Singapore-based AI firm, Transparently.AI, has secured an investment from asset management giant Franklin Templeton. The investment is part of the company’s admission into Franklin Templeton’s FinTech Incubator program. Transparently.AI specializes in developing artificial intelligence software that detects accounting fraud.
Utilizing machine learning, Transparently.AI’s software is trained to identify accounting red flags in corporate balance sheets. The software provides a risk score ranging from 0 to 100, indicating the likelihood and extent of accounting manipulation within a company. This makes it a valuable tool for asset managers, banks, auditors, exchanges, and others in need of a due diligence tool to filter out suspicious accounting practices, fraud, and weak corporate governance.
As part of the investment, Transparently.AI will receive mentorship and guidance from Franklin Templeton’s network of startup professionals, founders, and experts through the FinTech Incubator program. Additionally, the program offers the company access to workspace in Franklin Templeton’s Incubator offices in Singapore and San Mateo, California.
The CEO and co-founder of Transparently.AI, Hamish Macalister, expressed his gratitude for the collaboration with Franklin Templeton, a brand with a strong presence and history in the United States. Macalister believes that this partnership will significantly accelerate their go-to-market strategy, particularly in North America.
Franklin Templeton’s investment in Transparently.AI is part of a pre-series A funding round, raising a total of US$3 million and valuing the startup at US$20 million. This investment demonstrates confidence in Transparently.AI’s innovative AI-based system for detecting accounting manipulation and fraud.
Margaret King, Vice President of FinTech Partnership & Corporate Strategic Investments at Franklin Templeton, recognizes the changing face of fraud risk in today’s evolving digital landscape. She believes that with advancements in AI, regtech solutions like Transparently.AI’s can address gaps in financial crime risk management effectively.
Transparently.AI, founded in 2021, has already gained recognition for its innovative technology. It was included in the RegTech100 list for 2023, which highlights the world’s most innovative regtech companies.
For more information about Transparently.AI and its accounting fraud detection software, please visit transparently.ai.
FAQs about Transparently.AI and its Accounting Fraud Detection Software
1. What does Transparently.AI specialize in?
Transparently.AI specializes in developing artificial intelligence software that detects accounting fraud.
2. How does Transparently.AI’s software work?
Utilizing machine learning, Transparently.AI’s software is trained to identify accounting red flags in corporate balance sheets. It provides a risk score ranging from 0 to 100, indicating the likelihood and extent of accounting manipulation within a company.
3. Who can benefit from Transparently.AI’s software?
Asset managers, banks, auditors, exchanges, and others in need of a due diligence tool to filter out suspicious accounting practices, fraud, and weak corporate governance can benefit from Transparently.AI’s software.
4. What opportunities does Franklin Templeton’s FinTech Incubator program offer Transparently.AI?
As part of the investment, Transparently.AI will receive mentorship and guidance from Franklin Templeton’s network of startup professionals, founders, and experts through the FinTech Incubator program. The program also offers the company access to workspace in Franklin Templeton’s Incubator offices in Singapore and San Mateo, California.
5. Who is the CEO and co-founder of Transparently.AI?
The CEO and co-founder of Transparently.AI is Hamish Macalister.
6. What is Franklin Templeton’s investment in Transparently.AI part of?
Franklin Templeton’s investment in Transparently.AI is part of a pre-series A funding round, raising a total of US$3 million and valuing the startup at US$20 million.
7. What recognition has Transparently.AI received?
Transparently.AI was included in the RegTech100 list for 2023, which highlights the world’s most innovative regtech companies.
For more information about Transparently.AI and its accounting fraud detection software, you can visit their website at transparently.ai.
The source of the article is from the blog macholevante.com