Singapore-based digital banking technology company Percipient has secured around $5 million in a fresh funding round to support the launch of its digital twin solution, the media reported.
The funding round for Percipient was led by Silicon Valley-based venture capital company Stat Zero.
Reportedly, the solution named TWINNTM will help banks to rapidly create a lightweight, enhanced and API-ready representation of enterprise data and processes.
Percipient co-founder and chief executive officer, Navin Suri told the media, “Digital transformation approaches in financial services have not kept pace with changing demand. Now with the COVID-19 pandemic, the pace of digital transformation has further shifted gears.”
“There is no time to lose in the race to offer frictionless digital financial services that cater to everyone, not just the young and tech-savvy. The Percipient team have experienced the challenges of system transformation first-hand. This Stat Zero funding will help us reach the many financial services companies that are looking for a faster, simpler, more cost-effective and future-compatible way to solve these.”
Percipient was founded in 2015.
Last month, The Monetary Authority of Singapore (MAS) announced that it has shortlisted 14 applicants out of 21 for granting digital banking licence in the country.
The 14 applicants shortlisted comprises five digital full bank applicants and nine digital wholesale bank applicants.
Reportedly, the selected applicants will be invited to present their proposals through virtual meetings, where they will be further screened.
They will further be narrowed down again on the basis of their value proposition and business model, incorporating the innovative use of technology, ability to manage a prudent and sustainable digital banking business as well as growth prospects.