HyperVerge, a Silicon Valley-based AI-powered identity verification firm, seeks to utilise its technology to support the Philippine government’s initiatives for financial inclusion.
This, as the company officially expanded its global operations in the Philippines, a country that it views as the new growth center in the Southeast Asian region.
“The Philippines is fast becoming the new growth center in Southeast Asia and we want to be part of that story while also helping accelerate it much faster. We see a huge opportunity to use our technology in a meaningful way, especially in supporting the government’s initiatives for financial inclusion,” HyperVerge CEO Kedar Kulkarni said.
HyperVerge empowers enterprises with AI solutions that enable them to improve and automate their processes, provide better customer experience, and digitally adapt at a quicker pace.
It enables financial institutions to reduce risks related to fraud and identity theft while maintaining the efficient processing of documents and services.
So far, it has helped lenders in different territories in India, Vietnam, Malaysia, Singapore, and the United States to save $50 million from fraud annually.
Globally, its roster of clients includes established companies like CIMB, Home Credit, SquidPay, State Bank Of India, and Grab. HyperVerge is also backed by investors such as New Enterprise Associates, Milliways Ventures, and Dallas Venture Capital.
“We want to help Filipinos gain more access to financial services, and our technology creates an information ecosystem that makes it easier for lenders to verify the information and detect fraudsters from the get-go,” HyperVerge co-founder Praveen Kumar said.
As government financial institutions like the Securities and Exchange Commission introduce measures to prevent fraud, more private firms also need to gear up for this new digital era.
Strong user demand and the new, up-and-coming aggressive market for digital banking have made precaution and risk-minimizing all the more important.
“Ensuring customer protection and minimal risks translates to market stability,” Kulkarni stressed. “With fintech still at its infancy in the country, we want to provide a helping hand in ensuring that this sudden surge toward digital services continues to happen smoothly.”