CEOs NOW HAVE EASIER ACCESS TO ARTIFICIAL INTELLIGENCE:
A NEW VIRTUAL CFO THAT HELPS MAKE COMPLEX DECISIONS AND EFFECT CHANGE
Singapore – 26 May 2016: A new fintech start-up has produced an Artificial Intelligence (AI) technology that is able to help businesses evaluate their current financial position and plan action steps on how to improve their performance. Called MyFinB.com, the start-up believes that this will change the way accountants and financial controllers carry out their work by increasing productivity levels, unravel complex variables and undertake benchmarking and scenario analysis.
A recent study done by global law firm Baker & McKenzie, Wong & Leow has revealed that AI is expected to bring significant improvements to the financial sector in terms of how risk assessment, credit assessment and investment portfolio management are being carried out. In the next three years, the study also highlighted that risk assessment and financial research are the areas where companies are likely to invest with machine learning applications.
According to M Nazri, the Founder and CEO of MyFinB, “Financial Planning and Analysis (FP&A) is an essential function in any organisation. However, business leaders sometimes feel that FP&A is a low-return cost center or do not have the skills, time or efficient FP&A tools to help them.” He added, ” The rise of AI Tech has facilitated development of FD&A tools that are easy to use and affordable to big and small organisations. Such tools must be more than just diagnostic in nature or just describing the financial data, it need to be transformational and prescriptive in order to boost productivity significantly.”
MyFinB.com operates out of a web-to-mobile platform to help businesses chart their financial and investment roadmap by entering basic financial inputs into the system or upload their financial reports into the portal. The reports comprise of:
1) Basic Profiling Report : basic analysis of a company in terms of its financial position versus industry average based on key indicators. This report comes with an explanation of how to interpret and apply the reports to make preliminary assessment.
2) Valuation Drivers Report: a review of the factors that drive the company’s business and risk position, sensitivity analysis on its profit margins and top 5 key issues / highlights; and listing recommended action steps on what needs to be done.
3) Management Review Report: A comprehensive analysis of past and current issues and what needs to be assessed in the future. This report Includes sectional analysis and a detailed 4-phase financial plan to help improve financial strength.
At present, MyFinB has entered into numerous Memorandum of Understanding (MOU) and Letter of Intents (LOI) in more than 20 countries. It is also currently embarking on various projects in the ASEAN region as part of its first phase of expansion – involving public and private sectors. At present, it is on self-funding mode but is already in talks with various venture capitalists to scale its operations further with robust implementation plans.
For more details of MyFinB, you can email to media@myFinB.com or visit www.MyFinB.com.