Miyu may be a challenge to the famous Turing Test

Miyu may be a challenge to the famous Turing Test

Funding Societies, a Singapore-based crowdfunding platform, has launched its chatbot Miyu. A first for such a chatbot created by a crowdfunding company in Southeast Asia.

Developed by two interns at Funding Societies using bot platforms meya.ai and api.ai, combined with machine learning and natural language processing, Miyu works round the clock to answer queries about the products and services offered by Funding Societies.

The inspiration for the name ‘Miyu’ ironically came from one of the employees whom an investor mistook for a bot while chatting with them.

“We created Miyu via self-learning with guidance from our seniors. She is different from most other chatbots in the financial services space,” says one of the developers Sherman Lim.

Kelvin Teo, co-founder and CEO of Funding Societies, adds: “Since inception, we’ve promised to help SMEs and investors through crowdfunding and innovation. Our chatbot is another step-in innovation and aims to deliver almost human-like customer experience 24/7.”

According to the firm, Miyu is designed to go beyond standard queries and be more human like, perhaps to the point where it may be a challenge to the famous Turing Test. Although, it’s not quite there yet the potential is. And if all fails, Miyu can bring in human assistance.

Once fully integrated, Miyu can act as a virtual relationship manager. Assisting SMEs in loan application, help investors navigate through the platform, as well as perform account opening and management activities without human intervention.

Founded in early 2015, Funding Societies is a licensed digital platform that connects SMEs with retail and institutional investors. Last year, it received SGD 10 million ($7.3 million) funding led by Sequoia India and expansion into Indonesia and Malaysia.