ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia, has expanded its capabilities in Singapore and Malaysia with an upgrade to its Know Your Business (KYB) service.
The new KYB solution offers more comprehensive data validation, including business registrations, company profiles, ownership structures, credit history and watchlist reports.
The service aims to streamline business due diligence and compliance for financial institutions and small and medium-sized enterprises, addressing counterparty risk, credit risk, and anti-money laundering (AML) regulatory compliance.
JewelPaymentech, which was acquired by ADVANCE.AI in 2022, will Advance.BizQThis will further strengthen the company’s credit reporting agency services.
Advanced AI It works with over 500 clients across banking, financial services, telecommunications and e-commerce industries.
Earlier this year, ADVANCE.AI Appointed Dennis Martin, former group CEO of Malaysia’s CTOS Digital, has been appointed CEO of the company’s credit bureau business.
“The enhancement of KYB verification services operated under ADVANCE.BizQ comes at a critical time when anti-money laundering (AML), compliance and risk management challenges are on the rise, increasing the need for business and financial security for counterparty credit and risk exposure.
This streamlines corporate due diligence and compliance, improving business security.”
Dennis Martin, CEO of ADVANCE.AI’s credit reporting business, said:
