Singapore-based unicorn tech startup Advance Intelligence Group announced that it has acquired Jewel Paymentech, a financial risk technology company specialising in merchant due diligence and fraud and risk management solutions for financial services and payments industry, for an undisclosed amount.
According to the announcement, Jewel has an established track record of onboarding businesses and monitoring of fraudulent transactions, specifically in Know Your Business (KYB) and Know Your Transaction (KYT) monitoring.
It also provides automated solutions to large merchants such as marketplaces, to identify illegal and counterfeit goods as part of their KYC process.
With a presence in Singapore and Malaysia, Jewel’s technology is used by the region’s largest banks, fintechs and payment networks. The Singapore-based company, named by SWIFT as one of Asia’s most promising fintech companies, was founded 8 years ago.
The acquisition of Jewel Paymentech for an undisclosed sum will strengthen Advance Intelligence Group’s capabilities in the Web3.0, fraud and risk management space. Jewel’s 30-member team based in Singapore and Malaysia, including its senior leadership team, will join the group.
Jewel will remain as an independent business entity under the Group’s enterprise business unit, ADVANCE.AI, with CEO Sean Lam, co-founders Lee Wooi Siang and Sandra Cheim, and CIO Goh Ser Yoong joining its senior leadership team.
“We warmly welcome the addition of Jewel’s leadership team and staff. Adding Jewel’s KYB and KYT expertise to our existing set of digital identity, fraud detection and risk management solutions means we are now even better equipped to support our clients in their digital transformation journey as they navigate an ever-evolving regulatory, compliance and security landscape, both in Web2 and Web3,” said Dong Shou, CEO of Advance.ai.
Founded in 2016, Advance Intelligence Group is one of the largest independent technology startups headquartered in Singapore. The group has built an ecosystem of AI-powered, credit-enabled products and services, including Asia’s leading Buy Now Pay Later (BNPL) platform Atome, SaaS enterprise solutions provider ADVANCE.AI, and omnichannel ecommerce merchant services platform Ginee.