of the challenge is how the industry can serve the increasing demand for personalised services across the wider demographic at scale without being hindered by legacy systems and manual processes.

Generative AI is a new enabler for this — it will reduce the time and effort to generate engaging, personalised recommendations, insights and content for clients.  

Increasing demands on financial advisors 

Today, financial advisors find themselves spending three-quarters of their time navigating between increasingly complex systems, leaving only a quarter to build meaningful customer relationships. They also see gaps in accessing training material and product information to be familiar with the latest policies, products, and trends. Clients also demand increased access to relevant data and analytics to make their own decisions.  

Generative AI is already creating value for the financial advisory sector 

At SoftServe, we see how Generative AI is increasingly used for customer engagement and can offer solutions to the unique challenges facing financial advisors and the broader industry. Generative AI-powered virtual assistants like SoftServe’s Meeter-Greeter are starting to streamline customer onboarding, facilitate advisor matching, and enhance the overall client experience. 

Also Read: How Southeast Asian businesses can overcome employee training challenges

Virtual assistants also aid advisors with responses to client questions and can create customised marketing and financial literacy content. In organisations with higher maturity, these virtual assistants can also assist in fundamental analysis, data gathering, and risk identification for decision-making. Leading banks like J.P. Morgan, Morgan Stanley, and Citigroup are already doing this. 

Banks in Southeast Asia are similarly starting to roll out Generative AI tools, starting with internal ‘co-pilots’ like virtual assistants to improve productivity by searching across multiple knowledge bases and generating engaging content for marketing and client outreach.

Over the course of 2024, we expect many of these internal pilots to mature — they will be connected to more data and introduced to more employees. This will gradually be followed by a shift towards client-facing virtual assistants as familiarity with and confidence in Generative AI solutions increases. 

Embracing and increasing trust in Generative AI 

Leveraging Generative AI should not just be the responsibility of AI or innovation teams. Organisations need cross-functional teams with adept change management skills, senior leadership alignment, and sponsorship. Leaders must understand that Generative AI cannot fully be introduced within a short timeframe but rather requires a long-term commitment involving multiple shifts. 

In practice, this involves coordinating Generative AI adoption with overarching goals, gaining stakeholder buy-in, setting up appropriate governance structures to manage risks, involving legal and compliance teams, setting priorities, allocating resources wisely, and determining measurable outcomes.

It also requires a willingness to experiment and fail in the process of getting Large Language Models (LLMs) to meet the high bar of excellence expected of client advisory. Perhaps 20-30 per cent of projects will make it all the way from proof-of-concept, minimum viable product to gather customer feedback, and into production. 

Also Read: SEA’s startups shine in Jan funding boom: Chiplets, AI, rural banking lead the charge

One helpful framework that guides thinking on increasing trust in Generative AI is the proposed model AI governance framework for Generative AI published by the AI Verify Foundation and the Infocomm Media Development Authority (IMDA) of Singapore recently.

The nine-point framework contains key ideas on accountability, model visibility, testing & assurance that teams should consider early in the development process and use as guidance for adding guardrails or other risk-mitigating mechanisms into Generative AI solutions.  

Riding the Generative AI wave 

While there are still many perceived limitations — reliability, trustworthiness, and privacy, amongst others — of today’s Generative AI solutions, organisations wanting to harness the multiple benefits of Generative AI solutions should not ‘wait-and-see’ but instead be proactive in starting their journeys.

This will allow them to adapt to shifting market dynamics and innovate more effectively from a position of strength as the technology and available tooling mature rapidly. 

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Having worked with small businesses for seven years, it’s clear something is different this year. AI is transforming how founders go digital. 91 per cent of those who integrated AI report experiencing growth. Founders are streamlining operations (82 per cent) and effectively controlling costs (69 per cent). 

While leaders in large corporations may emphasise similar AI advantages, what sets SMBs apart is their distinct approach to incorporating AI into their business journey.

Personal touch, powered by algorithms

Remember the friendly barista who knew your name and coffee order? AI is reviving that personal touch. Today’s AI is not just helpful but also warm and personable — by analysing the sentiment of a customer’s text, capturing customers’ preferences, and dynamically generating real-time responses, making each interaction special and boosting sales along the way.

Building their online store for free

One in three small business owners do not have a website. Founders just don’t have the time, marketing dollars, and know-how to get started. Now, AI is transforming this struggle by enabling the creation of online stores within minutes, at no cost. HitPay’s online store builder is a great example — free, user-friendly, and AI-powered. It addresses a core challenge for most SMBs, allowing them to kickstart their online presence without the burden of a US$50 monthly fee.

