Singapore: Mumbai-based Think Analytics India Pvt Ltd, also known as Think360 AI, was one of only five Asia-Pacific firms that were named in the 2023 edition of AIFINTECH100 list of 100 of the world’s most innovative AI solution providers for the financial services industry.

In its third year, the list is compiled by a panel of industry experts and analysts and is published by FinTech Global, an online platform providing information and media services focusing on the fintech industry. With the rising use of AI (artificial intelligence) in various sectors and especially in financial services, FinTech Global believes that “these companies are ones that every financial institution needs to know about as they consider and develop their digital transformation strategies and new customer propositions.”

FinTech Global is the world’s leading provider of fintech information services, B2B media products and industry events, and serves a network of over 3,00,000 fintech professionals to provide them with essential business information and help them connect with potential investors, clients and partners.

Despite falling in Q1 this year compared with the period from 2021 up till Q1-2022, fintech VC funding is still higher than before Covid. This is mainly due to the softer tech funding climate in the last 6-9 months brought upon by higher interest rates and a slowing global economy.

According to data from Dealroom, fintech is still the second-best VC investment category in Q1-2023. It comes in ahead of such sectors as health, energy, transport and security and only behind enterprise software due to the money being poured into OpenAI and the rest of generative AI. Fintech captured 14 billion USD in funding or 21 per cent of total global VC funding, not far behind enterprise software at 16 billion USD.

Fintech startups are now worth over 3 trillion USD, with two-thirds of the value still private.

Companies that made it to FinTech Global’s top 100 list, including Think360 AI, would have demonstrated significant ability to solve industry problems, innovate, grow in terms of capital raised, increase revenue and gain customer traction. In the solutions they provide, they should also be able to provide clients with potential cost savings, and efficiency improvements, improve the value chain, and generate more revenue for clients.

Think360 AI which was founded in 2014 is a rapidly growing data science company, working at the intersection of data, technology, and operations, and focuses on creating innovative solutions using cutting-edge technologies, advanced analytics, artificial intelligence/machine learning, and cloud and mobile computing.

They have clients in India and the US in data-rich industries such as financial services, healthcare, oil and gas, and retail, offering software as a service (SaaS)-based products, data science services, advanced analytics, insights management and technology advisory services to market-leading firms to help them differentiate themselves from competitors.

Earlier this year in March, Chennai-based Computer Age Management Services Limited (CAMS), said in a regulatory filing that it will pick up 55.42 per cent of the total paid-up share capital of Think360 AI through a secondary acquisition. CAMS is India’s largest registrar and transfer agent of mutual funds. With the acquisition, Think360 AI becomes a subsidiary of CAMS. Financial details of the deal were not disclosed. According to the terms of the agreement, CAMS will also be entitled to acquire the remaining shares of Think360 AI in phases.

The other Asia-Pacific companies that were named in FinTech Global’s list are Singapore’s Bolttech, Australia’s BGL Corporate Solutions, Japan’s Cinnamon AI, and Malaysia’s Finology.

Bolttech was founded in 2020 and is an international insurtech company and creates leading technology-enabled ecosystem for insurance and protection products. The company provides an insurance exchange platform that connects insurers, distribution partners and customers, leveraging AI and data-driven technology to make buying and selling insurance easier and more efficient.

BGL delivers software solutions to over 9,500 businesses in 15 countries through its user-friendly and highly intelligent web applications, combining amazing UX with powerful technology. It was founded in 1983 with only two employees.

Cinnamon AI was founded in 2012 in Tokyo and specialises in semantic understanding. The Tokyo-based company’s technology can comprehend information within documents semantically, going beyond basic text recognition. This enables seamless processing of an expanding array of over 50 document types, such as invoices, medical certificates, and contracts. It is used in the insurance and banking sectors with Dai-ichi Life Insurance one of its key partners. Through AI automation, it is able to simplify operational areas like know-your-customer (KYC) processes, customer support, insurance claim reviews, and loan assessments.

Finology was established in Kuala Lumpur in 2017 and offers API-driven lending and insurance solutions that allow financial institutions, such as banks and insurance companies provide enhanced digital experiences to their clients. These solutions also empower ecosystem businesses like property developers, automotive distributors, and digital platforms to integrate loans and insurance products seamlessly into their offerings.

Fintech Global in its report said that the “AIFINTECH100 list will help senior management and technology executives evaluate which applications of AI in financial services have market potential and are most likely to succeed and have a lasting impact on the industry.”