AI startup vPhrase wins Temenos Innovation Jam Hong Kong
Temenos (SIX: TEMN), the banking software company, announces that the audience of the Innovation Jam in Hong Kong has voted vPhrase the winner of the fintech competition.
The Innovation Jam series is part of Temenos’ strategy to identify and partner with the very best fintechs, those that add real business value to its customers. At the Hong Kong competition, each of the contestants had seven minutes to present their solution to an audience of 100 leaders from banks, software providers and others in the financial and technology space. vPhrase now qualifies for the final, joining winners from each of the regional heats, including upcoming events in Abu Dhabi, London, Geneva, Amsterdam, and Luxembourg.
Insights and nuances that people communicate verbally cannot be technologically explained using charts and tables alone. The company’s patent-pending platform, Phrazor, analyzes data, derives insights and then communicates those insights, in words, in multiple languages. vPhrase helps companies make their reports easy to understand by explaining insights, using AI. It automates conversion of the data into a digestible form, writing personalized narratives for each employee, and highlighting important points which need attention.
Neerav Parekh, Found & CEO, vPhrase, commented: “Phrazor is designed to read and write like a human being, to derive insights from large volumes of data, and produce an actionable summary for the reader. Customers such as HDFC Bank, Dun & Bradstreet and ICICI Lombard use this solution for applications like automated production of portfolio performance summaries with commentary and graphical representation (from tabular form), and summarized analysis for investment decisions. We are thrilled that the audience at Innovation Jam saw the value in our solution, and voted for us to move on to the final round, where we will be able to present our solution on a global stage.”
Ben Robinson, Chief Strategy Officer at Temenos, commented: “The Asian fintech sector is one of the most vibrant in the world. 75% of the world’s top banks operate in Hong Kong, making it a natural hub for fintech activity. It benefits from ample funding, a vibrant startup ecosystem, advanced tech infrastructure, an abundance of talent and an active accelerator/incubator scene – against this backdrop we held our Innovation Jam, part of a series of events looking for the very best fintech companies. vPhrase won the day due to their ability to demonstrate clear value in their AI platform, Phrazor. We look forward to having them join us at TCF, and watching them compete in the final round.”