Also Read: New year, new funding strategies: Powering up sustainability tech startups

Making it easy and free to create a website also allows for more traditional businesses or institutions to offer incremental value. For example, the North Jakarta Intercultural School in Indonesia uses their website not just for regular educational services but also lets parents book school field trips directly, making it more convenient for busy parents to access new services.

Designers 2.0

Canva has always been popular among SMBs because of how easy it is to pick up and the abundance of free assets to use. Now, with AI integrated into design software like Figma and Canva, small business owners are not just picking existing designs; they’re creating new, unique ones. Using prompts, AI helps their design truly reflect their brand ideas. In fact, 80 per cent of founders state they have integrated AI into their creative process. 

This mix of AI and design tools is bringing in a new creative era. It means small businesses can stand out visually without big investments.

Social media management

Running a small business means promising customers that we’re always around and ready to do more. However, managing content, comments, and messages on social media can pose challenges, especially while busy running a full-time business.

AI tools, like scheduling posts and automated responses, assist small businesses in creating delightful digital experiences. Take Leon’s story, for instance. While overseeing his family’s goat dairy business, he nurtured a close-knit online community by consistently sharing engaging daily content about the farm.

Go global like a local

With AI, small businesses are now going toe-to-toe with the big players. As they grow across borders, local businesses can translate their website, videos, and ads while maintaining great translation quality and a voice that sounds like their brand. This is something they would have had to pay a translation agency for previously.

As we look at the road ahead, one word stands out: Self-reliance. With no-code tools, payment technology, and export-ready solutions, it’s never been easier to get started. This might just be what the internet promised — giving everyone the power to do more than we ever imagined.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Launched in 2012, TOP100 began as an initiative aimed at identifying the most promising startups in the region, solely focused on securing funding and investment opportunities. Over the years, we witnessed remarkable growth stories like Gojek, Carousell, Carro, 99.co, and numerous others, nurtured through our program. Now, as the Southeast Asian ecosystem matures and welcomes a new generation of startups, the TOP100 program has adapted to address their evolving needs.

TOP100 is a curated startup growth program that gives Southeast Asia startups regional visibility, funding opportunities, mentorship, and access to business matching programs. Selected from a pool of impressive applicants, the first 25 startups highlighted in this listicle are poised to reshape industries and leave a lasting mark on the Southeast Asian startup landscape.

Also read: Evolving startup growth: TOP100 in 2024 is tailored to your growth journey 

Get ready for a glimpse into the future of innovation in the region. Meet the first 26 startups participating in the TOP100 Growth Program (in no particular order).

1. Careera (Singapore)

Careera is reshaping job search and recruitment. Their innovative approach eliminates traditional job applications, offering a cutting-edge assessment tool for job seekers to authentically showcase skills. For hiring companies, Careera goes beyond a job board, providing an end-to-end solution to streamline recruitment. With a mission to enhance the hiring experience, Careera pioneers a future where job matching is efficient and tailored for everyone.

2. TalentHero (Singapore)

TalentHero is Asia’s fastest growing Employer of Record (EOR) platform that builds global teams with 840 contractors in the Philippines, expanding to Vietnam, Thailand, Cambodia. Their all-encompassing Tech Ecosystem streamlines offshore experience for business worldwide by taking care of  hiring, payroll, workspace, advertising and more.

3. ArmourZero (Singapore)

ArmourZero simplifies cybersecurity, integrating services for seamless risk management and enhanced productivity. Through SECaaS, ArmourZero offers certified professionals, cutting-edge tech, and streamlined processes on a subscription model. Committed to hassle-free automation, they empower businesses to navigate the evolving cybersecurity landscape.

4. Pawnec (Philippines)

Pawnec is a pet tech innovator that empowers the pet lovers’ community with smart ID collars and a rescue platform. Born from a pet accessories company, Pawnec blends fur-focussed care with cutting-edge tech. As pet parents first, technologists second, Pawnec’s inclusive technology creates safe havens for pets worldwide, fostering a global community of pet lovers.

5. Max (heymax.ai) (Singapore)

Max is a dynamic financial technology company that offers a cutting-edge solution to managing credit card rewards. Their mission is to simplify and optimize credit card usage, ensuring users gain maximum benefits from their transactions. With products like the Max Card that seamlessly integrates all your cards and automatically routes all your transactions to the best card to use for any transactions, Mex ensures a hassle-free approach to managing credit card rewards.

