SINGAPORE, May 8, 2024 /PRNewswire/ — Fintica AI Ltd, a leading provider of next-generation AI for the financial industry, and Spark Systems Pte. Ltd, a leading global foreign exchange trading platform, have announced a strategic partnership.

This strategic partnership will enable Spark Systems to accelerate its business development and market reach in Singapore and globally by bringing Fintica AI’s unique unsupervised artificial intelligence technology to its client base.

The finance sector in Singapore has witnessed a remarkable transformation in recent years, with the growing importance and relevance of AI technology as well as a rapidly expanding foreign exchange market at its forefront. Singapore has positioned itself as a global financial hub, and its financial institutions are increasingly turning to artificial intelligence to pursue efficiency and profitability. AI-powered solutions, such as those created by Fintica AI, have revolutionized various aspects of finance, from AI-augmented investment decision and risk management to enhanced market liquidity and monitoring.

Fintica AI’s solutions enable analysis of vast amounts of data, giving financial institutions greater leverage to make data-driven decisions swiftly and accurately. This move therefore holds the potential to make Singapore’s financial sector not only more competitive, but also more innovative in the global arena.

The decision of Spark Systems to partner with Fintica AI is a key example of how the Singapore ecosystem is investing in becoming one of the most dynamic financial sectors in the world, driving further innovation and cementing the city-state’s reputation as a cutting-edge financial center.

Wong Joo Seng, Executive Director and Chief Executive Officer at Spark Systems, said: “Spark Systems is pleased to partner with Fintica AI and its cutting-edge AI technology team that is focused on trading financial markets. Artificial intelligence is neither artificial nor science fiction anymore, it’s real and happening now. Traders armed with AI will possess the most significant edge the industry has seen to date.”

“We are thrilled to partner with our esteemed Singapore counterpart to spearhead transformative initiatives in the foreign exchange trading space,” said Philippe Metoudi, Chief Executive Officer of Fintica AI. “This partnership will enable us to leverage each other’s strengths, tap into the immense potential of Singapore’s financial institutions and fintech ecosystem, and deliver innovative solutions that will shape the future of foreign exchange.”

About Fintica AI Ltd:

Fintica AI is a fintech firm dedicated to developing cutting-edge autonomous AI technology for capital markets. Among the company’s core solutions are Orion, an AI-augmented foreign exchange hedging solution tailored for corporate and institutional clients; Spectrum MRI, a platform for identifying market regimes across various asset classes, and providing predictive analytics and risk decision support tools for investment managers; and Bluestream, a liquidity enhancement solution designed for market infrastructures. Headquartered in Tel Aviv, Fintica AI maintains a presence in several global financial hubs.

About Spark Systems Pte. Ltd:

Headquartered in Singapore, Spark Systems is a builder of next-generation; fast, smart and efficient trading platforms. From local banks to hedge funds, and retail traders to corporate treasuries, Spark Systems aims to serve specific requirements of the various FX trading sub groups. Its objective is to enhance usability and improve trading efficiency to perfect the user experience by providing a stable, ultra-low latency aggregator with algorithms for optimized execution. Spark Systems provides an innovative solution to today’s segmented and under-served FX market participants.

For further information:

Visit www.fintica-ai.com / email [email protected].

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– Innovative solar panel manufacturer announces a new record in silicon heterojunction back-contact solar cell efficiency of 27.30%, cementing its leadership in the global solar energy industry.

– LONGi also unveils its all-new Hi-MO 9 new solar module, featuring industry-leading silicon solar module conversion efficiency of up to 24.43%

MADRID, May 8, 2024 /PRNewswire/ — LONGi Green Energy Technology Co. announces that the company has broken another world-record for silicon solar cell efficiency only 4 months after it last set a world-record in this area on May 7. As certified by Germany’s Institute for Solar Energy Research Hamelin (ISFH), new silicon heterojunction back-contact (HBC) solar cells designed by LONGi have reached an efficiency of 27.30% under laboratory conditions. The new record was announced at a celebratory event where they also unveiled a new product, the Hi-MO 9. Guests at this event included LONGi’s founder and president, Li Zhenguo, Vice President Dennis She, Chief Scientist Dr. Xu Xixiang, and client representatives from across the globe.

LONGi has cemented its leadership in the global solar energy industry

The announcement represents the 17^th time that the company has set a world-record in solar cell efficiency since April 2021.

The achievement has firmly established LONGi as a leader in crystalline silicon photovoltaics – the company is now the twin world-record holder both for efficiency in crystalline silicon solar cells and for efficiency in crystalline silicon-perovskite tandem solar cells. In November 2023, LONGi announced that the company had set an additional world record in the efficiency of crystalline silicon-perovskite tandem solar cells of 33.9%.

Introducing the Hi-MO 9 module

At a celebratory event held in Madrid, Spain, on the evening of the 7th of May, LONGi launched its all-new, flagship Hi-MO 9 module. The Hi-MO 9 is a solar module with capabilities of up to 660W, based on the 2^nd generation Hybrid Passivated Back Contact (HPBC) solar cell technology and the TaiRay wafer, an silicon wafer launched by LONGi in March 2024, and the Hi-MO 9 module boasts a conversion efficiency up to 24.43%, built to excel in a range of tough environments (including lakes, mountains, and deserts).

Dennis She, Vice President of LONGi Green Energy Technology Co., said: “Our new Hi-MO 9 module allows world-leading power generation and outmatches other technologies on the market in an equal land-use scenario. What’s more, it retains this performance throughout its life, as the module is designed to the highest standards of reliability. Power plant owners can rest assured that a plant built from the Hi-MO 9 module will help them make the most efficient use of their land and get the most value out of sunlight.”

The panels will be produced at the company’s Jiaxing Production Base which has been recognized by the World Economic Forum as a Global Lighthouse Factory, a group of factories which have been judged to be accelerating the adoption of Fourth Industrial Revolution technologies in manufacturing.  

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

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The acquisition unifies invoice processing and statement reconciliation to drive accuracy and cost savings for customers 

LONDON, May 8, 2024 /PRNewswire/ – Basware, a global leader in AP automation and invoice processing, today announced that it has acquired AP Matching.

The acquisition will expand Basware’s market offering, bringing accurate financial data and increased cost savings to the entire invoice processing cycle. It will go beyond traditional AP (accounts payable) automation and solve a critical pain point for finance and accounting teams: ensuring the accuracy of financial records through automated statement reconciliation.  

Based in the UK, AP Matching (formerly Statement Matching) is a provider of cloud-based solutions for managing invoices and reconciling statements. Its platform reconciles buyer and supplier statements and delivers matched invoices to customers’ Enterprise Resource Planning (ERP) or Source to Pay (S2P) systems, requiring minimal input from the AP team. 

Statement Reconciliation  

The role of statement reconciliation in financial management is critical. Research with Ardent Partners recently found that a lack of visibility into invoice and payment data was the biggest AP hurdle for 1 in 5 (21% of) finance departments, working with unstructured or incorrect data. As a result, improving reporting and data analytics was the top priority selected by 53% of all AP leaders. 

Statement reconciliation allows CFOs to accurately compare two sets of financial statements to ensure they match, such as a supplier invoice and the buyer’s company records. Ensuring supplier invoices match and the data is accurate allows payments to be made on time, guarantees payments are processed correctly and improves cashflow forecasting. 

However, up to 59% of a financial department’s resources are allocated to managing transaction-intensive processes, emphasising the need for more efficient and accurate approaches, such as automated reconciliation software. 

The integration of Basware and AP Matching will provide solutions to harmonise financial statements, reduce the risk of erroneous payments and increase the integrity of CFOs’ financial data.  

Unifying AP automation  

For nearly 40 years, Basware has helped enterprises worldwide navigate the complexities of the invoice processing cycle. Powered by AI, Basware’s platform automates the entire accounts payable journey – from receipt and matching through to approval and payment – reducing manual effort and ensuring regulatory compliance. Backed by Accel-KKR, Basware automates over 220 million invoices and $900bn in spend annually for thousands of customers. 

Jason Kurtz, CEO of Basware, commented on the acquisition:  

“CFOs often struggle to oversee the complexities of invoicing processes end-to-end, which can lead to erroneous payments slipping through the gaps. The repercussions of failure in statement reconciliation is money lost from a company’s P&L (profit and loss statement). But it can be fixed and automated. We’re excited to combine forces with AP Matching, so that CFOs can enhance their AP automation processes and increase the accuracy of financial recording. We’re on a mission to unlock the future of finance and provide the best end-to-end technology to drive value for our customers. With AP Matching, we will do just that.” 

Managed Services Integration  

Headquartered in the UK, AP Matching has been serving large enterprises since 2005, focused on the UK and US markets. 

Through the acquisition, Basware will also integrate AP Matching’s Managed Services division. The managed services team specialises in automated invoice processing and managed data capture services, specifically for SAP customers. Its solution eliminates the data capture process for customers, ensuring they receive 100% electronic data from invoices in their ERP systems, regardless of how suppliers submit invoices (e-invoicing, email or paper).  

By integrating AP Matching’s managed services and SAP capabilities, Basware will further strengthen its solution for invoice capture, validation, and integration with existing ERP systems. 

Daniel Kimpton, Cofounder and Director at AP Matching, also commented:  

“We’re thrilled to join forces with Basware and offer a comprehensive solution that will improve the entire invoice processing cycle for enterprises worldwide. The acquisition will supercharge our growth and enable us to provide unmatched value to customers, as we combine our expertise in statement reconciliation with Basware’s AP automation capabilities. Together, we will empower CFOs with a powerful end-to-end technology solution that ensures accuracy and efficiency in financial recording.” 

The announcement follows Basware’s acquisition of Glantus in October 2023, a company that specialises in invoice analysis to prevent overpayment and fraud. 

About Basware   

Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. With Basware, Now it all just happens.™ 

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