Auckland-based mortgage valuation software company Valocity Ltd was one of 5 finalists in the global general category and one of 31 overall global finalists at Fintech in Singapore last week.
Valocity (originally called DI Data Vault Ltd) is majority-owned by Aucklanders Carmen & Antony Vicelich, with just under 22% shareholder support from Chris Huljich & his son Peter, mostly through Christopher & Banks entities.
The global awards are part of an awards programme run for the last 3 years by the Monetary Authority of Singapore & the Association of Banks in Singapore to recognise innovative financial technology solutions.
The top 3 global places went to Everspin (South Korea), Naffa Innovations (India) & Keychain (Japan).
The finalists were whittled down from 514 submissions for the global Haccelerator & Fintech awards to a list of 210 in October, and then to the shortlist this week.
Valocity’s pitch was that it’s “transforming the mortgage & valuation process all through one smart platform. It combines the best of technology, data & analytics through a modular cloud-based solution. This enables banks to deliver more seamless, transparent & relevant customer experiences, while at the same time managing risk & regulatory compliance”.
Valocity digitises a bank’s credit policy, automates the valuation process and allows seamless data capture & insights throughout the process. The company says 3 of New Zealand’s 5 largest banks are now using it, transforming the mortgage industry.
The Singapore awards event has a heavy weighting to ASEAN (Association of South-east Asian Nations) businesses, with awards on the first 2 days for ASEAN open & small-medium enterprise categories, plus a section for businesses founded by a Singaporean, followed by the global awards.
The judging panels all comprised experts from public & private sectors, including venture capital, accelerators, consultancies & industry associations, and the entries were evaluated on 4 parameters: impact, practicality, interoperability, and uniqueness & creativity.
One other New Zealand entrant, Wellington-based Eight Wire Ltd, made it to the finals and another 10 New Zealand companies participated in Fintech Week events.
Since Valocity’s platform went live in October 2014, the company has opened offices in Australia & India and has supported almost $400 billion of lending decisions. Its solution supports the growing demand for increased regulatory compliance, in conjunction with improved customer experience for a more seamless & transparent mortgage & valuation process.
Company founder Carmen Vicelich also founded Data Insight Ltd in 2012, with the same ethos of leveraging the power of data, technology & smart people to deliver game-changing value & make the complicated simple.
Before setting up these companies, she was a data solutions manager at QV Online for 6 years and account director at Property IQ Ltd for 4 years.
Attribution: Valocity, Fintech.