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Advance Intelligence Group acquires Jewel Paymentech

Advance Intelligence Group (AIG), a Singapore-based tech startup announced its acquisition of Jewel Paymentech, a financial risk technology company specialising in merchant due diligence, fraud and risk management solutions for financial services and payments industry.

In a statement, the startup said Jewel Paymentech (Jewel) has an established track record of onboarding businesses and monitoring of fraudulent transactions, specifically in know your business (KYB) and know your transaction (KYT) monitoring.

It added that Jewel also provides automated solutions to large merchants such as marketplaces, to identify illegal and counterfeit goods as part of their KYC process.

With a presence in Singapore and Malaysia, Jewel’s technology is used by the region’s largest banks, fintechs and payment networks. The Singapore-based company, named by SWIFT as one of Asia’s most promising fintech companies, was founded eight years ago.

The acquisition of Jewel for an undisclosed sum will strengthen Advance Intelligence Group’s capabilities in the Web3.0, fraud and risk management space, AIG said.

The startup said Jewel’s 30-member team based in Singapore and Malaysia, including its senior leadership team, will join the group.

The company will remain as an independent business entity under the group’s enterprise business unit, ADVANCE.AI, with chief executive officer (CEO), Sean Lam, co-founders Lee Wooi Siang and Sandra Cheim, and chief information officer, Goh Ser Yoong joining its senior leadership team, it said.

Founded in 2016, AIG is one of the largest independent technology startups headquartered in Singapore.

The group has built an ecosystem of AI-powered, credit-enabled products and services, including Asia’s leading Buy Now Pay Later (BNPL) platform Atome, software-as-a-service (SaaS) enterprise solutions provider ADVANCE.AI, and omnichannel ecommerce merchant services platform Ginee.

Umair Javed, senior vice president and corporate development at AIG said, “Jewel’s established track record in merchant due diligence, transaction and fraud monitoring complements our own capabilities and offers our existing clients and partners in our ecosystem an even fuller suite of products and services.”

Sean Lam, CEO of Jewel Paymentech, said, “Our staff will also be able to further develop their career journey, so this coming together of our two companies is a win-win for both our existing team and client base.”

Both ADVANCE.AI and Jewel are also accredited by the Infocomm Media Development Authority of Singapore (IMDA).

Edwin Low, director of Enterprise and Ecosystem Development at IMDA said, “Collectively, there are complementary product synergies which can be offered to their enlarged global client base. This also bodes well for Singapore’s ecosystem as we see a much stronger and globally competitive entity resulting from this merger.”