Economic Digest 經濟一週 – 12 January 2022
Wizpresso老細「三無」下創業+推AI監管科技方案+獲多間頂級律師行青睞！-經濟一週
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Hong Kong – Wizpresso, a pioneering startup in financial technology, has garnered significant attention for its innovative AI-driven regulatory technology solutions. As the demand for efficient compliance processes grows within the financial sector, Wizpresso’s products, including the integrated verification tool Factify, have quickly become essential for leading law firms involved in Initial Public Offerings (IPOs).
In 2021, the IPO market in Hong Kong saw a surge, positioning the city as one of the most active global markets. As regulatory requirements increase, the burden on financial institutions to verify extensive documentation has also risen. Wizpresso’s Factify utilizes advanced Natural Language Processing (NLP) technology to expedite the verification of IPO documents, significantly reducing the time and effort required by legal professionals.
Calvin Cheng, Founder and CEO of Wizpresso, remarked, “With Factify, users can upload a draft and have the system read hundreds of pages in just minutes, pinpointing areas that require verification and providing recommended sources for information.” This automation not only enhances efficiency but also minimizes the risk of errors during the verification process.
Factify has already been adopted by over ten prestigious law firms, which utilize the tool to streamline their review processes and ensure compliance with regulatory standards. “Our solution allows legal teams to focus on higher-value tasks while handling repetitive verification work swiftly,” Cheng added.
Despite the automation capabilities of Factify, Cheng emphasized that human oversight remains crucial. “While Factify can significantly reduce the workload, thorough reviews by legal professionals are still necessary to ensure accuracy.”
Wizpresso’s commitment to data security is paramount. The platform safeguards sensitive information and is currently ISO 27001 certified to enhance its data protection measures.
The company has also launched additional products, including Discovery, a tool designed to aggregate and analyze financial data, and Compose, which automates document preparation tailored to client needs. Together, these solutions are helping to elevate the quality of regulatory disclosures and improve the compliance landscape in Hong Kong.
Since its establishment in 2018, Wizpresso has attracted significant investment, totaling approximately $1 million from angel and venture capital funds. The company, which operates with a team primarily composed of data scientists and engineers, plans to expand its offerings into international markets by 2023.
Calvin Cheng, who transitioned from investment banking to entrepreneurship, expressed his gratitude for the support received from the Cyberport incubation program, which has provided invaluable mentorship throughout his journey. “I am excited about the future of Wizpresso and our potential to transform the financial compliance sector,” he stated.
