DIGIASIA Corp enters into AI solutions for finance

~Introductory access to 5,120 of the newest and most powerful NVIDIA GPUs~

~ Develop and deploy advanced enterprise AI solutions for Fintech, Telecommunications and Government, leveraging existing DIGIASIA infrastructure and superior NVIDIA hardware ~

~ Significant expansion of DIGIASIA’s end-to-end Fintech-as-a-Service ecosystem, leveraging the estimated $200-300 billion annually worldwide in AI in financial services¹ ~

~ Catalyst for significant earnings and earnings growth starting in Q4 2024 ~

NEW YORK, June 24, 2024 (GLOBE NEWSWIRE) — Digi Tech Limited, a subsidiary of DIGIASIA Corp. (NASDAQ: FAAS) based in the United Arab Emirates (“DIGIASIA” or the “Company”), a leading Fintech as a Service (“FaaS”) ecosystem provider, has secured an initial allocation of 5,120 NVIDIA H200 GPUs (NASDAQ: NVDA) . Access to NVIDIA GPUs will fuel DIGIASIA’s development of cutting-edge AI solutions for enterprise clients in the fintech, telecommunications and government sectors. The first version of these NVIDIA-powered solutions is expected to be deployed by the fourth quarter of 2024. DIGIASIA will base operations on its AI initiatives at the Dubai International Financial Center (“DIFC”) in the United Arab Emirates, with support United Arab Emirates and DIFC Global Leadership in the Development of Advanced AI Solutions.

Deal structure and AI Fintech platform

DIGIASIA received an initial tranche of 5,120 NVIDIA H200 GPUs with an option for an additional 10,240 GPUs. The total market value of the first tranche exceeds USD 400 million, and with the additional option it exceeds USD 1.2 billion. Initially, DIGIASIA will deploy these advanced GPUs in Southeast Asia, India and the Middle East, with plans for global expansion.

NVIDIA GPU integration will significantly enhance DIGIASIA’s fintech infrastructure, increasing productivity and efficiency. This will enable DIGIASIA corporate customers to implement advanced solutions such as AML, fraud detection, KYC, smart dealer lending, branchless banking, automated customer journeys and deep encryption of financial data.

Opportunity on the market

DIGIASIA’s access to NVIDIA GPUs opens significant market opportunities, potentially tapping the $200-300 billion annual global financial services market. Leveraging NVIDIA’s cutting-edge GPUs and AI models, DIGIASIA aims to deliver advanced AI-powered fintech solutions in Southeast Asia, India and the Middle East. DIGIASIA plans to leverage its existing enterprise partners and identify additional strategic AI data center hosting partners to support these innovative solutions.

Executive insights

Prashant Gokarn, CEO of DIGIASIA, said: “NVIDIA GPUs are at the core of any AI solution. We are delighted with this allocation, which allows us to develop the next generation of the DIGIASIA embedded financial platform with generative artificial intelligence, increasing enterprise precision and productivity. This will allow us to continue to support our existing and new enterprise customers in the AI ​​revolution.”

Subir Lohani, CFO and Chief Strategy Officer of DIGIASIA, commented: “Since listing in April, we have consistently pursued our strategy of providing innovative solutions to our corporate clients and expanding our geographic reach. We plan to release the first NVIDIA-powered version of the solutions by Q4 2024, which will drive significant growth and attractive earnings. We are pleased to expand this initiative within the DIFC AI Innovation Center/Campus in the UAE, which has become a global center for the development of AI solutions.

Forward-looking statements:

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project,” “targets,” “optimistic,” “confident itself” that”, “continues”, “anticipates”, “intends”, “goal”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be considered forward-looking statements. These forward-looking statements, including, without limitation, statements regarding DIGIASIA and the Company’s business, financial performance and condition, are based on current expectations, beliefs and assumptions, which may change at any time. DIGIASIA cautions that these statements by their nature involve risks and uncertainties, and actual results may vary materially depending on various important factors, such as government and stock exchange regulations, competition, political, economic and social conditions around the world , including those discussed in DIGIASIA’s Form 20-F report under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business Review” and other reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements speak only as of the date they are made, and DIGIASIA specifically disclaims any obligation to maintain or update forward-looking information in the future, whether or not contained in this release.

Investor contact:
MZ North America
Email: [email protected]

Contact the company:
Subir Lohani
Chief Strategy Officer and Chief Financial Officer
Email: [email protected]

1 https://www.mckinsey.com/industries/financial-services/our-insights/capturing-the-full-value-of-generative-ai-in-banking