Franklin Templeton Invests in Transparently.AI’s AI-powered Fraud Detection Software

Transparently.ai, headquartered in Singapore, has secured an investment from Franklin Templeton as part of its entrance into the asset manager’s FinTech Incubator program. The investment comes as the AI company, specializing in identifying accounting fraud, announced its successful pre-Series A funding round of US$3 million.

With a focus on combating financial crime, the collaboration with Franklin Templeton will enable Transparently.AI to develop its AI-powered fraud detection software further and strengthen its market position in the field of fraud detection technology. 

Transparently.ai’s AI-driven software serves as a tool for identifying financial irregularities and potential fraud within corporate financial statements. By assigning a risk score ranging from 0 to 100, the software evaluates the likelihood and magnitude of accounting manipulation, offering asset managers, banks, auditors, and exchanges a valuable due diligence resource to sift through questionable accounting practices, fraudulent activities, and weak corporate governance.

The partnership with Franklin Templeton entails financial backing and provides Transparently.AI access to mentorship and guidance from a network of startup professionals, founders, and experts through the FinTech Incubator program.

In addition to the investment infusion from Franklin Templeton, Transparently.AI stands to benefit from the mentorship and expert guidance provided through the FinTech Incubator program. This initiative offers Transparently.AI access to workspace facilities in both Singapore and San Mateo, California. 

Hamish Macalister, Transparently.AI’s CEO and co-founder, expressed gratitude for the partnership with Franklin Templeton, emphasizing the potential to accelerate the company’s market expansion, particularly in North America. 

Leveraging Franklin Templeton’s established presence and reputation in the United States, Transparently.AI aims to expedite its go-to-market strategy, tapping into new opportunities in the financial technology landscape.

Margaret King, Vice President of FinTech Partnership and Corporate Strategic Investments at Franklin Templeton, highlighted the growing importance of RegTech solutions in addressing evolving fraud risks. 

She spoke of the potential of advanced AI technologies, such as those developed by Transparently.AI, to enhance financial crime risk management practices, signaling optimism about the impact of Transparently.AI’s contributions to the market.

Established in 2021, the Singaporean firm has quickly made its mark in the industry, earning a coveted spot on the RegTech100 list for 2023, which celebrates the world’s most pioneering regtech companies. 

With a growing clientele that includes one of the world’s largest sovereign wealth funds, a global commercial bank, and a prominent member of the Big 4 auditors, Transparently.AI continues to solidify its position as a trusted provider of advanced financial crime risk management solutions.

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