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Symphony: Financial data app keen to cultivate Singapore market
SINGAPORE — New secure messaging app Symphony, with $66 million in investment backed by global financial firms including Goldman Sachs, JP Morgan and Nomura, is aiming for a piece of the billion-dollar financial data industry.
The product is a workflow productivity app that protects a company’s internal and external cloud-communications from cyber-attacks. It combines messaging services and acts as an alternative to business email. Employees can form groups and discuss information in a secure environment. Users of the app can access real-time information and adapt to changing situations more efficiently. News and data are provided by Dow Jones, Standard & Poor’s Capital IQ, and New York-based news provider Selerity.
The Symphony app costs $15 per user per month for business and enterprises.
The company was set up in October 2014 and has grown to around 30,000 subscribers. Based in California, it has offices in New York, London, Hong Kong and Singapore.
David Gurle, CEO of Symphony Communications, said the company is keen to expand in Singapore, as it is an important financial hub in Asia. He added that the company hopes to work with Singapore’s government organizations in the near future and enter the Japanese market next year.
When asked about the biggest challenges faced by financial companies, Gurle said that data sovereignty and protecting identities online are some of the bigger obstacles. He noted that cyber security is extremely important, especially for financial institutions, which are increasing reliant on technology.
More financial and tech companies offering data protection are entering the competitive billion-dollar financial data industry. Data protection firm Acronis and IT solutions provider ID Quantique announced a collaboration to help protect their clients’ data from cyber security threats. U.K.-based surveillance and analytics provider Ancoa is partnering with trading solutions provider N2N Connect to offer Ancoa’s surveillance capabilities to N2N’s clients.
Symphony: Financial data app keen to cultivate Singapore market
