SINGAPORE, 1 August 2024 - ADVANCE.AI, Southeast Asia's leading provider of digital identity verification, compliance and risk management solutions, is strengthening its suite of capabilities with an enhanced Know Your Business (KYB) business intelligence service.
JewelPaymentech, a payment fintech acquired by ADVANCE.AI in 2022, will now operate under ADVANCE.BizQ, bringing even greater strength to its growing credit bureau solutions. Coupled with ongoing Know your Transaction (KYT) monitoring to identify illegal and fraudulent transactions, ADVANCE.BizQ will streamline business due diligence and compliance, particularly for financial institutions and SMEs managing counter-party risk, credit exposure and heightened compliance and AML regulations. Key improvements of the new KYB solution include a more comprehensive range of data verification such as business registration, company profiles and ownership structures, credit history and watchlist reports.
"The enhancement of our KYB verification service, operating under ADVANCE.BizQ, comes at a crucial time of heightened anti-money laundering (AML), compliance and risk management challenges, as well as increasing need for business and financial security against counter-party credit and risk exposure. This will help streamline corporate due diligence, compliance and provide greater business security," said Dennis Martin, CEO of ADVANCE.AI's credit bureau business.
Earlier this year, ADVANCE.AI announced the hiring of Martin, previously Group CEO of CTOS Digital in Malaysia, where he oversaw a comprehensive portfolio of credit and risk management solutions for banking, financial services and SME industries.
In 2023, ADVANCE.AI was named ASEAN Fintech winner for its risk management technology at Singapore Fintech Festival’s Global Fintech Awards. It partners with over 500 clients across the banking, financial services, telco, and ecommerce industries.
For more information on ADVANCE.AI’s enhanced KYB verification solution, visit https://www.advancebizq.com/.
A media kit is available here.
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About ADVANCE.AI
ADVANCE.AI is Southeast Asia's leading provider of digital identity verification, KYC/KYB, AML, compliance and risk management solutions. Headquartered in Singapore, it currently partners 500+ enterprise clients across banking, financial services, fintech, payment, retail and e-commerce sectors. ADVANCE.AI was named ASEAN Fintech winner at the 2023 Singapore Fintech Festival Global Fintech Awards for its risk management technology. ADVANCE.AI is part of Advance Intelligence Group, an AI-driven technology company that consists of an ecosystem of AI-powered, credit-enabled products and services that includes consumer financing, digital identity verification and risk management as well as enterprise resource planning software. Founded in 2016, the Group has presence across Southeast Asia, Latin America and Greater China. The Group is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Northstar and Singapore-based global investor EDBI.
