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Nikkei invests US$5 million in tech start-up Handshakes

Singapore, 7 October 2019 - Singapore Press Holdings's (“SPH”) associate company, DC Frontiers Pte Ltd (“Handshakes”), a Singapore fintech startup specialising in corporate monitoring and research, has raised US$5 million of new funds from Nikkei Inc. (“Nikkei”), owner of the Financial Times (“FT”) and publisher of Nikkei Asian Review. Handshakes will work with Nikkei and the FT to support the product development of scoutAsia, a data and news service launched by Nikkei and the FT earlier this year. It is envisaged that Handshakes’ Artificial Intelligence (A.I.) and machine learning technologies will dramatically enhance accuracy and efficiency of scoutAsia’s news monitoring and corporate information search functions.

Handshakes provides services to financial and non-financial corporations and Asian government institutions. Its award-winning platform uses sophisticated algorithms to map out relationships between companies and people in the corporate ecosystem. Since SPH’s initial investment in 2015, Handshakes has expanded its A.I.-powered database beyond coverage of Singapore markets to include listed companies in Malaysia, China and Vietnam, giving up-to-date coverage of more than 90 million business entities in Asia.

The latest funding will help the company expand its A.I. and technology capabilities by establishing offshore research centres, and accelerate sales growth through setting up of overseas sales offices to increase presence in key markets.

Following the completion of Nikkei's investment, SPH will remain as the second largest stakeholder in Handshakes after Daryl Neo, one of Handshakes' co-founders. SPH is currently partnering Handshakes to develop a content recommendation engine which uses semantic analysis and collaborative filtering algorithms to understand SPH's wide variety of content and its diverse base of users, automatically tailoring relevant content to each reader's preferences.

SPH's Chief of Digital Business, Julian Tan said: "We are pleased to welcome Nikkei as a strategic partner in Handshakes. We look forward to working together with Nikkei and the Handshakes team to further develop Handshakes' A.I. and machine learning technologies and enhance Handshakes’ growth in the region. As SPH continues to invest and push ahead in its digital transformation journey, we also look to extract synergies from our investments in the Digital portfolio to capture the evolving needs of the business community."    

 

Issued by Singapore Press Holdings Limited

Co. Registration. No. 198402848E

 

For more information, please contact: 

Tan Zhi Jia

Senior Manager

Corporate Development Division

Singapore Press Holdings

Email: tzhijia@sph.com.sg

DID: 6319 1986

 

Sherleen Ng 

Assistant Manager

Corporate Communications & CSR

Singapore Press Holdings

Email: ngwts@sph.com.sg

DID: 6319 1579

 

Elaine Chrysta Tan

Executive

Corporate Communications & CSR

Singapore Press Holdings

Email: elainect@sph.com.sg

DID: 6319 1613

 

About Singapore Press Holdings

Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) is Asia's leading media organisation, engaging minds and enriching lives across multiple languages and platforms.  

SPH's core business is publishing of newspapers, magazines and books in both print and digital editions. It also owns other digital products, online classifieds, radio stations and outdoor media.

On the property front, SPH owns approximately 70% in a real estate investment trust called SPH REIT which comprises Paragon, a premier upscale retail mall and medical suite/office property in Orchard Road, The Clementi Mall, a mid-market suburban mall and The Rail Mall, a stretch of shopping and dining outlets along Upper Bukit Timah Road. SPH REIT also holds 85% equity stake in Figtree Grove, a freehold sub-regional shopping centre in Wollongong, New South Wales, Australia. SPH owns and operates The Seletar Mall and is developing a new commercial cum residential site, The Woodleigh Residences and The Woodleigh Mall. It also owns a portfolio of Purpose-Built Student Accommodation (PBSA) in the United Kingdom. 

It is in the aged care sector and owns Orange Valley, one of Singapore's largest nursing homes.

SPH runs a regional events arm and a chain of Buzz retail outlets. It also invested in the education business.

 

For more information, please visit www.sph.com.sg

 

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