Eigencat, a Singapore-based startup, is migrating its existing systems to IBM Cloud’s Platform-as-a-Service, Bluemix, to deliver digital investment solutions for the financial market.
The FinTech startup is also using IBM Cloud to develop new cognitive-based investment solutions using Watson APIs and broaden its reach within and outside Singapore.
Eigencat is a startup which offers a digital, multi-asset class portfolio analysis platform that caters to both private banks and new entrants such as Internet and telecom companies looking to manage the risk and performance parameters of their investments.
With strong backgrounds in the financial and technology sectors, the co-founders of Eigencat built a multi-product robo-advising software that provides automated portfolio management advice without the use of human financial planners, to meet this need.
However, they needed to run their solution on a platform that could be accessed by clients globally, at an economical cost.
Bluemix, provided them with an open standards-based cloud platform that allowed them to develop and deploy apps quickly, with scalability to build more solutions in future.
Since its move to the IBM Cloud, Eigencat has seen significant improvement in business productivity and a reduction in lead time for application development.
For example, it now takes Eigencat two days instead of seven to set up the application development infrastructure. Eigencat has also gained about 20 per cent in time efficiency through significantly reduced system administration effort.
Eigencat also turned to IBM for its Global Entrepreneurs Program for Cloud Startups, which provides startups with access to resources like IBM Cloud credits, tech support and business mentorship.
With this, the startup will also be able tap into over eight million IT professionals from around the world from within the IBM developerWorks community.
“Given that Eigencat is a startup, joining the IBM ecosystem was really appealing as it introduced us to a bigger world of possibilities,” said Will Lawton, Co-Founder of Eigencat.
Singapore is fast becoming a leading global FinTech hub and IBM hope to engage with more startups like Eigencat to help them gain a strong foothold in the FinTech space.
Over 20,000 new developers join Bluemix every week and through the Global Entrepreneurs Program for Cloud Startups, IBM has worked with more than 2,000 startups globally.
Bluemix, launched in 2014 with a $1 billion investment, has quickly risen to become the largest Cloud Foundry deployment in the world.
It provides access to over 100 tools and services of the prominent open-source technologies combined with IBM and third-party services that let developers focus all of their energy on the creation of enterprise class cloud applications at consumer scale.