With SyncTree, Ntuple makes possible the digital transformation of MNCs and SMEs alike towards a circular economic future advancing the SDGs
HONG KONG, Dec. 17, 2020 /PRNewswire/ – Ntuple, a leader in the industry of application programming interfaces ("API") and micro-services lifecycle management, today became the first company exclusively in the API economy, and the first company from South Korea, to join the World Economic Forum’s Global Innovators Community, a select group of the world’s most promising "scale-ups" at the forefront of technological and business model innovation.
"We are absolutely honoured to be the first company exclusively in the API economy to join the World Economic Forum and its Global Innovators Community," said Min Park, Founder and CEO of Ntuple. "The API economy is experiencing phenomenal growth. Unbeknownst to most, every major economic shift of the last 25 years has had APIs at the heart of it — from e-commerce, to the cloud, and across social networks. Ntuple will work with the World Economic Forum to broaden global understanding of API and micro-services, and their respective roles in advancing digital transformation, and work with private and public member organizations to promote the role of the API economy as a worldwide economic driver." Along with Joe Wong, CSO and Kenneth Kwok, CIO, this three-person team will strategically lead Ntuple’s active engagement with the Forum.
Just how sizeable is the API management business? A recent report dated September 2020 by Global Industry Analysts concluded that, amidst the COVID-19 crisis, the global market for API management, which is estimated at USD1.4 billion in the year 2020, is projected to reach a revised size of USD 8.9 billion by 2027, growing at a CAGR of 29.7% over the period 2020-2027. Furthermore, over the past few years, API related technology has become a major focus in mergers and acquisitions. In early 2019, Salesforce.com paid out USD 6.5 billion for MuleSoft, a management system for APIs. Subsequently, in early 2020, it was announced that Visa has agreed to pay USD 5.3 billion for Plaid. More deals in the pipeline are forthcoming in 2021.
Global innovators are selected by the World Economic Forum on an invitation only basis and must meet specific criteria. They are at the forefront of technological and business model innovation and are invited to engage with one or more of the World Economic Forum’s platforms to help define the global agenda on key issues. Ntuple, as an UN SDG advocate, will participate in the "Shaping the Future of Media, Entertainment and Sport" platform to help create awareness and sustainability for API and micro-services within the global community and further accelerate growth and understanding of these core ecosystems on a global scale. The Company will also have a focus in the area of "Advancing Global Digital Content Safety initiative".
"The World Economic Forum is excited to have Ntuple join the Global Innovators Community" says Cathy Li, Head of Media, Entertainment and Sports Industries at the World Economic Forum. "We look forward to engaging Ntuple in our Platform activities and showcase how the potential of API economy can help businesses adapt to digital transformation and advance digital content safety."
What can we expect from Ntuple in 2021? As the world continues to recover and rebuild from the pandemic, Ntuple aims to fully engage with the Great Reset and propel its growth through a triangular intersectional approach of impact (circular economy), innovation (futureproof cybersecurity) and inclusion (social inclusion).
Ntuple seeks to partner with other companies to collectively power the evolution to the API economy by connecting legacy systems with modern ones, and mitigate the need to reinvest in entirely new systems. API is the core of digital transformation, and digital transformation is difficult without API management. Having worked with companies such as AIG, Korea Telecom and national financial institutions, we removed various barriers of implementation. For AIG, SyncTree eliminated the need to invest in API infrastructure, and and creating the engine to instantly create an e-commerce distribution network leveraging third-party e-commerce platforms. For Korea Telecom, SyncTree helped adopt, as a service linkage solution called Hi-Fin, a "Big Data and AI-based Investment and Asset Management Support Service System," which provides investment and asset management support services. For a top five national financial institution, SyncTree mitigated the need to invest large upfront capital to upgrade their established API library and provided new added features and services more seamlessly.
"To quantify the impact of SyncTree, for a Top 5 national securities firm, 50% of costs related to increasing and maintaining high levels of security against cyber threats have been reduced as they transform towards a 100% digital firm with circular economy framework built in. We have witnessed the same levels of efficiencies with projects carried out by the MXA Group and GOLS in Hong Kong," commented Joe Wong.
To truly scale meaningful innovation, areas relating to cybersecurity and digital content safety must be taken fully into consideration. Artificial intelligence (AI), the internet of things (IoT), and security technologies are set to disrupt every industry in the next decade, and as we take advantage of this innovation, security can be addressed through protocol control, content moderation, regulation and liability, and business model and competition.
