The Singapore fintech company, TranSwap, has launched a new global R&D centre at the University of Edinburgh.
Located at the School of Informatics and the Business School Bayes Centre, the centre aims to “drive technology and market-led innovation in cross-border financial solutions,” enabling the firm to “sustain and strengthen” its capabilities in fintech as well as “deepen its expertise” in artificial intelligence (AI)-driven payment solutions.
Transwap says it will work alongside and utilise the expertise of Bayes Centre to bring together “world-leading” data science and AI teams, industry experts, and innovation support professionals in the fields of computation, information and cognition.
Commenting on the R&D centre, Sanjay Rakshit, Head of Products and R&D of TranSwap, said: “Today’s cross-border payments industry is at the centre of fintech innovation which has radically shaped competitive dynamics globally.
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“New business models resulting from emerging technologies, the digital transformation of payment methods and development through tech-enabled innovation are continuously disrupting cross-border payments, by optimising and automating the transaction process.
“Partnering with the University of Edinburgh to transform our current digital cross-border payments platform, will allow us to tap into emerging technologies such as NLP and 5G to speed up cross-border payments, sharpen our competitive edge and maximise profitability through enhanced fraud detection system, sentiment and risk analysis.
“TranSwap aims to become a cross-border payment, collections and financial solutions provider that serves as a touchstone for financial innovation in major global financial centres. Such innovations can unlock opportunities to drive consistency and provide a seamless cross-border payment experience.”
Grant McKenzie, Director & UK Country Head of TranSwap, added: “TranSwap’s R&D partnership with the university underlines our commitment to drive innovation in the payments industry.
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“The university’s research expertise, along with our design approach in our system architecture, platform development and interfaces, will help ensure a seamless user experience through our platform.”
Commenting on the partnership with TranSwap, Prof Gbenga Ibikunle, Director for Fintech at the University of Edinburgh’s Edinburgh Futures Institute, said: “It is important for us to establish collaborative, research-driven and innovative partnerships with fintech companies that put consumer value at the heart of their proposition.
“We are excited that our collaboration with TranSwap brings world-leading research expertise here at the University of Edinburgh together with TranSwap’s innovative approach to addressing challenges linked with cross-border payments to unlock value.”
R&D and product innovation at Bayes Centre will focus on state-of-the-art methodologies in the areas of speech recognition, Natural Language Processing (NLP), 5G, blockchain, data analytics and machine learning.
TranSwap says this will accelerate its capabilities to “deliver a simplified and streamlined cross-border payment and collection experience”. In addition, the partnership will also help develop research talents and create new jobs at the Bayes Centre.
Craig Skeldon, Business Development Executive of The Bayes Centre, commented: “The Bayes Centre is delighted that TranSwap has chosen Edinburgh as part of their global R&D expansion.
“As the University of Edinburgh’s representative innovation hub for Data Science & AI, we look forward to supporting the development of next-generation cutting-edge financial services solutions delivered by TranSwap.”
By David Paul
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