These homegrown innovators are breaking new ground

These homegrown innovators are breaking new ground

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.

Visit The Business Times to read the full article.

More articles