With SyncTree, a secure communication protocol can be integrated while seamlessly integration systems and integrating frontier technologies. This includes a combination approach of utilizing patented method of ‘sending, receiving, and authorizing data or protocol, replacing the traditional ‘oauth’ method, employing a token-less protocol for data transaction. Historically speaking, many of personal security accidents are caused by the mismanagement of tokens, so SyncTree removes this from the equation and strengthened access point security.
"To safeguard innovation, we must start with, not end with, strengthening global collaboration to address systemic cybersecurity challenges. As technological advances and global interconnectivity, accelerated by the pandemic, grow exponentially in the Fourth Industrial Revolution, unprecedented systemic security risks and threats will undermine trust and growth if we do not act now," remarked Min Park.
There is a growing body of research that demonstrates that innovation requires inclusion, i.e. the participation and deliberation of a group of voices, and this IPO report shows that organizations with higher levels of diversity and inclusion are far more likely to demonstrate innovation. At the same time, what is often overlooked is that innovation itself can empower organizations to be more inclusive by making the process for everyone to be heard affordable, accessible and available. This is what Ntuple and SyncTree aspires to achieve.
Taking the example of Korean Rail ("Korail"), it is demonstrated that SyncTree makes it possible for inclusive methodologies to be adopted by both large and small corporates to become operational partners. As there is no longer a need to rebuild and reinvest in existing legacy apps, companies can connect to all major SNS to provide all rail services and improve the overall user interface, companies can connect to large global map service providers to small local travel agencies coming "onboard" to the national railway platform. For the end consumer, through reduction of deployment costs, lowered prices are afforded to end users for more robust services.
"For innovation and inclusion to work hand in hand, one must imagine it as an intersectionality of identities, such as race, gender, sexual orientation, disabilities, class, marital status and age, and how they overlap and intersect in dynamic ways that can collectively shape and further social change on a global level. My personal principle, whether for Ntuple or for other ventures such as Global Citizen Capital, Family Mask and KIDsforSDGs, is that we must ensure everyone who has a voice receives the fundamental right to be heard," commented Kenneth Kwok.
Looking forward to 2021, Ntuple seeks to replicate the success it has achieved in South Korea with MNCs and SMEs alike on a regional and global basis. We seek to establish our global division in Hong Kong to handle all international business. We aim to become the top service provider in API and micro-services management in the Korean financial market. We strive to create a truly open community focused on sustainable digital economy through valuable and meaningful collaboration with strategic partners. We aspire to seek fundraising from like-minded investors passionate about the digital transformation. We persevere to research and create a new standard on security protocol which is applicable to all global technology players. There is a lot of purposeful work ahead of us, and we are honoured and confident that Ntuple’s membership at the Forum and the Global Innovators Community will meaningfully accelerate our progress in fulfilling our 2021 vision.
Ntuple is a Korean company that is focused on the intersectionality of impact, innovation and inclusion, and has developed a no-coding API solution platform called SyncTree. SyncTree provides a secure solution for integrating and connecting legacy systems, orchestrating complex functions with inputs from multiple sources on a serverless basis, a B2B Marketplace for APIs, and a platform to develop and manage APIs and microservices, through a simple drag and drop interface.
SyncTree not only significantly reduces the time and capital required for digital transformation journeys, but in the ever expanding API Economy, SyncTree also provides a more practical execution by enabling a modular approach without having to affect overall system process and integrity. As an Amazon Web Services ("AWS") recognized partner, Ntuple’s innovative solutions for MNCs and SMEs across various industries such as banking, insurance, telecom, gaming, logistics, IOT and more have been successfully deployed, to further the advancements of circular economy, futureproof cybersecurity and social inclusion.
About World Economic Forum:
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is independent, impartial and not tied to any special interests.
About the Global Innovators Community:
The Global Innovators Community is a group of the world’s most promising start-ups and scale-ups that are at the forefront of technological and business model innovation. The World Economic Forum provides the Global Innovators Community with a platform to engage with public- and private-sector leaders and to contribute new solutions to overcome current crises and build future resiliency. Companies who are invited to become Global Innovators will engage with one or more of the Forum’s Platforms, as relevant, to help define the global agenda on key issues.