FinTech company Fincast, has secured a pilot programme with Singapore headquartered OCBC Bank as its first deal. Fincast specializes in the adoption of artificial intelligence into portfolio & wealth management, specifically for use by financial advisers and institutional investors.
The Australia based startup was one of eight selected from 200 applicants from around the world to take part in the Nest accelerator program earlier this year, and is now one of three selected to complete a three-month pilot program with OCBC Bank.
Managing Director and Co-Founder Andrew Connors, commented,
The appetite for and commitment to innovation by Asian banks means the Australian big four banks are being left behind. Major Asian banks like OCBC aren’t just kicking the tyres on new technologies that will advance their business, they are firmly focused on having a first-mover advantage by utilizing technology. We are still hopeful that early adopters of our technology will include an Australian bank or corporate partner of our home, the Stone & Chalk Fintech hub.
Fincast was founded when the common pain points from Financial Advisers were felt by Chelsea Dunne, which needed real time portfolio management and goal based advisory tools to use with their clients.
The Fincast framework is designed to enhance your portfolio management capability, and their open architecture allows you to include as much or as little of your own ideas on investment research. They’ve utilised the latest technology to allow seamless integration with existing administration, reporting and CRM platforms – ensuring greater efficiency and reduced duplication across many platforms.
The Financial Adviser Module is complemented by FINCAST’s Model Portfolio Management Application which was released earlier this year. The application enables Advisers to easily design, build and manage their own tailored portfolios, utilising institutional grade forecasts and optimisation algorithms that adapt based on market conditions.
We are delighted with the outcome of the OCBC Fintech Accelerator, having secured a pilot. It is a fantastic endorsement of our technology.
After the OCBC program, Connors and Dunne will spilt their time between their core markets of Australia and Asia. They are looking to establish an office in Singapore by the end of this year as their Southeast Asian hub.