- Braight AI recently acquired by Kings Entertainment in July 2023
- Leverages AI & Big Data to empower informed business decisions
- Proprietary algorithm has 95% accuracy predicting borrowers' financial behaviors
VANCOUVER, BC, Aug. 15, 2023 /PRNewswire/ - Braight AI, a wholly owned subsidiary of Kings Entertainment Group Inc. (CSE: JKPT) (OTCPK: KENGF) (FSE: L12) ("Kings Entertainment" or the "Company"), is pleased to provide a comprehensive corporate update from CEO Maciej Jarzab on Braight AI's journey, achievements, and transformative impact on the financial landscape since its inception in 2018. Braight AI leverages the potency of AI and online behavior data to redefine financial assessment while empowering financial institutions with informed decision-making ability. This insight catalyzes economic inclusion and forges the path for responsible lending practices.
Dear Shareholders,
I am thrilled to provide a glimpse into the journey of Braight AI, a unique Big Data analytics company that's poised to revolutionize the financial landscape. As we celebrate our recent acquisition by CSE-listed Kings Entertainment, I invite current shareholders and prospective investors to learn more about our dynamic approach, strategic vision, and encouraging growth potential.
In 2018, I envisioned Braight AI: a vanguard in Big Data analytics. Our distinct focus lies in deciphering online behavior data, which serves as a gateway into consumers' authentic behavior and mindset. By harnessing this unique data subset, we introduced the groundbreaking concept of behavioral scoring. This pioneering approach revolutionizes the creditworthiness assessment of individuals globally. We fine-tuned our proprietary artificial intelligence algorithm over time to where it now attains an invaluable 95% accuracy in predicting borrowers' financial behaviors. That level of predictive accuracy enables financial institutions to access markets that were formerly unmeasurable and unseen.
Before we explore our strategic plans for ongoing expansion, I would like to summarize Braight AI's significant milestones since inception:
- 2018: Unveiling of behavioral scoring at the Startup Boot Camp in Dubai, where we were recognized by esteemed Arab investors as one of the Top 20 technologies poised to reshape the finance industry.
- 2019: Launch of our proprietary Epeer lending platform, a crucible for our algorithm's capabilities, which has granted more than 10,000 loans to date.
- 2022: Expansion into Central and Eastern Europe, forging impactful alliances with diverse financial institutions.
- 2022: Granted the prestigious How To Web award, celebrating our innovation as the most outstanding technology in Central and Eastern Europe.
- 2023: Integration into Kings Entertainment Group Inc. (CSE:JKPT), a listed company, opening an exciting chapter of growth and innovation.
- 2023: Successfully operating out of Canada and Europe while hiring additional personnel for key roles in our expansion efforts.
We are now building on that foundation by embarking on an ambitious global expansion strategy for the next 12 months. Our central objective is to drive revenue growth by leveraging our substantial expansion opportunities. As we progress through the current year and into 2024, our blueprint includes:
- Facilitating financial inclusion by welcoming 150 million previously unbanked individuals to the banking sector by the end of 2024.
- Contributing to financial stability with annual savings of 50 million EUR, achieved through a significant 20% reduction in default rates.
- Targeting an increase in Braight AI's annual revenue to 100+ million EUR by 2027.
- Geographical expansion encompassing Mexico, Colombia, Canada, Spain, and the Central and Eastern Europe (CEE) region in 2023, with expansion plans for the US, Brazil and Africa in 2024.
- Venturing into new domains, including diversifying into the insurance and retail sectors by 2024.
- Crafting a novel-generation AI credit bureau grounded in online data to provide an indispensable cornerstone for comprehensive financial institution support.
- Forging further strategic collaborations that support a holistic, worldwide AI ecosystem.
Since our scope extends beyond individual risk assessment to also encompass the entire B2B sector, this breadth of impact positions us to continue our role as transformative trailblazers across multiple industries, globally.
We have had a successful 2023 so far and I am optimistic about exceeding our growth plans for 2024 and beyond. I would like to extend my appreciation to Braight AI's employees and the Board of Directors for their dedication to accelerating the Company's strong growth.
On behalf of the Board of Directors, the leadership team, the wider organization, and myself, thank you for your continued support as we continue to elevate Braight AI throughout the year and years ahead.
"Maciej Jarząb"
CEO of Braight AI
About Braight AI
Braight AI, through Epeer, is a leading provider of Artificial Intelligence (AI) Big Data analytics solutions. Braight AI specializes in leveraging the power of AI to extract actionable insights from vast amounts of data, empowering businesses to make informed decisions. They offer 2 cutting-edge AI solutions tailored to address specific business needs: AI Risk and AI Marketing.
About Kings Entertainment
Established in 2005, Kings Entertainment (CSE:JKPT) is a global online service provider for lottery, casino, and sportsbook gambling. With a diverse portfolio of assets, the company has expanded its offerings through strategic acquisitions, including the recent addition of Braight AI, a leading provider of Artificial Intelligence (AI) Big Data analytics solutions. By integrating Braight AI's cutting-edge solutions, Kings Entertainment aims to further enhance its services and customer experiences.
Kings Entertainment's renowned brands, LottoKings and WinTrillions, have successfully attracted and retained millions of player sign-ups since their inceptions. Leveraging the acquired Braight AI technology, Kings Entertainment is now poised to optimize player engagement and elevate its lottery, casino, and sportsbook offerings on a global scale.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
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SOURCE Kings Entertainment Group Inc.
