Loading...

Singapore-Based Tech Firm Redefines Financial Vigilance with AI

TL;DR

  • Singapore’s Transparently.AI got investment from Franklin Templeton for its fraud detection software.
  • Their AI tool analyzes corporate balance sheets to spot accounting red flags.
  • The partnership aims to expand Transparently.AI’s reach and fight financial fraud globally.

Singapore-based Transparently.AI has successfully secured an investment from Franklin Templeton as part of its entry into the asset manager’s esteemed FinTech Incubator program. The company, specializing in artificial intelligence software designed to detect accounting fraud, aims to bolster its market presence and accelerate its growth trajectory, particularly in North America.

Empowering financial vigilance through AI

Transparently.AI’s flagship software leverages machine learning algorithms to identify accounting irregularities within corporate balance sheets. By generating a comprehensive risk score ranging from 0 to 100, the platform provides insights into the likelihood and magnitude of financial manipulation within a company’s accounts. 

Targeting a diverse clientele, including asset managers, banks, auditors, and exchanges, Transparently.AI’s solution serves as a potent due diligence tool, facilitating the detection of suspicious accounting practices and bolstering corporate governance frameworks.

In addition to the financial investment, Transparently.AI benefits from mentorship and guidance offered through Franklin Templeton’s extensive network of industry professionals and experts as part of the FinTech Incubator program. 

This collaborative initiative provides Transparently.AI access to invaluable resources, including workspace facilities in Singapore and San Mateo, California. Hamish Macalister, CEO and co-founder of Transparently.AI expressed gratitude for the partnership, citing Franklin Templeton’s established reputation and influence in the U.S. financial landscape as pivotal for the company’s expansion endeavors.

Validation and growth prospects

The investment from Franklin Templeton represents a significant milestone for Transparently.AI, marking its entry into a US$3 million pre-series A funding round and valuing the startup at US$20 million. Margaret King, Vice President of FinTech Partnership & Corporate Strategic Investments at Franklin Templeton, highlighted the pressing need for advanced technologies in combating fraud risks amidst evolving digital ecosystems. 

She expressed optimism regarding Transparently.AI’s capacity to bridge existing financial crime risk management gaps through innovative AI-driven solutions.

About Transparently.AI

Established in 2021, Transparently.AI has emerged as a pioneering force in AI-powered accounting fraud detection. Recognized for its cutting-edge technology, the company earned a coveted spot on the prestigious RegTech100 list for 2023, underscoring its commitment to innovation and excellence in regulatory technology solutions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Apple
Cryptopolitan
Subscribe to CryptoPolitan