SYDNEY, Feb. 7, 2024 /PRNewswire/ -- Global software giant Microsoft has joined forces with DoxAI, a venture of Australia's Lakeba Group, and Perpetual Limited (ASX:PPT) to provide financial services companies with access to cutting-edge technology that can help them grow and evolve.

This collaboration unites Perpetual's 137 years of experience in financial services, Lakeba's expertise in AI and Technology with DoxAI, and Microsoft's cloud infrastructure to create a marketplace of technology solutions for the financial services industry in Australia.

Marking a significant step towards evolving the financial services sector in Australia, the collaboration will bring together the best of financial services, AI and Technology, and cloud infrastructure, to create solutions that are both innovative and scalable.

The marketplace of technology solutions will enable the industry to quickly adapt to the changing demands of consumers and the market and stay ahead of the competition.

The collaboration's first AI project, QAAI, is a quality check on securitised loans and mortgages. It uses AI and machine learning technologies to provide a comprehensive analysis of loan and mortgage portfolios, helping financial institutions identify potential risks and improve loan performance. The goal of QAAI is to provide financial services companies with the insights they need to make informed decisions about their loan and mortgage portfolios and to help improve overall loan performance.

Giuseppe Porcelli, CEO and Founder of Lakeba Group and Chairman of DoxAI says:

"We are excited to be working with Perpetual and Microsoft, to bring the best of AI and technology to the financial services sector in Australia. This collaboration will enable us to deliver solutions that are not only innovative, but also scalable, and we are confident that it will drive positive change in the industry."

Richard McCarthy, CEO of Perpetual Corporate Trust (PCT) says:

"It's exciting to see PCT's innovation company, Perpetual Digital join forces with Microsoft and digital disruptors like Lakeba to enhance our document custody business operations and explore other applications of AI technology across our business.

This collaboration is a clear articulation of our strategy to enable our business, our clients and the broader market to be more effective, efficient, economical, while managing everincreasing cyber security risks and maintaining compliance."

Vanessa Sorenson, Chief Partner Officer ANZ MD Microsoft NZ says: