Singapore, 8 November 2022 – We are pleased to announce that we have developed a new initiative in Social impact measurement. Our mission is to help welfare agencies deliver better services through the use of Artificial Intelligence.

Our project or AI system for social impact measurement is called SOFINAA – Social Finance using Applied Analytics. It will focus on helping welfare agencies do their job better by providing them with tools and services that will enable them to measure their social impact, and also help them understand how they can improve their services using AI.

SOFINAA is part of MyFinB Digital Labs’ venture building programme where its engine has been deployed for the Group’s clientele and recently, spun off as a new start up entity. SOFINAA is part of a social innovation venture of MyFinB, that is managed by its venture building arm, AIV50.

“There is a growing need for this kind of technology because welfare agencies are struggling to measure their social impact effectively. This difficulty is compounded by the fact that most AI solutions currently available are not suitable for measuring social impact in the first place. The lack of appropriate tools makes it impossible for welfare agencies to take full advantage of AI technology; they cannot easily evaluate whether or not they are achieving their goals, or if they should change direction based on what they learn from measuring their progress,” said Addiennur Hamizah, Co-Founder of SOFINAA, ASEAN

“We believe that AI solutions can help solve this problem by creating an environment where welfare agencies can collect data about their clients’ needs and use it to make informed decisions about how best to serve them.”

For further details, please contact ventures@aiv50.com