WISE AI, an electronic know your customer (eKYC) startup based in Malaysia, announced today it has raised an undisclosed amount in pre-Series A funding, led by Sun SEA Capital, the venture arm of Sunway Group.
The fresh funds will be used to bankroll its expansion across Southeast Asia.
“The need for digitalisation has been accelerated due to the pandemic, and we see the opportunities for WISE AI to become the market leader. Through our investment, WISE AI is able to explore collaboration opportunities across Sunway’s ecosystem to test, validate and implement new ideas and services as a launchpad for future growth,” said Raymond Hor, Director of Sun SEA Capital.
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Incorporated in 2018, WISE AI uses artificial intelligence to e-verify customers when onboarding them for financial services and beyond.
Its clients range from financial institutions and fintech firms to credit rating agencies and governments.
According to Co-founder and CEO David Lim, the benefits of eKYC go beyond financial inclusion. For example, the time saved when authenticating patients’ medical records and helping citizens securely access government incentives and services.
“AI-based eKYC startups in the US and Europe have garnered hundreds of millions of dollars in large fundraising rounds, as industries acknowledge the increasing importance of electronic verification. As this technology sector ramps up, there has yet to be a dominant player in Southeast Asia,” Lim added.
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The issuance of new digital bank licenses and eKYC policies have been encouraged by regulators. Bank Negara Malaysia, the central bank of Malaysia, published a policy document on eKYC in June this year, encouraging financial institutions to adopt such technologies in order to facilitate greater digital offerings.
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Image Credit: WISE AI
The post WISE AI secures pre-Series A from Sun SEA Capital to bankroll the expansion of its eKYC platform in the region appeared first on e27.