GEORGE TOWN: In a move that is set to shake up the financial technology landscape across Asia, homegrown fintech startup FinHero has announced a landmark deal bringing on Japanese IT conglomerate NTT Data as a new stakeholder in the company.
The partnership, formalised at a signing ceremony yesterday at the Mercure Penang Beach Hotel, marries FinHero’s cutting-edge fintech solutions powered by artificial intelligence with the global reach and technological expertise of NTT Data.
Top Lim, co-founder and CEO of FinHero, reflects on the partnership “Joining forces with NTT Data represents a groundbreaking moment for us. It is more than just business; it is about harnessing our collective strengths to make a real difference in the Business-to-Business (B2B) financial ecosystem. This alignment in our values towards sustainable financial technology promises to deepen our impact on society through more accessible financial solutions.”
FinHero has been making waves with its pioneering application of AI to develop tailored financing products for small and medium enterprises (SMEs). The startup’s smart financing solutions aim to address key pain points faced by SMEs in accessing capital through traditional lending channels.
With NTT Data’s backing, FinHero is now set to rapidly accelerate its expansion plans. The company unveiled a slate of new regional initiatives launching in Q2 2024, including:
- An auto loan financing platform in partnership with Mudah.my and RHB Bank
- A merchant cash advance program called FinMatch developed alongside Ipay88
- Powervest, billing itself as Asia’s first smart renewable energy financing platform
For NTT Data, the investment allows the global IT services giant to strategically deploy its technology firepower into the burgeoning fintech arena.
“FinHero is at the forefront of developing innovative, inclusive financial solutions leveraging AI,” commented Shinichiro Nishikawa at yesterday’s event. “This partnership aligns perfectly with NTT Data’s vision of using technology to drive positive transformations in society.”
The deal was lauded by Penang’s Chief Minister YAB Tuan Chow Kon Yeow as a testament to the state’s flourishing tech startup ecosystem and ability to attract international investment. “This partnership will spur innovation not just in finance but across Penang’s economy,” the Chief Minister remarked.
As a gala evening celebrating the NTT Data-FinHero union wrapped up, it was clear that the stage has been set for FinHero’s “Penang Revolution” to go global and reshape SME financing across Asia’s entrepreneurial landscape.
