ADVANCE.AI bolsters KYB verification service in Singapore and Malaysia

By Gloria Mathias

ADVANCE.AI, Southeast Asia’s provider of digital identity verification, compliance and risk management solutions, has strengthened 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 operate under ADVANCE.BizQ is bringing even greater strength to its growing credit bureau solutions. Coupled with the 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, which will operate under ADVANCE.BizQ includes a more comprehensive range of data verifications, 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 an an increasing need for business and financial security against counter-party credit and risk exposure. This will help streamline corporate due diligence and 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. It partners with over 500 clients across the banking, financial services, telco, and eCommerce industries.