ADVANCE.AI, a Singapore-based artificial intelligence (AI) and big data company, 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’ 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 AI firm said that collaboration will enhance the robustness and efficiency of its product suite, which serves enterprises in the banking, financial services, fintech, payments, retail, and e-commerce sectors.
In a Reuters report yesterday, ADVANCE.AI is said to be raising about US$200 million from private equity firm Warburg Pincus in a funding round that will cement its status as a unicorn.
Founded in 2016, ADVANCE.AI currently serves over 1,000 enterprise clients across South and Southeast Asia, Latin America and mainland China. The firm’s clients include Standard Chartered, Generali Group, Bank CIMB Niaga, Home Credit, Shopee and GoTo group.
Dong Shou, CEO of ADVANCE.AI said,
“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.”
Jan Coos Geesink, General Manager Dow Jones Risk and Compliance said,
“As the risk of financial crime increases, access to trusted and timely data has never been more important. This partnership with ADVANCE.AI will provide customers with the information they need to better identify money laundering risks, and make even smarter decisions.”