From financial to healthcare e-services

Date: 17/02/2015

Evaluating risk associated with investments is crucial for the financial industry. Start-up company TheMarketsTrust is currently launching an innovative risk evaluation model, which takes qualitative as well as quantitative aspects into account. With support from EU accelerator programme FIWARE, the firm will also develop a data handling platform for the healthcare sector.

"People are not rational when deciding about investments," says Evangelos Papadoupoulos, founder and CEO of TheMarketsTrust. "They are for example guided by their past experiences and their drive – or lack thereof – to make great deals. They are often also influenced by information from other sources than those traditionally used, in particular social media. A performing risk evaluation model needs to take all of this into account.” While traditional models are based uniquely on quantitative data, the new algorithm developed by TheMarketsTrust is also capable to detect the cognitive bias of investors and analyse information about the environment, notably from social media.

"In addition to providing a much more complete picture of investment risk factors, our offer is competitive from a financial point of view," Mr Papadoupoulos continues. "Our platform is to 60% built on open source components and then adapted to the needs of each client. We only charge for the customisation, which means that we are considerably cheaper than our competitors."

Targeting the e-health sector

Although risk evaluation is the main activity of TheMarketsTrust, the ambitions of the young company – formally created as late as in May 2014 – do not end there. "We have realised that the generic components of the IT infrastructure built for our risk evaluation platform, such as the workflow technology and the cloud computing identification, could also be used for handing digital data of the healthcare sector," Mr Papadoupoulos explains.

Luxembourg is in the process of setting up electronic health records, which would be accessible to both doctors and patients. "Our intention is to develop a portal, stored on secured infrastructure in the cloud, which would allow doctors and patients to access the e-records from any location," he continues. "It would as well make it possible for patients to share information with their doctor about their state of health on a day-by-day basis." TheMarketsTrust is also exploring other potential technology solutions for e-health services in collaboration with the Luxembourg Institute for Science and Technology (LIST).

European development support

Developing products for a completely new market might be a rather daunting task, but TheMarketsTrust will be able to count on the support of FIWARE – the European Future Internet Accelerator Programme that supports the development of start-ups and SMEs with innovative ideas. "We got information about FIWARE through Luxinnovation," Mr Papadoupoulos points out, "and Luxinnovation also helped us to prepare the application to the programme." He is proud to mention that only 80 companies of the over 300 that applied were selected for support, and that TheMarketsTrust is one of them. "FIWARE has granted us support firstly to work on our business case, and we have the potential of obtaining in total over €200,000 to cover R&D costs." The company will also benefit from coaching by experts and investors.

TheMarketsTrust currently has a staff of 15 based in Luxembourg and several other locations, and Mr Papadoupoulos is confident about the future. "We think that we have the potential to grow to at least 200 employees on the financial side over the next 7-8 years, and hopefully also create the same number of positions within our e-health activities," he concludes.

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