Taiwan’s AI-powered translation service provider WritePath raises US$340,000 in a pre-Series A funding round to facilitate the development of its solution working to speed up the financial disclosure process for FinTech enterprises.
Most globally-listed finance companies encounter a major language barrier operating in countries where English may not be their main mode of communication. This creates various challenges for enterprises, from struggling to abide by a country’s financial disclosure regulations, to ensuring accurate translation of information for local investors and global shareholders. Taiwan-based WritePath is an AI-powered translation solution provider aiding businesses in the financial realm to overcome language and interpretation challenges.
The AI tech startup raised US$340,000 in a recent pre-Series A funding round led by Quantum International Corp‘s CEO, Alex Lee, including participation from angel investor and Jobstreet.com founder, Mark Chang.
The funds procured will be utilised to advance and scale WritePath’s AI-powered translation model, fast-tracking the process by integrating its digital solution with human translators to deliver word-for-word English transcripts, along with audio-visual media interpretation. In addition, it will further expand the scope of its translation service offerings for listed companies, covering their Environmental, Social, and [Corporate] Governance (ESG) and Investor Relations benchmark.
WritePath’s platform employs industry-proficient translators and editors, alongside integrating its AI technology, T-Booster, as well a computer-aided translation tool, and Neural Machine Translation. Its tech has been built on a substantial database of financial terminologies assembled from company monetary, annual, and ESG reports.
With new disclosure policies in place with the Markets in Financial Instruments Directive (MiFID II) in the European Union, it calls for companies to be more transparent on business and regulatory reports. To protect investors, there is an increasing need for accurate and viable translation solutions.
The Founder and CEO of WritePath, Charles Chin, commented on the pivotal shift, “As a result, though, small and mid-cap companies may find themselves easily overlooked. Having their information presented professionally in English helps give them a boost and ensures they don’t fall off the investment radar.”
He further added how with the shifting global demand, more Asian companies in the industry will begin emphasising publishing their financial disclosures in English to facilitate market growth and positioning.
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