For another homegrown innovation outfit, Nexus FrontierTech, the OIP opened new opportunities to develop more Fintech applications on its AI platform.

Participating in a challenge launched by the Investment Management Association of Singapore (IMAS) and asset management firm Schroders in 2021, the startup helped Schroders by creating a smart document parser to make it easier to extract financial information for analysis.

The underlying technology was the homegrown firm’s AI-driven industry-specific document parsing platform that could handle and manage variations in document formats used by financial companies.

In just three months, Nexus FrontierTech was able to create a proof-of-concept that could halve man-hours and raise accuracy to 97 per cent.

With this success, the company would be developing an Intelligent Document Automation Hub, providing Schroders with AI-powered processing capabilities that can be used by the various teams globally across Britain and Singapore.

“Innovative technology projects require allowances for uncertainty, where a trial-and-error approach may be needed after setting broad business goals,” said Mr Derrick Liao, Nexus FrontierTech’s Chief Operating Officer.

“In this regard, IMDA has acted as a true enabler and collaborative partner, supporting Nexus not only as a key connector between businesses and tech providers, but also laying the groundwork for this much-needed openness in any innovative product development process,” he noted.

“Schroders has been extremely receptive to this approach, with a focus on clear business goals and a spirit of experimentation that allowed them to reap the benefits of a first-mover in AI adoption,” he added.

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