ADVANCE.AI Boosts KYB Verification for Faster Due Diligence in Singapore & Malaysia
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.
ADVANCE.AI Improves Their KYB Solution
Key improvements of the new KYB solution, which will operate under ADVANCE.BizQ, 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 an 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 the ASEAN Fintech winner for its risk management technology at the Singapore Fintech Festival’s Global Fintech Awards. It partners with over 500 clients across the banking, financial services, telco, and e-commerce industries.
For more information on ADVANCE.AI’s enhanced KYB verification solution, visit this website.
