HSBC Bank Australia enters into tech agreement with Flamingo Ai

By Trevor Hoey. Published at May 28, 2019, in Technology

Artificial intelligence and machine learning company, Flamingo Ai Ltd (ASX:FGO), has signed a Master Services Agreement (MSA) with HSBC Bank Australia Ltd (HSBC Australia).

Flamingo has also as negotiated the first Statement of Work (SOW) under the MSA to deploy the technology into a production environment.

In accordance with the SOW, Flamingo will license software and provide related system and professional services to HSBC.

Revenue will come from monthly subscription licence fees which are paid annually upfront. Fees will be reviewed on an annual basis.

This development follows a successful Proof of Concept (PoC) of its Virtual FAQ & Knowledge Assistant product in the December quarter of 2018.

The MSA has an initial term of three years and can be extended to up to 5 years.

Nationwide also opts for Flamingo

This contract quickly follows the group’s success in April when it signed a new six month retained engagement with Nationwide Mutual Insurance Company in the US for the provision of artificial intelligence services and deployment of Flamingo’s products and services.

That new engagement built on a well-established strong relationship with Nationwide, as Flamingo had several programs of work in progress with the group.

In fact, as recently as December Flamingo had signed a SOW with Nationwide for the use of its machine learning based analytics capability (LIBBY), a project that is currently underway.

FGO has one core platform offering a range of AI solutions.

Discussing the fast growing demand for Flamingo’s technologies, chief executive, Catriona Wallace said, “We are pleased to see Flamingo Ai’s product strategy delivering results as we continue to execute a focus on Virtual Assistants for FAQ & Knowledge Retrieval, helping our clients drive efficiencies and improved customer experience.

“Today’s announcement, together with the recent announcement about US-based client, Nationwide Insurance, on 18 April, which also included the deployment of Virtual FAQ & Knowledge Retrieval Assistants, validates our focus on products that are attracting strong market interest.”

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Thanks for subscribing!