Singapore-based AIDA Technologies has announced that Mastercard has joined its Series A funding round along with its primary investors Kuok Ventures and SGInnovate.

Rohit Chauhan, Executive Vice President, AI Center & Cyber Platforms, Mastercard, said: “This further strengthens Mastercard’s AI-focused strategy around people, infrastructure and domain expertise. It provides us with access to AIDA’s world-class AI platform and toolkit, as well as the possibility to jointly develop product solutions that leverage advancements in technology to deliver greater security and convenience for businesses and consumers in their everyday activities.”

Established in 2016, AIDA Technologies develops advanced solutions that integrate with customer workflows, leveraging machine learning models that generate business insights. It focuses on the financial services institutions across Singapore, Malaysia, Thailand, Indonesia, India and Hong Kong.

Dr. Tan Geok Leng, CEO, AIDA, said: “I’m delighted to announce the completion of our Series A funding round and to welcome Mastercard, Kuok Ventures and SGInnovate as investors in AIDA. Their investment is a strong endorsement of our strategy and supports AIDA’s deepening penetration into existing markets and expansion into North Asia, especially Hong Kong and Japan.”

Kuok Ventures, one of AIDA’s earliest investors, is also the founding seed investor in the company.

Mr. Kuok Meng Wei, Director, Kuok Ventures, said: “Our investment approach prioritises promising early-stage technology companies like AIDA, which have potential to become key enablers to other businesses in the wider Kuok Group portfolio.” In addition to the current Series A investment, Kuok Ventures was also the founding seed investor in the company.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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