It is a matter of time until artificial intelligence makes an impact in the financial sector. A lot of companies are looking into AI solutions as we speak. Trend Lab, one of the many fintech startups focusing on this technology, recently completed their angel funding round. A total of $12.7m has been raised which a more than respectable amount. It will be interesting to see which company can bring AI to the banking sector the fastest. There is still a lot of work to be done before this can happen, though.
It is evident the financial sector can benefit from artificial intelligence. While the technology is still in its infancy, there are promising trends to take note of. Trend Lab has been working on developments in big data and AI. Their goal is to provide high-end fintech technologies in the Asia Pacific region. An ambitious goal that will require plenty of funding moving forward. As such, the company recently concluded a $12.7m funding round.
Trend Lab Brings AI to the Financial Sector
There is something interesting about this funding round. More specifically, it is the highest angel round valuation in Hong Kong. This money was raised in just 86 days, which is even more impressive. If the company puts the money to good use, interesting things will happen sooner or later. It seems this funding round was successful thanks to the talent working for this AI startup. It is evident this technology will have a big impact on finance in the years to come.
Trend Lab CEO and Founder Tin Mok comments:
“The application of AI technology in the FinTech industry across the Asia-Pacific region is still in its embryonic stage, and most technologies – including smart customer service, Big Data analysis, customer relations management, enterprise resource planning, business acquisitions, electronic payments, corporate credit rating systems and more – require a high degree of integration to unleash their full corporate value.”
It is worth noting the company is exploring other technologies as well. While the main focus is on AI and big data, they keep tabs on the blockchain as well. It is unclear if Trend Lab will ever pursue any developments in this particular regard. For now, focusing on innovative and practical technologies for the fintech industry is the number one priority. Big things are bound to happen in the Asia Pacific, that much no one can deny. Whether or not Trend Lab will play a big role in this regard, remains to be seen.
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