And, a bit more news on Singapore…..global law firm Clifford Chance has announced that TAIGER, a Singapore-based artificial intelligence start-up with what looks like a strong RPA capability, is the winner of its Create+65 Innovators project which is based in….well, you guessed it….Singapore.
TAIGER and Clifford Chance will now embark on a 12-week collaboration phase to ‘identify cost and resource intensive legal processes which TAIGER’s technology can help significantly reduce’.
In return TAIGER will receive support and access to the firm’s resources, including time with lawyers and clients, access to anonymised sample data and mentoring.
TAIGER appears to operate globally and across a range of sectors, including banking and insurance. They seem to do a lot of things, even perhaps ranging into the world of RPA.
But in a case example for banking they seem to offer a mix of NLP extraction and automated workflow – or at least that’s how it appears. See below client project example:
- TAIGER created a solution embedded with highly specialized, domain-specific intelligence to automate the information extraction and validation for all relevant documents
- This allows the bank to minimize human intervention and reduce operational delays
- Automated information extraction and validation for over 10 document types
- Our highly specialized, domain-specific AI allows extraction accuracy of over 80%
- Achieved massive reduction in costs and processing time, as human intervention is reduced
Supported Document Types
- Power of attorney
- Articles of association
- Balance sheet
- Board resolution
- ID cards (INE, IFE)
- Tax ID
So, yep, this does have a distinct RPA feel about it. Therefore interesting that CC is working with them.
Is this a big deal…? Well, for TAIGER it will be. Getting into a global law firm for a startup is always a major step forward. For CC, it’s also going to be an interesting experience. The firm is no stranger to piloting new tech and has even invested in tech ‘App Store’ Reynen Court. But, this is, as the firm says, the first time it’s done something using the innovation lab format.
The move comes as Singapore presses ahead with trying to kickstart the adoption of legal tech among its homegrown law firms by offering subsidies – see here.
Supported by the Singapore Economic Development Board (EDB) and developed in collaboration with the Future Law Innovation Programme (FLIP), Create+65 is CC’s first innovation lab. It sits at the heart of the firm’s Singapore-based Innovation and Best Delivery Hub for Asia Pacific, which was launched in May 2018.
I.e. CC does not have an incubator as some of its rivals have in London – instead they have opened one in the APAC legal centre of Singapore, albeit operating periodically, it would appear.