6. The Mango Jelly (India)

The Mango Jelly simplifies Marketing Analytics and Automation with Generative AI. Addressing data challenges, it is a collaborative workspace empowering marketing teams to converse with data effortlessly. Incubated at Berkeley SkyDeck, The Mango Jelly is your copilot for actionable insights, eliminating the need for technical expertise.

7. PriyoShop (Bangladesh)

PriyoShop is a B2B e-commerce marketplace that digitally transforms unorganised retail in Bangladesh. Connecting small-scale retailers directly with manufacturers, its app empowers them to source inventory at competitive rates. Focussed on 5 million retail shops, PriyoShop dominates 97% of the country’s retail sector, with 54K micro-merchants on its platform.

8. Mascon Technologies (Singapore)

Mascon Technologies drives swift digital adoption at sea, fostering a smart maritime industry. Their platform allows seamless onboard collaboration, enabling third-party app deployment without managerial hassle. With default features to digitise daily workflows, Mascon aims to pioneer digitalisation, transparency, and management in merchant ships.

9. Rewardly (Singapore)

Rewardly turns first-time shoppers into lifelong customers. With LoyaltyOS, CommerceOS, and PaymentOS, it’s your all-in-one solution for building a thriving brand. From solo entrepreneurs to bustling cafes, Rewardly empowers businesses to thrive in an increasingly competitive world with personalised loyalty programs and seamless shopping experience.

10. Match.Asia (Singapore)

Match.asia is a M&A marketplace that connects sellers and buyers, with thousands of successfully closed deals on th their platform. Positioned as the region’s top company matching platform, Match.asia simplifies M&A for businesses of all sizes, leveraging 30 years of expertise and technology.

11. StoreWise (Singapore)

StoreWise is an AI-powered collaboration platform that elevates in-store customer experiences. The AI Retail CoPilot, akin to a virtual assistant, streamlines operations, provides real-time insights, and facilitates paperless workflows. StoreWise aims to help businesses enhance productivity, maintain data privacy, and deliver exceptional customer experience.

12. Klink.cloud (Singapore)

Klink.cloud is a B2B SaaS for contact center teams streamlining customer service with an omnichannel cloud platform. It simplifies operations, enabling global brands to launch call centers seamlessly. Serving Southeast Asian markets, it’s cost-effective, efficient, and hassle-free.

Also read: TOP100: Empowering startups through ideas and insights

13. EDGE Tutor (Philippines)

EDGE Tutor disrupts global education, providing high-dosage tutoring at 30-60% less cost. Empowering licensed teachers in emerging markets, their hybrid system boosts income and quality of life. With a technology-integrated approach, they collaborate globally, prioritizing established solutions for joyful learning experiences.

14. Smilie (Singapore)

Smilie fosters authentic connections through meaningful corporate gifts. Founded to simplify the gifting process, they blend technology with human thoughtfulness, revolutionizing how businesses connect. Smilie aims to make creating lasting impressions effortless and authentic, one considerate gift at a time.

15. NirogStreet (Singapore)

NirogStreet is a B2B trust-based platform for streamlining the supply chain for Ayurvedic medicine, transforming it into a proper healthcare system by engaging, empowering and aggregating fragmented Ayurveda doctors and clinics. Offering certifications, inventory tools, and quality medicines, NirogStreet builds patient trust in Ayurveda.

16. Enjinstarter (Singapore)

Enjinstarter is a Web 3 launchpad specialising in gaming, entertainment, AI, and metaverse ventures. With a track record of 80+ investments in 2 years, they fund projects and facilitate capital raising through Tokens and NFTs.

17. Carching (Malaysia)

Carching is a tech-driven solution company targeting car inefficiencies. Addressing financial, productivity, and environmental challenges, they innovate to maximise value from each drop of petrol. Primarily focusing on M40s and upper B40s, Carching aims to empower these segments with tailored technology and services, starting in Malaysia.

18. Friz (Singapore)

Friz serves as an AI Social Media Manager for direct-to-consumer brands. It streamlines social media tasks, saving users half their management time and leading to a 20% reduction in advertising costs without compromising performance. Friz employs intelligent targeting strategies, organically growing the audience by 15%, contributing to business growth.

