International Finance
Technology

AI firm Squirro launches in Singapore

To target financial services market in APAC region

Squirro, the AI-driven context intelligence and data insights solution provider, is opening its first office in Asia, looking to use the new Singapore office as a base from which to target other countries in the Asia-Pacific (APAC) region.

Squirro’s AI-driven context intelligence and data insights solutions are used by Financial Services (FS) firms all over the world, including organisations such as Wells Fargo, Investec and SwissRE. The Singapore office will be Squirro’s fifth, with offices in three European locations and its US HQ in New York.

This latest international expansion is the first since Squirro finalised a $10 million Series B funding round in July 2017, with investors including Orange Growth Capital and Salesforce Ventures.

“Our continued international expansion reflects the growing maturity of AI and machine learning, technologies that are finally starting to deliver on the promise and hype,” said Dr Dorian Selz, CEO at Squirro. “Opportunities for financial services in the APAC region are growing as FinTechs take the lead. Technology has created an ongoing evolution in the industry, a shift from traditional financial services to financial technology. Squirro’s technology, particularly our new advanced AI platform TRINITY, addresses the challenges of dealing with 99% of the company data that is not addressed and provides FS firms with far greater customer knowledge than they have ever had.”

More than 200 banks have a presence in Singapore, and with the 2013 appointment of a Renminbi (RMB) clearing bank, financial institutions in Singapore have been able to play a significant role in bridging trade and investment flows between China and other countries.

“Not only is Singapore one of the world’s most prominent financial centres, it’s really where much of the region’s growth is. Furthermore, it is incredibly well connected across the rest of South East Asia,” continued Selz. “Singapore was therefore the obvious choice when it came to launching Squirro’s first office in Asia. It gives us the perfect platform to work with FS firms in Singapore and the rest of the APAC region.”

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