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Snowflake Partners with Neat to Support Analytics and Machine Learning Capabilities for Cross Border Trade
September 2, 2020 News

 

Snowflake, the cloud data platform, announced its partnership with Neat, a Hong Kong-based financial technology startup.

Neat will utilise Snowflake’s cloud data platform under the new partnership to integrate their data into a single source for seamless data harmonisation, enabling business teams to leverage data insights with confidence.

Neat, a payment solutions provider, serves SMEs in Asia and Europe by offering access to smart financial tools such as foreign exchange, online account opening, and corporate cards for fast and efficient international and multi-currency transactions. Neat adopted Snowflake’s cloud data platform to integrate its data in a reliable and secure environment to enhance customer experience, and as a digital only company. The company can now derive insights quicker which helps the business in making data-driven choices with centralised data.

“One of our main challenges as a team was data gathering. With a number of tools and data sources across various platforms, our team spent a significant amount of time gathering and analysing siloed and raw data. Moreover, the COVID-19 situation accelerated the movement of small and medium enterprises (SMEs) to go online. To support our growing customer base, we needed to give our data analytics a boost for improved decision making,” said Giorgio Galvan, Data Lead at Neat.

Neat previously relied on an in-house IT system built upon a siloed database while working with various external software vendors. The Visa-funded fintech is now able to integrate its data and leverage assets for business growth by partnering with Snowflake. As a next step, Neat is looking to operationalise machine learning models with Snowflake and build its own applications as data scales and business expands.

“We are seeing a tremendous improvement in terms of turning data into insights. The time spent on data gathering has been significantly reduced which gave us more time to focus on value-added work. This has resulted in improved productivity and better customer experience,” said Galvan.

“In addition, Snowflake’s customer support team has been phenomenal. The process to set up the system was seamless and it took less than a week to get the system up and running. Furthermore, Snowflake’s flexible pricing model allows us to maximise our resources by paying only for the storage and compute resources that we use. As Neat expands, we are confident that Snowflake’s scaling capabilities can future proof and support our growing business requirements,” added Galvan.

“Neat offers valuable alternative digital tools and products for start-ups and SMBs to thrive under the new economy. With Snowflake’s cloud data platform, we are able to support Neat with their mission to build a dynamic and frictionless business environment for entrepreneurs through technology,” said Geoff Soon, Snowflake’s Managing Director for South Asia.

“Snowflake has a proven track record in helping financial firms and fintech start-ups move their analytics to the cloud securely as well as consolidating data silos. The combination of our unique capabilities and our understanding of their technological needs are critical in making this partnership a success. We are proud to be partnering with an innovative player in the Hong Kong fintech sector,” said Elliot Jones, Snowflake’s Sales Director for Southeast Asia, Hong Kong and Macao.

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