The SaaS platform from India's AI/ML-enabled document analytics business Impactsure Technologies will be used by Singapore Exchange (SGX Group), Asia's most global multi-asset exchange, to extract structured corporate financial data from its data repository.
Impactsure has implemented its SURE Platform-based SureXtract solution at SGX (Secured Unified Responsive Engine). Insights are derived from structured and unstructured data in printed documents, contracts, scanned photographs, photos, handwritten notes, IoT sensor data, and many other applications using the patent-pending AI/ML + NLP technology known as SURE..
SGX offers investors access to structured data from financial statements and annual reports that are produced by listed firms as it serves as a listing venue for foreign companies in a variety of industries and has an investment platform used by international investors. The exchange takes such important data and information out of unstructured PDF documents.
“Impactsure’s SureXtract is a capable data extraction platform that supports SGX in extracting financial statement data of SGX-listed companies from unstructured PDFs efficiently and reliably. Impactsure’s team was also impressive in rolling out their solution for us in a very short time,” said Mr. Ng Kin Yee, Managing Director and Head of Data, Connectivity & Indices, SGX Group.
Mr. Dharmarajan Sankara Subrahmanian, Founder Director & CEO, Impactsure, said, “SGX selected Impactsure after a thorough RFP process and evaluation. Impactsure leveraged its SureXtract solution to extract 60+ different data points from unstructured Annual Reports and Financial Statement in PDF format. The solution is scalable to support high volumes during earnings seasons when many companies report their financials in short time window. SureXtract leverages Artificial Intelligence and Machine Learning Technologies”.
Impactsure creates products with a specific focus on the BFSI industry for complicated, document- and data-intensive operations that demand a lot of human work and are prone to error. Using artificial intelligence (AI) and machine learning (ML), its trade finance solutions provide banks, financial institutions, and businesses with sophisticated data analytics and document processing for crucial processing and compliance-related requirements that enhance business outcomes and customer experience, boost operational efficiency, and lower compliance risks. The market for addressable trade finance solutions is predicted to be worth $3 billion, and the market for intelligent document processing is expected to be worth $4.8 billion by 2022.
To increase its influence and reach, Impactsure has formed a number of strategic alliances and partnerships with well-known companies like Deloitte, Google, Microsoft, and Amazon. In addition to increasing its human capital by tripling its staff in the past year, the company has been increasing its global reach.
In the highly coveted Annual IBSi Annual Sales League Table 2022, the business was recently recognised as the Star Performance (new entrant) in the Transaction Banking (Trade Finance) category. At the IBS Intelligence Global FinTech Innovation Awards 2021, Impactsure also took home the Best Trade Finance Implementation Award for the Best Adoption of Tools & Governance.