Tech Nation Selects Featurespace for Inaugural Program to Drive International Fintech Growth
- 01.04.2021 02:19 pm
UK technology scale-up experts Tech Nation has selected Featurespace™, the leading provider of Enterprise Financial Crime prevention software, for its inaugural Tech Nation International Growth Programme, which is part of the Digital Trade Network, an initiative commissioned by the UK Government to help innovative tech companies access trade and investment opportunities and forge new partnerships across Asia Pacific.
Thirty companies were selected for the program, which is broken into individual cohorts focusing on Australia, Singapore, and South Korea and Japan.
Featurespace is one of six companies chosen for the South Korea and Japan cohort.
"The UK’s tech sector, driven by fast-growing tech scale-ups, is already growing six times faster than the rest of the UK economy combined – the UK tech start-up and scale-up ecosystem is valued at almost $600bn and the UK has produced 80 unicorns," said Gerard Grech, CEO of Tech Nation.
"Thinking globally is now vital for UK tech and Tech Nation. Eighty percent of our latest Upscale cohort cited international expansion as their number one challenge, so this international programme in Japan is key to the next stage of UK tech growth.”
"The launch of the first Tech Nation International Growth Programme for UK tech scale-ups in Asia Pacific highlights the importance of these relationships for the UK’s future," said Sam Myers, Her Majesty’s Trade Commissioner for Asia Pacific at the UK Government Department for International Trade.
"This is an important step in building on the benefits from the UK-Japan FTA signed last year. Collective action with our partners will be vitally important to address global challenges and harness the benefits of the digital age.”
Across APAC, the shift to digital payment behaviours is ubiquitous, simultaneously bringing significant opportunities and revealing critical weaknesses. The fraud detection and prevention technologies currently used by financial institutions aren't optimised to safeguard the proliferation of digital banking and payments activity from the accompanying and increasingly sophisticated fraud attacks and scams.
In response, Featurespace is accelerating the expansion of its presence in the region to ensure financial institutions have access to its industry leading Adaptive Behavioral Analytics and newly launched Automated Deep Behavioral Networks. Both are available through the ARIC™ Risk Hub, an innovative platform that uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real time.a