Hong Kong the Next Market for Mandarin-Reading Extraction Software Startup Turicode's Global Growth
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2.5 trillion PDFs are created every year, enclosing data the financial industry needs to extract on a real-time basis. That makes a multi-billion-dollar process automation market for Swiss extraction software maker turicode. Co-founder Martin Keller looks beyond current turmoil, to view Hong Kong as the ideal stepping stone for his startup's continuing international expansion.
How is turicode changing finance?
Eighty percent of business-relevant data is unstructured and needs to be processed manually from documents, by copy-pasting or typing. This process is repetitive, error-prone and costly. Our SaaS solution MINT.extract enables professionals in the financial sector to train dedicated machine learning systems on their own documents, without any programming skills needed. With MINT.extract, our customers can save 50 to 80 percent of costs and can dedicate more time to more meaningful tasks. A purpose-built document query language (DQL) and the ability to train your own learning system on different types of documents makes MINT.extract much more flexible and powerful compared to existing solution on the market.
What is the potential of Hong Kong for turicode?
The global process automation market is expected to increase by 30 percent each year, to $2.7 billion by 2023, with the Asia-Pacific region growing fastest. Hong Kong is the perfect hub to enter this market. Our MINT.extract software deals with documents in different languages, including Mandarin. Many of our global customers already do business in the APAC region and look for a general solution that can cope with individual local needs. There are also 160 licensed banks and more than 160 insurers looking for smart software that can be used at a global scale. That’s why we're going there! Regardless of the current upheaval, Hong Kong and nearby mainland technology hub Shenzhen, will remain important clusters for trade and finance in the long run.
What do you hope to achieve from the Venture Leaders Fintech roadshow?
We want to build a strong network to serve our global customers and to lay the foundations for market entry. We're looking forward to meeting the region's banks, insurance companies and large asset managers, and are also keen to talk with partners that could integrate and sell MINT.extract as part of their own offerings. Finally, travelling with the nine other high-potential startups as part of the Swiss National Startup Team, I'm interested in exchanging ideas and opinions with fellow fintech founders!
The Venture Leaders Fintech roadshow 2019 to Hong Kong is organized by Venturelab and swissnex China and supported by digitalswitzerland, EPF Lausanne, ETH Zurich, IMMOMIG, PostFinance, Redalpine, Walder Wyss and Canton of Zurich.
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