Startup story-Assisted by WritePath, Listed and OTC Companies’ Public Statements Connect to the World
According to statistics from the Securities and Futures Institute, foreign investors have held nearly 40% of the stock market value in Taiwan's securities market, which has become an important investment momentum in Taiwan's securities market. However, the degree of internationalization of Taiwan listed and OTC companies still needs to be improved. In view of this, the Financial Supervisory Commission announced that starting from July 2020, listed and OTC companies with a paid-in capital of NT$ 15 billion or more must disclose major news in English to help foreign investors receive the needed information. This announcement will provide great business opportunities in the translation market.
However, the translation of major news from listed and OTC companies into English may be a problem even if the job is outsourced to traditional translation company. Charles Chin, Founder of WritePath, explained: 1. Major financial reports and the release of major information are often urgent, and the outsourced translation company may not be able to complete it in time; 2. In response to this policy, the annual reports, financial reports, and meeting manuals of listed and OTC companies are required to be translated into English, and the demand for self-built online English translation databases with AI technology has begun to emerge. This allows WritePath who has long-term invested in AI translation see the blue ocean from this policy.
Up to 80% Autonomous AI Translation in the Financial Market
Using AI technology to rewrite business processes has become popular in Taiwan in recent years. Established in 2013, WritePath was originally a sharing economy platform, recruiting tens of thousands of translators and providing translations in 35 languages. In 2016, big data and AI technology were adopted to develop an automated translation platform, specializing in the translation of financial-related documents for large enterprises, and assisting listed and OTC companies to prepare various types of financial reports, CSR reports, and annual reports in English.
Behind WritePath is mainly supported by two technologies: Translation Memory and Neural Network. A large number of sentences are analogized, analyzed, stored, and reused. The latter one can automatically respond to specific situations after the machine receives a large amount of data training. Neural network allows the machine to have the ability to learn, and can translate autonomously after receiving the content to be translated. Currently, 70% translation done by AI and 30% translation done by man can be achieved.
Although the translation market has strong demands, it is also very competitive. In addition to technology giants, there are also traditional translation companies. Therefore, Charles Chin has focused on the highly professional financial sector from the beginning. In the short term, latecomers are unlikely to catch up. Over the years, the WritePath translation platform has built the language data, professional translators and customer cloud software required for the translation of major information, which can meet the requirements that the listed and OTC companies need for announcing important information in English within two hours or overnight.
Charles Chin noticed that international capital investment in various markets has become the norm. However, information disclosure transparency of Taiwan is still behind that of most countries in Asia. The announcement of major information in English promoted by the Financial Supervisory Commission aims to strengthen the transparency of information disclosure. This policy became a great opportunity for WritePath, allowing Charles Chin, who has invested in AI translation for many years, to have a more direct niche for development. Currently, the subscription of AI translation robots is gradually promoted among nearly 900 customers. It is expected that in one year, autonomous translation of AI in the financial market can reach 80%.
With Policy Support, Increased Demand for Self-Built English Translation Database
Charles Chin invested in AI translation because he was once studying abroad and his English writing skill was not accurate enough at the time. He survived the most difficult part of preparing the application documents and writing the study plan. Every students who want to study abroad will have to go through the same process. Therefore, he believes that this will certainly become a good business. Together with his brother, they set up a website to provide a one-stop service for revising and translating the documents, helping students who want to study abroad save money in finding application agency.
After years of entrepreneurial exploration, Charles Chin continues to find new business models for himself. In 2016, the big data of WritePath combined with the exclusively developed translation memory and vocabulary management system, T-Booster, boosting up the translation market performance, and accumulating customers to nearly 200 listed and OTC companies. This has attracted the United Daily News Group for strategic investment. Last year, WritePath received a subsidy from the Startup Terrace Linkou to station in and enjoy the cloud space provided by AWS as well as a large number of resources in the Startup Terrace Linkou, bringing WritePath's technical capabilities to a higher level.
Charles Chin emphasized that the translation industry is still restricted by time and manpower, and the market still has a limit. Therefore, Charles Chin made every effort to train robots to overcome the problem of manpower limitation. This time, the Financial Supervisory Commission requires listed and OTC companies with paid-in capital of NT$ 15 billion or more to announce major information in English. In 2024, all OTC companies listed with paid-in capital of NT$ 600 million or more must also disclose the information in English. The implementation of the policy implies that Taiwan needs have its own English translation database in the near future, and AI translation is about to take off like a sports car with wings.
Figure：The WritePath team is transforming the translation market in Taiwan.
Written/Photographed by: Startup Terrace Editorial team