Aboitiz Data Innovation (ADI) and Synfindo, recently inked a Memorandum of Understanding (MOU) to explore the use of the secure Virtual Private Cloud (VPC) environment so as to interact with data securely and seamlessly for the purpose of Data Model creation or Proof of Concept (POC).
The partnership was sealed during the ADI-organized event ADI: Let’s Press Start held on October 27, 2022 at the ArtScience Museum, Singapore. ADI and Synfindo were represented by their Chief Executive Officers Dr. David R. Hardoon and Mr. Umang Moondra, respectively. The signing was witnessed by Mr. Pradyumna Agrawal, Managing Director, Temasek whose operating entity, LemmaTree, is an investor in Synfindo.
Synfindo is a fintech start-up that is committed to building innovative products and enabling growth for the financial services industry across the globe by accelerating collaboration opportunities between financial institutions and fintech companies.
Moondra said, “We are delighted to partner with ADI to transform the banking and financial sector by introducing innovation and digitalization. Our current efforts in driving data innovation on a larger scale and in an expedient manner are aligned with ADI’s ambitions for Parlay.”
Parlay, ADI’s recently launched data exchange platform, is exploring options for collaboration with Synfindo’s product suite. Parlay is expected to reduce product development time by 40%, negating the need for financial institutions to engage in data transformation activities of synthetic datasets before embarking on a hackathon or similar innovation exercise with FinTechs. With this new partnership, ADI will drive the private adoption of Parlay to assist various financial services firms in accelerating their own digital transformation journeys.
“We are always looking for opportunities to collaborate with organizations to help them unlock the power of Data Science and Artificial Intelligence (DSAI) tools and solutions to optimize revenue, increase operational efficiency, and better manage risks. Through Parlay, you can easily and securely share and access valuable data across business units and industries to build high-value data products and DSAI solutions,” said Guy Sheppard, ADI Chief Operating Officer for Financial Services.
Launched in May this year, Parlay was created to address the common challenges businesses face with data sharing adoption – data kept in silos and complicated and lengthy legal procedures around the loss of control of data being shared. The platform allows businesses across industries, sectors, and borders to visualize new possibilities, explore data from other sectors, and experiment new data-driven approaches to solving business problems.
This collaboration will allow Synfindo and its customers to enjoy faster delivery for data modeling and data interactivity, helping them achieve their core goal of accelerating FinTech and RegTech innovation more efficiently.