For financial companies and FinTech businesses, data is the most critical asset. However, for most companies, 80% of data is unstructured. Korean company XQuant wants to help companies and businesses in the finance sector with data automation using AI. XQuant was established in 2019 to deliver services to financial institutions increasingly interested in using AI to improve their decision process and operational efficiency.
For companies, manual data processing can be time-consuming, with significant chances of errors. This can lead to loss and liabilities for the financial companies. XQuant has combined the most advanced OCR and NLP techniques to extract and analyze information from various documents. Its solution TS-Expert automatically extracts data from confirmation of OTC financial products such as Swap, Options, Forward or Structured Products.
TS-Expert extracts informal contract terms from non-standard OTC derivatives contracts and converts them into structured data in a format desired by customers using AI technology such as natural language processing. It is expected to significantly reduce the input processing time and operational risk of financial and market appraisal companies.
With TS-Expert, there are low to nil chances of error, making the process 200 times faster than manual extraction and can shorten the deal matching and settlement cycle. TS-Expert has flexible input and output methods, so clients can input information and seek results per their convenience format. XQuant also has another service, ESG – Analytix, that helps investors and financial analysts find information and automatically assesses the involvement of corporations on Environmental, Social and Governance related themes.
For its unique technology, XQuant won the first runner-up position at the 2021 K-Startup Grand Challenge, a prestigious startup competition in Korea. The company is now marketing its service with leading companies in Korea. The company was founded by CEO Chea Srun, who is a French National from Hong Kong, with his colleagues Taek Cho (CPO), Simon Cho (CFO) and Victor Tkachev (CTO). The company is currently collaborating with NICE and Hana Bank in Korea. XQuant has offices in Moscow, Tunis and Seoul.