With explosive growth in the fintech ecosystem, startups in several sub-categories, investors, regulatory bodies and various other stakeholders have developed along globally.
‘FintechDB’, an AI powered database, aims to resolve the lack of specific information in a vast ecosystem. Investors looking for accurate information about emerging startups based on a set criteria, companies that wish to enter new markets and seeking local support to establish their business quickly, young startups that need support to scale and improve their offerings are just some of those which will benefit from the FintechDB. Tailored information and support is crucial when already available information is diluted and inaccurate.
The ‘FintechDB’, presently in the alpha version, is active and continuously porting raw data on over 11,000 startups in the fintech, blockchain and cryptocurrency space. It will be part of the LATTICE80 KAYA Network, ICO private sales for which are currently in progress.
The network, which is available across the United States, UK, EU, MENA, Nordics and Asia, will connect –
1) Fintech, Blockchain and Cryptocurrency Startups
2) Financial Institutions, Corporates and Investors, and
3) Government Agencies, International Organisations
The global database will contain extra data on emerging markets such as Asia compared to other markets. The absolute number of startups in emerging markets still remains to be a small portion of the overall infrastructure. Investors will be able to subscribe to the FintechDB on an invite-only basis within a few days.
Joe Seunghyun Cho, Co-founder and Founding CEO at LATTICE80, explains: “We are absolutely focused on two things. One, to provide a robust platform for investment information. To identify trends and opportunities based on market data, track records of old companies, correlating custom variables developed over time. It is a complex machine learning algorithm crunching data in the background. Big data will take over the function of the human VC to a certain extent. A human VC is limited by the number of pitch decks s/he can review; we review many times more, and reliable data, through our engine. And we will even be able to set up venture funds and accelerators based on the system.
“Secondly, we shall be able to identify trends for corporates and financial institutions. Something everyone wishes they had in my various interactions across the globe, but somehow not available.
“Anyone can go and build an initial database set. LATTICE80’s advantage will be deeply engaging the community through our spaces and networks really well-crafted over time. We wish to emerge as the single largest fintech network on the planet, by being able to engage every category and sub category in the industry.”
Joe also hinted at bringing into use the KAYA Utility Token within this ecosystem which has a global reach, engagement and involvement.
LATTICE80 is a Global Fintech Hub building an ecosystem for fintech startups, corporates, financial institutions, governments, and the public to collaborate, learn, and co-create. LATTICE80 opened the World’s largest Fintech hub in Singapore in Nov 2016 and is in the process of opening several branches in Europe and Asia in 2018. The project is backed by Marvelstone Group.