ADVANCE.AI, a Singapore-based artificial intelligence (AI) and big data company in Asia, has teamed up with Dow Jones, a global provider of news and business information, to strengthen its core suite of B2B risk and compliance products across South and Southeast Asian markets.
Under the partnership, ADVANCE.AI will integrate Dow Jones’ best-in-class anti-money laundering (AML), risk and compliance data into its core suite of services comprising digital identity verification, risk and credit scoring, and digital lending. The collaboration will enhance the robustness and efficiency of ADVANCE.AI’s product suite, which serves enterprises in the banking, financial services, fintech, payments, retail, and e-commerce sectors.
Dong Shou, CEO of ADVANCE.AI, said: “While COVID-19 has accelerated the pace of digitalisation in financial services and digital commerce, it also comes with the increased threat from online financial crime, which is more sophisticated and organised than ever. Combining Dow Jones’ AML and compliance data with our eKYC and risk scoring solutions improves the robustness of our one-stop digital identity verification (DIV) platform, which unifies our enterprise fraud and risk management solutions, and protects our enterprise partners from operational and reputational risks.”
“As the risk of financial crime increases, access to trusted and timely data has never been more important,” said Jan Coos Geesink, General Manager Dow Jones Risk & Compliance. “This partnership with ADVANCE.AI will provide customers with the information they need to better identify money laundering risks, and make even smarter decisions.”
Founded in 2016, ADVANCE.AI currently serves over 1,000 enterprise clients across South and Southeast Asia, Latin America and mainland China. Notable clients include Standard Chartered, Generali Group, Bank CIMB Niaga, Home Credit, Shopee and GoTo group. In the past 12 months, ADVANCE.AI was also named in LinkedIn’s Top 10 Start-ups in Singapore, awarded “Best International Fintech” at India’s Fintech Awards and listed in the “Next Global Tech 50: Artificial Intelligence” shortlist by global investment research firm Equal Ocean. It was recently named a member of the global Fintech Power 50 list.
