Alternative Finance providers AMP take Asia by Storm
9th September 2014
Level39 member Advanced Merchant Payments will compete in the first ever Asia-Pacific instalment of Accenture’s Fintech Innovation Lab.
AMP are one of eight finalists, drawn from a global pool of applicants. Each of the finalists are high-growth potential fintech companies developing enterprise tech solutions. These companies will undergo an intense programme of mentoring over a 12-week period.
At Level39, many companies that competed in both the 2013 and 2014 Fintech Innovation Labs are still part of our family. Both Digital Shadows and Growth Intelligence are now members of the High Growth Space, having previously participated in the Fintech Innovation Lab.
The eight finalists are:
Advanced Merchant Payments (AMP) with offices in Hong Kong, the United Kingdom, Singapore and the Philippines enables banks and other financial institutions to profitably offer short-term unsecured loans to under-served small businesses in both developed and emerging markets. By utilizing AMP’s end-to-end solution, banks can address the credit gap that micro, small- and medium-sized enterprises face with an “alternative lending” offering that is complementary to existing product sets – while minimizing costs or development efforts. AMP’s patented platform leverages principles from micro-finance, payment processing, data analytics and predictive modeling – together with more traditional loan underwriting principles – to originate and service loans across countries, currencies and banking systems with cost efficiency.
AtCipher.com addresses the security concerns that many organizations have regarding cost-saving cloud solutions. The Hong Kong-based company developed a security system for encrypted data storage and sharing, encrypted searches and encrypted email with security policy enforcements. AtCipher’s applications perform client-side encryption so that data is encrypted before reaching the server so that the cloud provider is unable to access the customer’s data, making it more secure.
Beijing Wecash Wonder Technology Co. Ltd. helps analyze Chinese customers’ credit. Customers sign up for the app, provide information to the company and within 15 minutes, receive a credit evaluation. By mining public mobile data from roughly 600 million mobile internet users, Wecash is able to quickly provide extensive credit assessments and build predictive models for customers’ credit risk.
FinSuite developed patented technology that aims to reduce the cost and time required to analyze business structures and financials on loan applications. The Melbourne-based company built two complementary solutions. One is an application that provides a mobile platform for capturing and presenting a structure of a group of entities and how they are related to each other. The other, known as the BizAnalyser application, uses an optical character recognition engine and a patent-pending parsing engine to read a PDF document containing financial statements, re-create the contents, categorize each line item and produce a set of reports on the company and its performance. FinSuite is already available in Australia and is seeking to expand its services in Asia-Pacific.
I Think Security Ltd. is a cyber-security lab that provides easy-to-use, highest-grade data protection solutions to prevent data leaks and corporate espionage. The Ontario-based company’s main product, LOQ, is an information security and tracking service that is being used by financial institutions to secure information sharing with high-net-worth individuals. LOQ enables users to drive new revenues, reduce costs and achieve compliance. I Think Security Ltd. seeks to expand into Asia-Pacific.
iDGate has developed an identity authentication system for online and mobile transactions that does not require a one-time-password via Short Message Service (SMS) or security device. The Taipei-based company leverages a multi-factor authentication process to send a push notification on behalf of the financial institution whenever a financial transaction is initiated that allows users to authenticate it via their smartphones. The aim is to provide better security and an easier-to-use experience to everyday users and to save financial institutions money, since the service is less expensive than the cost of using a security device or sending multiple SMS.
Jocata Financial Advisory & Technology Services Private Ltd provides sophisticated Know Your Customer (KYC) and Anti-Money Laundering (AML) software that not only meets regulatory expectations and reduces the cost of compliance but also aims to drive business growth by creating a high-quality, standardized and reusable data asset. The company’s software can be implemented on-premise or hosted using a private cloud model. With offices in Hyderabad and Pune, India, and New York, the company is seeking to expand its footprint in Asia-Pacific.
QxBranch based in Hong Kong; Adelaide, Australia; and Washington D.C., is developing software that will bring quantum computing to the mainstream. The startup has access to one of only two commercially available quantum computers and is commercializing products that harness the advantages of this breakthrough technology. Applications for the financial sector will include portfolio optimization, stock market analysis and risk modeling, with even more possibilities likely to emerge in the next five years as the technology base matures. QxBranch seeks to leverage the FinTech Innovation Lab Asia-Pacific to develop relationships with top financial organizations and gain insight into the areas of business where quantum computing can be most effective.AMP have been a Level39 member since August 2013, before they moved upstairs to our High Growth Space on the 42nd floor on 23rd May 2014. The team at AMP enable banks and financial services organisations offer short-term, unsecured loans to small and medium sized businesses.