21 March 2022 Hong Kong – Wizpresso, a pioneering startup in the financial technology sector, is proud to announce its innovative use of artificial intelligence (AI) and natural language processing (NLP) to enhance the efficiency of the initial public offering (IPO) process. This initiative is set to significantly reduce the time and cost associated with due diligence in the financial market, addressing longstanding inefficiencies in traditional practices.
In recent years, the global IPO market has seen Hong Kong consistently ranking among the top markets for fundraising. However, the industry has largely relied on manual, paper-based processes that prolong the IPO timeline. Understanding this challenge, Wizpresso has developed a solution that streamlines due diligence, reducing processing time by up to 80% while improving accuracy.
Calvin Cheng, Founder and CEO of Wizpresso, shared insights into the motivation behind the technology. “Having worked in capital markets, I witnessed firsthand the outdated methods still in use today. Our AI-driven platform analyzes prospectus documents and provides review insights, which not only saves time but also lowers costs by minimizing the need for manual labor,” Cheng explained.
Since its inception, Wizpresso has focused on overcoming industry resistance to change. “The biggest challenge has been shifting the mindset of professionals accustomed to traditional methods. To facilitate this transition, we offer free seminars to educate industry players on how AI and NLP can enhance operational efficiency,” Cheng added.
Wizpresso’s participation in the Hong Kong Trade Development Council’s “Start-up Express” program has further bolstered its efforts to enter international markets. Selected as one of the winning startups, the program has provided invaluable opportunities for global promotion, including exposure at international fairs, such as a recent event in Spain.
“With the support of the Trade Development Council, we are expanding our presence beyond local markets. Their extensive global network has been instrumental in increasing our visibility and building confidence with financial institutions,” said Cheng.
As Wizpresso looks to the future, the company aims to democratize its technology, making it accessible to all listed companies. “Many firms may not continue to engage professional legal and audit teams post-IPO. We want to be their trusted partner for due diligence, ensuring they maintain compliance and efficiency,” Cheng emphasized.
Wizpresso’s system currently supports twelve languages and is poised for further expansion, leveraging innovative technology to meet the evolving needs of the financial sector.
Read more: http://startupbeat.hkej.com/?p=116369
About Wizpresso
Wizpresso is dedicated to revolutionizing the financial market with cutting-edge AI solutions. By improving the efficiency and accuracy of due diligence processes, Wizpresso empowers financial institutions and startups to navigate the complexities of the capital market with ease.