ADVANCE.AI, a Singapore-based fintech start-up, was expanding its market base by creating a team in Indonesia. Founded by Jefferson Chen, currently, the company has 40 team members in Indonesia. Their products focus on artificial-intelligence-based technology and big-data platform for the anti-fraud solution, risk management and digital lending. ADVANCE.AI is also present in India, Vietnam, the Philippines and China markets.
To Daily Social, ADVANCE.AI Indonesia Deputy Chief Operating Officer Yenny Aitan spoke of the company already registered in Indonesia Financial Institution Regulator (OJK) through their affiliate company, PT Bangun Percaya Sosial (BPS).
"Our business is growing rapidly in the region within the past few years. The solutions we provided AI-powered technologies such as anti-fraud detection, face recognition, ID checking, and credit scoring and profiling."
ADVANCE.AI's Plans in Indonesia
ADVANCE.AI stated that currently, there are too many Indonesians who are "credit invisible", causing them to have no access to credits or loans. It could be a hurdle for them to take any steps (to apply for loans) or to have a credit score.
"In ADVANCE.AI, we are partnering with banks, fintech (services), retails, and e-commerce companies within our three main product lines: digital identity verification (face recognition and document recognition), data services (multi-platform, phone number checks, and blacklist check), and alternative credit scoring modelling." Yenny explained.
ADVANCE.AI technology is already being used by 400 clients in multiple countries, starting from early this year. In Indonesia, its clients include Bank Mega and Danamart. The technology of ADVNACE.AI is said to be able to shorten the customer verification process, which would exhaust a lot of time and energy (when done traditionally).
Yenny claimed, "In Indonesia, our digital identity verification achieves as high as 99% accuracy. It is because our AI technology is tailed-made for the local market. "
"We also accelerate their scoring and credit analysis process, whether by reducing time used to increase their accuracy. In the future, we would like to build more partnership with banks and other financial institutions in Indonesia to achieve our end goal, which is assisting more Indonesians who are included in underbanked and underserved categories to access financial services," she said in closing.