19. FINA (Laos)

FINA is Laos’s pioneering digital bank that targets the 70% unbanked population. Focussed on digital service adoption, it aims to broaden access via strategic partnerships and digital infrastructure development. Prioritizing SMEs, youth, women-led businesses, and ethnic minorities, FINA aspires to impact millions of Laotians.

20. MakeTimePay (Malaysia)

MakeTimePay aims to play a crucial role in empowering individuals across Malaysia and the region to secure employment, increase earnings, and contribute to national economic recovery. By embedding sustainability measures, it assists businesses in mitigating financial losses caused by the pandemic. The vision is to create an ideal online platform fostering a shift in talent and employer mindset towards on-demand, fractionalised tasks.

21. Dentall (Taiwan)

Dentall is a Taiwan-based dental platform that is reshaping the local dental landscape. Offering material purchasing, courses, clinic management consulting, and dentallHiS cloud system, it aims to meet dentists’ specific needs. As of 2022, Dentall has amassed almost 100 million in yearly revenue, with 8,000 dentists and 1,300 clinics joining as platform members and customers.

Also read: Longan Group named as winner of 2023 TOP100

22. AIPath (Singapore)

AIPath is an AI-CoPilot SaaS for small teams that offers a reliable process for refining startups against market response, automating marketing assets, and achieving product-market fit. AIPath.one, the first SaaS tool for founders, develops fundraising assets and deepens product strategy, ensuring a top-tier accelerator graduation or successful independent fundraising with enterprise-grade venture building.

23. Kucing (Singapore)

Kucing is Singapore’s groundbreaking no-agent platform, revolutionising property transactions. With advanced digital tools, Kucing makes real estate transactions fast, secure, and commission-free, redefining how homeowners and seekers connect, converse, and conclude deals for the future of property dealing.

24. Finiac (Singapore)

Finiac introduces a portable life-saving head scanner for early diagnosis, ushering in a new era of brain imaging with accurate and prompt insights that pave the way for timely medical interventions.. Tailored for ambulances, family clinics, nursing homes, and home care, this non-invasive, non-ionizing device ensures safety for pregnant women, kids, and infants.

25. Shoppable business (Philippines)

Shoppable business is the pioneering SaaS-enabled B2B marketplace in the Philippines, digitising procurement and building Southeast Asia’s largest supply of branded products. Committed to innovating eCommerce, they prioritise accessibility, convenience, and customer satisfaction, empowering sellers and buyers through their cutting-edge platform and logistics infrastructure.

26. HeyRoomie (Philippines)

Hey Roomie is the mobile app for vibrant communities that consolidates all activities in one accessible space. Ideal for fan clubs, hobbyists, school orgs, and online groups, it simplifies official announcements, event planning, lifestyle sharing, and secure communication. Launched in July 2022, Hey Roomie already hosts top Philippine fan clubs like Popsters, DonBelle Official, BTS Noona, SwiftiesPH, and FanbAces in their own passcode-protected virtual HQ for a secure and thriving community.

 

These startups will take part in the TOP100 Growth Program beginning March 2024, where they get access to various mini events, mentorship, workshops, and the 800+ investors on e27 PRO Connect platform. 

You will also get the chance to meet and connect with these startups at Echelon X, where they will have their own exhibition booth, as well as have the chance to be selected to showcase their startup on the Pitch Stage. 

Echelon X will be held at Singapore EXPO on May 15-16. Get your tickets here.

The post The first 26 trailblazing startups of the TOP100 Growth Program 2024 appeared first on e27.

In a revolutionary move, Singapore said it would invest over US$743 million into the artificial intelligence industry over the next five years to boost the country’s AI capabilities further. In his Budget speech last week, Deputy Prime Minister Lawrence Wong also said the island nation would work with leading companies to set up AI centres of excellence to spur innovation.

With this tech taking centre stage and changing the digital landscape, many Southeast Asian countries are closely monitoring the developments in the industry and considering policies to regulate its use.

Against this backdrop, e27 spoke to Fred Wang, General Manager (Southeast Asia) at iFLYTEK, an open AI platform for mobile internet and intelligent hardware developers.

Below are the edited excerpts:

How has AI adoption evolved in Southeast Asia over the past decade, and what factors have contributed to the region’s increasing prominence in the global AI landscape?

The year 2023 was a transformational period for AI technology, altering how we live. The adoption in the region has grown significantly over the past decade.

The factors that contributed to the region’s increasing prominence in the global AI landscape are:

Digital transformation: We have seen a significant increase in using digital technology in areas like finance, e-commerce, and healthcare. This change has made a lot of data available, giving AI more chances to grow and do well.

