Multimodal's Participation @ Plug and Play Korea's Selection Day

We were excited to participate in the inaugural Selection Day hosted by Plug and Play in Korea. This event aimed to bridge the gap between innovative startups and corporations in the fintech and AI sectors. 

Back in February, we participated in Plug and Play’s Fintech and Crypto Silicon Valley Selection Day in Sunnyvale, California, and were selected for the Plug and Play Batch 19 Fintech Program. 

Originating from Silicon Valley, Plug & Play now operates over 60 branches globally, where Selection Days are staple events connecting enterprises with emerging startups. P&P announced the successful completion of their inaugural Selection Day in Korea, which took place on April 24 at Ilji Art Hall in Gangnam-gu, Seoul. 

Based on our strong connection with the Plug and Play team in Sunnyvale, California, their investment team highly recommended that we participate in Korea’s Selection Day, and we gladly accepted the invitation.

Key Takeaways

• Plug and Play Korea launched its first Selection Day, uniting AI-driven startups with leading financial services, showcasing 20 top startups.

• The event emphasized the growing need for automation and the importance of connecting within the fintech sector for innovative and collaborative opportunities.

• Our founder and CEO, Ankur Patel, attended to demonstrate how Multimodal is pioneering customized AI solutions that are transforming the financial industry.

Plug and Play Korea's Selection Day: Financial Services & AI

The event featured 20 top startups from Seoul, New York, the Philippines, Singapore, Indonesia, Japan, and beyond, backed by Plug & Play. It drew participation from major corporate partners and venture capital firms, including Samsung Electronics, SK Telecom, IBK, Moby Dick Ventures, JP. Ventures, and others. 

We were among some of the brightest startups who presented their projects, including Whatsup Co., Ltd., Horizon Technology Co., Ltd., Friendly AI Co., Ltd., Infinic Co., Ltd., and more. We each had five minutes to pitch our transformative solutions. 

Attendees also took part in one-on-one coffee chats to explore new collaborations and wrapped up the day by networking with industry leaders and innovators. This gathering was an opportunity for interaction, insight, and growth in APAC financial services and the AI sector. 

Bea Shim, an organizer of Plug and Play Tech Center Korea's inaugural Selection Day, said:

“I saw firsthand how eager startups, corporates, and VCs are to come together to pitch, discuss, and forge partnerships.“

Cho Yong-jun, CEO of Plug & Play Korea, told Jeehye Kim for Edaily Korea:

“By 2023, Plug & Play has carried out incubation activities for over 2,700 startups worldwide and fostered 1,252 in Asia alone. We will actively utilize the global network that Plug & Play has to support the growth of startups."

Philip Vincent, CEO of Plug & Play East Asia, also highlighted the event’s success and added:

“I think this Selection Day event demonstrated the status of Korea’s startups in the fintech and AI fields well, and we are working with Plug & Play’s global branches, including Japan, to revitalize open innovation in Korea. We plan to actively support it."

Is the APAC Region Open for AI

This event provided valuable insights into the APAC fintech scene, particularly Singapore’s AI adoption strategies. In 2019, Singapore launched its National AI Strategy to deploy AI across five key sectors: healthcare, transport, finance, smart cities, and education. This forward-thinking approach to integrating AI technology differs from its more conservative neighbors in the region.

Japan and South Korea, the more cautious but equally big and important markets, were also in focus on this Selection Day. However, their approach to AI is a bit more traditional.

This event’s exposure confirmed that despite regional conservatism, the fundamental challenges and technological needs are similar across geographies. We encounter the same problem regarding technological advancements with many companies across the US.

Our Key Insights From the Event

Ankur engaged and connected with various industry leaders, discussing our latest AI-driven tools and their potential to revolutionize banking processes. Worldwide, companies are looking at AI for lots of different purposes, but automation is becoming the most prevalent necessity across the board. 

Here’s what stood out for us the most:

• Product demonstrations: 

We showcased our latest Generative AI solutions designed to enhance customer service and operational efficiency in banking.

• Strategic meetings: 

Ankur held several one-on-one meetings with participants, discussing how our AI solutions can address specific challenges in the fintech sector. Unlike Selection Day in California, this event was much smaller (around 100 participants), making the atmosphere more intimate with a better chance for deeper dives into constructive conversations.

• Emerging trends and market needs: 

Discussions revealed a strong demand for solutions that can simplify complex financial processes and enhance decision-making. Automation is key!

• Potential partnership opportunities:

As pioneers in AI-driven solutions in fintech, our participation in this event was an exciting opportunity to attract potential partners. We engaged with some of the largest banks and insurance companies in Japan and South Korea.  

Multimodal at the Forefront of Fintech Innovation

Our active role in Plug & Play’s Fintech Batch 19 showcases our commitment to growing and rising as a prominent player in this sector. This involvement is about visibility and actively contributing to the fintech community’s growth and evolution. 

Multimodal’s participation in Plug and Play’s Selection Day in Korea was a step forward in our mission to revolutionize and simplify financial services through AI. We continue seeking and leading initiatives that promote innovation, collaboration, and growth in the fintech sector.

We tailor our solutions to meet the needs of modern financial institutions, making complex data analytics accessible and actionable. You can read our successful customer stories to better understand how our customized solutions helped businesses transform their workflows.

The event emphasized the growing importance of AI in financial services and how companies like ours are well-positioned to lead this charge. Ankur attended to highlight our capabilities and explore alliances with other fintech leaders.

Leveraging Plug and Play for Global Connections

The event itself, expertly hosted by Plug and Play, proved once again their important role in building up an ecosystem of tech startups and introducing them to enterprises. Our selection in Plug and Play’s Fintech Batch 19 has strengthened our credibility and intensified our dialogue with major financial institutions in the US and across the APAC region.

Furthermore, our involvement in events such as Selection Day is more than just participation; it's about actively shaping the future of fintech. The upcoming Plug and Play summit in June promises even greater exposure, with Ankur set to present to an even larger audience. 

This indicates the growing interest and confidence in AI solutions like ours. We proudly participate in these events to share our expertise and to continue learning and growing with our peers in the industry. The connections we made at the event are stepping stones towards collaborative projects, underlining our commitment to innovation.

Though our main focus is on the clients in the US, the insights and networks gained through our international engagements are integral to our long-term strategy. We are always aiming to expand our reach and partnerships in other regions as well.

Thank You, Plug and Play, for Another Invitation

As we continue to navigate and influence the fintech ecosystem, we value participation in events like Plug and Play's Selection Day. They showcase our innovative capabilities and reinforce our position as a leader in AI-driven financial solutions, ready to meet the complex needs of global markets.

Thank you, Plug and Play team, for recognizing the expertise and talent we bring to the table and for inviting us to these amazing events!

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