2021 FinTech Grand Award
Description of Entry:
Hong Kong is the world's top IPO destination. As a global financial center with the highest regulatory disclosure standards, the most time-consuming and costly step during the IPO process is verification – a process of confirming whether the information in a several-hundred-page prospectus is accurate. Capital market lawyers often spend hundreds of hours verifying hardcopies and multiple times across different versions of the prospectus throughout different listing stages.
Wizpresso Factify is a legal verification software underpinned by AI capabilities that can save up to 75% time from the due diligence process. Equipped with cutting-edge natural language processing (NLP) technology, the SaaS platform augments every step of the verification process, from digitalizing citations to recommending verification suggestions. The built-in collaborative features and multilingual capabilities offer a one-stop solution for key stakeholders to seamlessly work together which ultimately removes the barrier of communications in a process that often involves more than a dozen of parties.
Developed in Hong Kong, the software is well-positioned to support the digitization of the capital-raising process of the world's fastest-growing IPO market. Since its launch in late 2020, Factify has been recognized and adopted as RegTech solution by law firms in Hong Kong, Australia, the UK, and the US.
(Information is provided by awardee)
Comments from Judging Panel:
Wizpresso Factify offers a unique Fintech service – an integrated verification tool that helps bankers review and verify initial public offering (IPO) documents. It provides an effective solution to assist the legal practitioners in the IPO markets to accelerate the business processes and save a lot of labour work. The solution has a huge potential of wider application scope beyond the currently contemplated usage. In the future, it may also help the compliance/regulatory reporting, e.g. disclosure of interest. We believe this award-winning locally developed entry is crucial for Hong Kong to maintain its position as a leading city of equities underwriting for the region.
Website of Entry: https://wizpresso.com/factify