Also Read: Small business, big impact: How AI is democratising entrepreneurship

Cost-effectiveness and error reductions: AI-driven robotics and automation systems have streamlined production processes, increasing throughput and reducing operational costs for manufacturing companies.

Support from governments: Governments throughout Southeast Asia acknowledge the pivotal role of AI in stimulating economic growth and fostering innovation. As such, numerous countries in the region have enacted AI-centric policies, initiatives, and investment strategies to propel the advancement and integration of AI technologies.

Growth of tech hubs: Cities like Singapore, Jakarta, Bangkok, and Ho Chi Minh City have become tech hubs, leading to the attraction of talent and investment and showing a keen interest in advancing AI development. These hubs provide funding opportunities and push the ecosystem for AI startups and enterprises.

Could you provide insights into the key industries within the region that are driving the growth of AI applications and how these advancements are reshaping traditional business models and strategies?

As the world strides ahead, Southeast Asia keeps pace close behind. Several key industries, including finance, healthcare, and e-commerce, are driving the growth of AI applications and reshaping traditional business models and strategies in significant ways.

In finance, many fintech companies use it to support customer services, including chatbots and voice recognition. An example would be OCBC Bank, which has introduced a chatbot called Emma to provide customers with personalised financial advice, recommendations, and assistance on various banking products and services.

In the healthcare sector, AI is driving innovation in medical diagnostics. For example, Thai startup Perceptra is leading the change with its artificial intelligence-powered diagnostic medical imaging service.

MiyaHealth, a Singapore-based company, offers AI-driven health tech solutions to enhance patient engagement and optimise healthcare outcomes.

Also Read: How should non-tech companies approach AI?

In e-commerce, many companies, for example, Lazada, use artificial intelligence to power recommendation engines or personalised marketing campaigns.

What are some notable success stories or case studies showcasing the transformative impact of AI in Southeast Asian countries, both in terms of economic growth and societal development?

There are a couple of notable success stories and case studies that highlight the transformative impact of artificial intelligence in Southeast Asian countries, contributing to both economic growth and societal development. They’re not just important for economic growth but also for making people’s lives better.

For example, there’s a startup called Ricult in Vietnam. It uses artificial intelligence and IoT to help farmers grow crops better, deal with pests, manage crops, and get bigger yields. Then there’s DoctorOnCall, a Malaysian startup offering online doctor consultations using telemedicine. It uses AI to help figure out what’s wrong with the patients and decide how urgent it is.

How are governments and regulatory bodies in Southeast Asia responding to the rise of AI, and what policies or initiatives are being implemented to foster innovation while ensuring ethical and responsible AI deployment?

Due to the rise of artificial intelligence, governments are taking steps to foster innovation and ensure responsible deployment, especially investing in AI research and development and regulatory framework. A significant aspect of this effort involves substantial investments in R&D. These investments aim to bolster the respective countries’ capabilities in this domain. Funding initiatives, grants, and partnerships with academia and industry are pivotal in fostering AI innovation and nurturing talent.

Additionally, regulatory frameworks tailored to artificial intelligence technologies are being established. These frameworks address critical issues such as data privacy, transparency, accountability, and bias mitigation. Countries such as Singapore, Thailand, and Malaysia have either enacted or proposed laws and guidelines to regulate AI usage across various sectors.

In what ways are Southeast Asian startups and tech companies leveraging AI to address local challenges and cater to the diverse needs of the region’s populations, including those in rural and underserved areas?

Southeast Asian startups and tech companies are leveraging artificial intelligence in various ways to address local challenges and cater to the diverse needs of the region’s populations, including those in rural and underserved areas, such as language and cultural diversity, as well as transportation and logistics.

Also, AI technologies are being used to eliminate language barriers by offering translation services, chatbots, and personalised content, which help bridge communication gaps and cultural differences. In the transportation and logistics sectors, artificial intelligence algorithms come into play to optimise transportation routes, taking into account factors like traffic conditions, road quality, and delivery schedules.

How do cultural and societal factors influence AI’s adoption and acceptance in Southeast Asia, and how are companies navigating cultural nuances to ensure successful integration and adoption?

Cultural and societal factors influence the adoption and acceptance of artificial intelligence technologies in Southeast Asia. Many individuals worry that AI advancements could disrupt manufacturing and agriculture by replacing human workers. Companies should emphasise how AI can enhance human abilities rather than completely replacing jobs.

