- Jewel’s employees, including mature leadership team can join the group
- Strengthen the group’s capabilities in Web3. 0 fraud, risk management space
Advance Intelligence Group (AIG), the Singapore-based tech new venture announced its acquisition of Jewel Paymentech, economic risk technology corporation specialising in merchant due diligence, fraud and risk management solutions meant for financial services and obligations industry.
In a statement, the startup said Treasure Paymentech (Jewel) posseses an established track record of onboarding businesses and checking of fraudulent dealings, specifically in understand your business (KYB) plus know your deal (KYT) monitoring.
This added that Jewel also provides automatic solutions to large vendors such as marketplaces, to recognize illegal and counterfeit goods as part of their KYC process.
With an existence in Singapore and Malaysia, Jewel’s technology is used by the region’s largest banks, fintechs and payment systems. The Singapore-based organization, named by FAST as one of Asia’s many promising fintech companies, was founded eight years back.
The acquisition of Jewel for an undisclosed sum may strengthen Advance Intelligence Group’s capabilities within the Web3. 0, fraud and risk management room, AIG said.
The new venture said Jewel’s 30-member team based in Singapore and Malaysia, including its senior leadership team, will join the group.
The company will stay as an independent business entity under the group’s enterprise business device, ADVANCE. AI, with chief executive officer (CEO), Sean Lam, co-founders Shelter Wooi Siang and Sandra Cheim, plus chief information official, Goh Ser Yoong joining its older leadership team, this said.
Founded in 2016, AIG is one of the largest independent technology online companies headquartered in Singapore.
The group has built an ecosystem of AI-powered, credit-enabled products and services, including Asia’s leading Buy At this point Pay Later (BNPL) platform Atome, software-as-a-service (SaaS) enterprise solutions provider ADVANCE. AI, and omnichannel e-commerce merchant services platform Ginee.
Umair Javed, older vice president plus corporate development in AIG said, “Jewel’s established track record within merchant due diligence, transaction and fraud checking complements our own abilities and offers our existing clients and partners in our ecosystem an even fuller suite associated with products and services. ”
Sean Lam, CEO of Jewel Paymentech, said, “Our staff will also be capable to further develop their career journey, and this coming together of our two companies is a win-win for each our existing group and client base. ”
Each ADVANCE. AI and Jewel are also accredited by the Infocomm Media Development Authority of Singapore (IMDA).
Edwin Lower, director of Organization and Ecosystem Growth at IMDA mentioned, “Collectively, there are supporting product synergies which can be offered to their bigger global client base. And also this bodes well with regard to Singapore’s ecosystem as we see a much stronger and globally competitive organization resulting from this combination. ”