Singapore Exchange (SGX Group), Asia’s most international, multi-asset exchange, has selected India’s AI/ML-enabled document analytics company Impactsure Technologies’ SaaS platform to extract structured corporate financial data from its data repository.
Impactsure has deployed its SureXtract solution at SGX, which is powered by the SURE Platform (Secured Unified Responsive Engine). SURE is a patent pending AI/ML + NLP solution that derives insights from structured and unstructured data in printed documents, contracts, scanned images, pictures, handwritten notes, IoT sensor data and many other applications.
As a listing venue for international companies across diverse sectors and with an investment platform that is used by global investors, SGX provides investors access to structured data from financial statements and annual reports that are submitted by listed companies. The exchange extracts such key information and data from 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”.
With a specialised focus on the BFSI sector, Impactsure builds products for complex, document, and data-intensive tasks which require significant human effort and are prone to error. Its trade finance solutions enable banks, financial institutions, and corporations with advanced intelligent data analytics and document processing, using artificial intelligence (AI) and machine learning (ML), for critical processing and compliance-related requirements that improve business outcomes and customer experience, increase operational efficiency and reduce compliance risks. The addressable trade finance solutions market is estimated at $3 billion, and the intelligent document processing as a market is projected to reach $4.8 billion in 2022.
Impactsure has entered into several strategic alliances and partnerships with established players Google, Deloitte, Microsoft, and Amazon, and others, to expand its reach and impact. The company has been expanding its global footprint and has also increased its human capital by tripling its headcount in the last year.
The company was recently recognised as the Star Performance (new entrant) of the Transaction Banking (Trade Finance) category in the coveted Annual IBSi Annual Sales League Table 2022. Impactsure also bagged the Best Trade Finance Implementation Award for the Best Adoption of Tools & Governance, at the IBS Intelligence Global FinTech Innovation Awards 2021.