Also Read: Unlocking Southeast Asia’s financial potential with artificial intelligence-powered fintech

To navigate these cultural nuances and ensure the successful integration and adoption of AI technologies, Southeast Asian companies prioritise ethical considerations and social responsibility in designing, developing, and deploying AI technologies. This involves ensuring fairness, transparency, and accountability in algorithmic decision-making processes.

What are the implications of Southeast Asia’s growing AI capabilities on the global stage, particularly in terms of competitiveness, innovation, and collaboration with other AI powerhouses?

Southeast Asia’s growing AI capabilities carry significant implications on the global stage across various domains; AI ethics & policy are one of the domains. With the rise of AI, Southeast Asia faces important ethical and policy considerations that have implications beyond the region.

Issues such as data privacy, making sure algorithms don’t unfairly favour certain groups, and what happens to jobs when artificial intelligence takes over tasks – all these things need careful thought and discussion. And it’s not just a local issue but affects the rest of the world. That’s why Southeast Asia must work together with other countries to tackle these challenges. By teaming up and coming up with solutions together, Southeast Asia can play a major role in shaping how AI is used responsibly around the globe.

Looking ahead, what trends do you anticipate in the continued evolution of AI in Southeast Asia, and what opportunities do you foresee for further growth, expansion, and impact on the global AI landscape?

There are several trends anticipated in the continued evolution of AI in Southeast Asia, including the adoption of AI solutions and a focus on ethics in artificial intelligence. As the use of AI rises in Southeast Asia, we are creating awareness of and promoting its benefits. However, with growing concerns, we are also facing the ethical implications of artificial intelligence, particularly regarding the transparency and accuracy of the information we receive from AI.

Regarding opportunities for further growth, expansion, and impact on the global AI landscape, collaborating with international partners will help Southeast Asian companies stay competitive on the global stage and contribute to advancing the global AI landscape.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post iFLYTEK exec on why SEA is crucial for the development of global AI landscape appeared first on e27.

Xalts, a Singapore-based fintech platform for financial institutions and businesses to build and manage digital finance applications, has acquired Contour Network, which connects global banks with global businesses.

The transaction details remain undisclosed.

The initial focus for Xalts will be embedded solutions for trade and supply chain finance. These will enable banks, logistics companies and technology companies to offer integrated solutions to businesses using a single platform.

Also Read: Report: Singapore businesses remain open to implement embedded finance, Web3 in 2023

Contour was started in 2017 as a pilot by eight global banks, including HSBC, Standard Chartered and BNP, focusing on digitising trade. Over 22 banks, including HSBC, BNP, Citi, DBS, and ING, and 100 international businesses like Tata Group and Rio Tinto, use Contour for digital trade finance solutions.

Xalts was founded in 2022 by Ashutosh Goel and Supreet Kaur, former senior executives at HSBC and Meta. Backed by Accel Partners and Citi Ventures, Xalts is used by institutions to build multi-party applications for digitisation and tokenisation.

Currently, with a team of over 50 across offices in Singapore, Hong Kong, India, the UAE and the UK, Xalts counts large financial institutions, regulatory bodies and technology companies as its clients.

The startup plans to leverage Contour’s workflows and integrations to facilitate communication and transactions between businesses and financial institutions in the network.

Ashutosh Goel, CEO of Xalts, said: “We want to create a Plaid for Trade. Our vision is to expand the scope of Contour’s network which is trusted by banks and corporates and build it into a rail that enables businesses to access digital solutions for trade and supply chain finance offered by banks, fintechs and technology partners. Combining our platform with Contour’s Network will allow participants to develop and deploy customised solutions quickly”.

Also Read: Banking on a green future of finance: How to bridge sustainability and profitability

“Our platform also enables institutions to build new innovative applications and products by leveraging blockchain and tokenisation. We partner with leading blockchains and integrate with multiple infrastructure providers to help our clients build tokenisation applications,” said Supreet Kaur, COO of Xalts. “Contour will also enable network members to work with us to launch applications in this space”.

In 2023, global trade reached over US$30 trillion. However, according to QED Investors, the digitisation of global trade remains relatively minuscule, with less than 1 per cent currently conducted digitally. Due to the complexities and regulations involved in cross-border trade, a single transaction may require up to 50 sheets of paper that are exchanged with up to 30 stakeholders, including importers, exporters, banks, logistics companies and customs.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Xalts acquires Contour Network to offer embedded fintech solutions for trade, supply chain finance appeared first on e27.