Singaporean regtech for detecting accounting fraud beats hundreds of rivals to nab invite into Plug & Play’s Fintech Accelerator Program
Singapore, March 31, 2023 — Transparently.AI, a Singapore-based maker of artificial intelligence software that detects accounting fraud, has bested hundreds of other startups to win a coveted spot in one of the world’s largest accelerator programs.
Transparently.AI has now won the opportunity to connect with banking and finance decision makers within the global network of start-ups, corporations and venture capital firms that Plug and Play is renowned for. It also further burnishes Singapore’s reputation as a hub for start-ups, one that has cultivated more than 20 unicorns including Grab and Lazada Group.
Over the next three months, Transparently.AI will have the chance to attend exclusive events and mentor sessions where it will be introduced to Plug and Play’s network, which extends to about 500 major corporations and over 300 venture capital firms. The Singaporean regtech will have an advantage for potential pilots, proofs-of-concept, investments and other collaborations.
“We basically have the world’s largest tech accelerator doing business development for us,” said Hamish Macalister, Transparently.AI’s CEO and co-founder. “This is an enormous opportunity and we are extremely honoured to be chosen.”
Headquartered in Silicon Valley, Plug and Play is also present in over 50 locations, driving innovation across more than 20 industries. Its venture arm has invested in over 200 companies, including most notably PayPal, Dropbox and Lending Club.
“The enthusiasm from our fintech corporate partners has made it clear that utilizing Transparently.AI’s technology to identify large scale problems before they happen is of critical importance,” said Robbie Coon-Anda, Fintech Program Manager at Plug and Play. “We look forward to working closely with Transparently.AI in their journey.”
Founded in 2021, Transparently.AI has developed an AI-based system for the automated detection of accounting manipulation and fraud in companies. The firm was named in the RegTech100 list for 2023, which is an annual list of the world’s most innovative regtech companies.
Transparently.AI was founded by long-time Singapore residents Hamish Macalister and Mauro Sauco. Hamish is an award-winning quantitative portfolio manager who has led strategy and quantitative teams at Citigroup and Deutsche Bank in Sydney, Hong Kong and Singapore. Mauro was most recently technical director for the office of the CTO for Google. Previous roles include head of AI and cloud computing for IBM.
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