Left to right: Umair Javed, Senior Vice President, M&A and Corporate Development at Advance Intelligence Group with Sean Lam, CEO of Jewel Paymentech.
Singapore-based unicorn Advance Intelligence Group announced the acquisition of Jewel Paymentech, a financial risk technology company specialising in merchant due diligence and fraud and risk management solutions for the financial services and payments industry.
Acquired for an undisclosed sum, the addition of Jewel Paymentech is aimed to strengthen Advance Intelligence Group’s capabilities in the Web3, fraud and risk management space.
Following the acquisition, Jewel’s 30-member team (including its leadership team) will join the group.
In a press statement, the companies stated that Jewel would remain an independent business entity under the group’s enterprise business unit ADVANCE.AI with CEO Sean Lam, co-founders Lee Wooi Siang and Sandra Cheim, and CIO Goh Ser Yoong joining its senior leadership team.
“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 develop their career journey further, so this coming together of our two companies is a win-win for both our existing team and client base,” Jewel Paymentech CEO Sean Lam said.
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Based in Singapore and Malaysia, Jewel said it has an established track record of onboarding businesses and monitoring fraudulent transactions, specifically in Know Your Business (KYB) and Know Your Transaction (KYT) monitoring.
Founded eight years ago, it also provides automated solutions to large merchants such as marketplaces to identify illegal and counterfeit goods as part of their KYC process. Its technology is used by regional banks, fintech companies, and payment networks.
Advance Intelligence Group was founded in 2016 and considered itself one of the largest independent technology startups headquartered in Singapore.
It has built an ecosystem of AI-powered, credit-enabled products and services, including Asia’s leading Buy Now Pay Later (BNPL) platform Atome, SaaS enterprise solutions provider ADVANCE.AI, and omnichannel e-commerce merchant services platform Ginee.
The company raised a US$400 million Series D funding round from SoftBank and Warburg Pincus in September 2021.
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Image Credit: Advance Intelligence Group
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