Advance Intelligence Group Acquires eKYB Firm Jewel Paymentechby Fintech News Singapore July 18, 2022
Advance Intelligence Group, a Singapore-based AI-driven technology company, announced its acquisition of Jewel Paymentech which specialises in merchant due diligence, fraud and risk management solutions for the financial services and payments industry. Details of the deals was not disclosed.
The acquisition aims to 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.
The company will remain as an independent business entity under the group’s enterprise business unit, ADVANCE.AI, with the former’s CEO Sean Lam, Co-founders Lee Wooi Siang and Sandra Cheim, and CIO Goh Ser Yoong joining its senior leadership team.
Jewel is focused on 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.
Founded in 2016, Advance Intelligence Group has built an ecosystem of AI-powered, credit-enabled products and services, including Buy Now Pay Later (BNPL) platform Atome, SaaS enterprise solutions provider ADVANCE.AI, and omnichannel ecommerce merchant services platform Ginee.
Sean Lam, CEO of Jewel Paymentech said,
“Being part of the broader Advance Intelligence Group ecosystem will not only serve our current clients better, but will allow us to tap on deep investor relationships, capital and technology base.
Our staff will also be able to further develop their career journey, so this coming together of our two companies is a win-win for both our existing team and client base.”
Dong Shou, CEO of ADVANCE.AI said,
“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.”
Featured image: Umair Javed, Senior Vice President, M&A and Corporate Development at Advance Intelligence Group with Sean Lam, CEO of Jewel Paymentech.