Xquant, a South Korean company specialized in processing and analyzing unstructured financial data, announced on Nov. 16 that it developed TS-Expert that extracts the unstructured contract conditions from unstructured outside market derivative product contracts and converts them into structured data.
“Outside market derivative products have to input over 100 items per contract but it was hard to automate so everything was done manually. There was risk for input errors which could lead to financial accidents,” said CEO Cho Geum-taek. “Our service drastically reduces the processing time and operational risk for financial companies and market value evaluation companies.”
Xquant is a startup founded in 2019 and uses AI to process and analyze unstructured financial data.
With the rapid growth of AI and unstructured data, Cho predicted there would be a lot of opportunity for unstructured data.
“It seemed like a good idea to solve the inefficiencies of unstructured data using AI technology,” said Cho. “I took up the challenge with the belief that AI would play a big role.”
Cho’s prediction and belief was correct and he is getting requests from companies and schools all over the world. The company signed an ESG related MOU with the Yonsei Graduate School of Environment and started collaborating.
It is also collaborating with the Swiss data company Impaakt and signed a ESG data related MOU, and also with the Paris Dauphine University in Tunisia.
“TS-Expert provided by Xquant is a service targeted for the global market,” said Cho. “We want to introduce our service to the global market and global investors through the Global IR Project in September which is run by the Yonsei University Campustown Center.”
“Xquant’s final goal is to provide a data management solution for all unstructured data including AI based financial documents,” added Cho. “We want to create example cases in Korea to accelerate our global market entry.”
