SCMP – 28 October 2021
Wizpresso Revolutionizes IPO Due Diligence with Advanced AI Technology
Hong Kong – Wizpresso, an innovative fintech startup, is transforming the landscape of capital markets by leveraging artificial intelligence (AI) to streamline the due diligence process for initial public offerings (IPOs). With the ability to reduce the time required to verify IPO prospectuses by up to 75%, Wizpresso is poised to become the go-to Automated Intelligent SaaS (Software as a Service) platform for financial professionals.
In a year marked by over 1,600 IPOs globally, the escalating volume of data has made traditional due diligence processes increasingly laborious and time-consuming. “The thorough assessment of financial, legal, and operational aspects is crucial for ensuring accurate disclosures in the prospectus,” said Calvin Cheng, Founder and CEO of Wizpresso. “If these details are not verified properly, it can mislead investors and lead to significant financial repercussions.”
Cheng, who has a background in banking, recognized the challenges associated with analyzing unstructured data during his tenure. “I saw firsthand the pain points faced by professionals in capital financing transactions. This inspired me to create a tech solution that addresses these inefficiencies,” he explained.
Wizpresso’s flagship product utilizes advanced natural language processing (NLP) to automate the analysis of complex documents, significantly enhancing operational efficiency for investment banks and legal firms. By alleviating the tedious aspects of due diligence, Wizpresso not only accelerates the verification process but also helps firms retain talent by reducing the burden of monotonous tasks.
“On average, 5 to 7 percent of gross IPO proceeds are allocated to fees, highlighting the need for a more efficient approach,” Cheng noted. “Our platform is designed to optimize these processes, allowing professionals to focus on higher-value activities that require their expertise.”
As the demand for innovative solutions in the financial sector continues to grow, Wizpresso is committed to expanding its offerings and market reach. The company aims to empower professional services in capital markets, ensuring that they are equipped with the tools necessary for success in today’s fast-paced environment.
About Wizpresso
Wizpresso is a leading fintech company dedicated to enhancing the IPO process through AI-driven solutions. With a focus on improving due diligence workflows, Wizpresso is revolutionizing how financial institutions and legal professionals approach document verification and analysis.