LEADERSHIP
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Silot . AI , a fintech based across Singapore and Beijing , aims to empower financial institutions for the new generation of banking . CEO Andy Li founded Silot . Ai in March 2017 , having worked with large Chinese internet companies where he experienced the challenges of scaling businesses globally . “ I talked to a lot of banks that were suffering from legacy systems ,” he explains . “ I wanted to build a company to connect the silos using new technology .”
Li says that banks especially struggle to scale in regions like Southeast Asia , where some markets are leapfrogging ahead while others have yet to fully emerge . “ The market is different from a mature market , with data stored in various locations ,” he comments . “ The combination of structured and unstructured data makes capability and scalability more difficult for emerging markets .” Silot . AI works to enable digital transformations by helping companies make the most of the ‘ new oil ’. “ We ’ re trying to leverage the unstructured and structured data internally , as well as the external support to leverage social graphs and knowledge graphs for decision making ,” Li explains , adding that how the bank leverages data will depend on the use case .
We caught up with Li at Money20 / 20 Asia , where a hot topic on the agenda was how fintech , and the disruption it brings , can promote financial inclusion . “ There ’ s low bank penetration in emerging markets ,” says Li . “ There are a lot of people and
SEPTEMBER 2019