Singapore-based fintech company, AND Global, has announced the launch of a new intelligent document processing (IDP) software named mindox. This technology is digitally engineered to transform how financial institutions process documentation, offering insights to enhance efficiency and security in daily operations. Initially available in the Philippines, there are plans for future global expansion.
AND Global's latest offering is designed to radically change how organisations manage and extract insights from different kinds of documents such as reports, forms, and crucial financial documentation. Mindox possesses the capability to interpret an array of document formats in addition to several complex financial documents.
The technology uses optical character recognition (OCR) to read the text within a digital image and natural language processing (NLP), a form of AI that facilitates computers in understanding and manipulating human language. These features allow the extraction of key data and understanding context from countless document types.
Beyond this, Mindox has been designed to automate loan applications, aiming to drastically cut processing times. Further leveraging machine learning and intelligent automation, the technology learns from each interaction, becoming more adept at eliminating errors over time. API support allows for seamless integration with existing banking systems and third-party applications, making the technology incredibly versatile. Mindox is also compliant with internationally-recognised ISO27001 and GDPR regulatory standards.
Statistics from Statista project that Singapore’s digital assets market is set to reach $534.8 million USD in 2024, with user estimates predicted to reach over 2,000 by 2028. An independent report by KPMG Singapore conducted last year indicated that 56 percent of CEOs feel the necessity for hastened investment in digital opportunities. It also showed that 60 percent of CEOs prioritise technology investment over workforce-related investments. Mindox is poised to support enterprises of all sizes to better document processing efficiency and expedite digital transformation.
Khos-Erdene Baatarkhuu, CEO of AND Global, expressed excitement for the product launch with aims of the software system being adopted across the financial industry. "There is growing demand for intelligent document processing platforms. At AND Global, we are delighted to deliver this cutting-edge technology in the financial industry," he stated. Baatarkhuu further added, "Mindox facilitates deeper and more interactive engagement with financial data streamlining decision-making and overall day-to-day operations. We believe documents can become intelligent companions in the pursuit of efficiency and Mindox can be a significant ally to financial institutions."
Founded in 2016, AND Global is a fintech company that has created multiple cutting-edge companies that are laser-focused on innovation. Their goal is to promote financial inclusion and promote technological capabilities across Southeast Asia. AND Global states it provides innovative solutions for financial institutions that are struggling with both efficiency and time.