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.”

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