Indonesian investment trading platform Nanovest is on a mission to democratize investment, by making it safe and easy for everyone to invest, especially the country’s young and new digital-savvy investors.
Starting with just 5,000 rupiah (USD0.35 cents), customers on Nanovest’s mobile trading app can invest in digital assets with zero commission fee. Set up in 2021, Nanovest is regulated by Kominfo (Ministry of Communication and Information Technology), Kementerian Perdagangan Republik Indonesia (Ministry of Trade), Komite Akreditasi Nasional (KAN), Asosiasi Blockchain Indonesia and is insured by Sinarmas Financial Services.
According to Indonesia’s Ministry of Trade, transactions for currencies like Bitcoin (BTC) grew over 14 times from a total of 60 trillion rupiahs (USD$4.1 billion) in 2020 to a total of 859 trillion rupiahs ($59.83 billion) in 2021. Vice Minister of Trade Jerry Sambuaga added that more than 11 million Indonesians bought or sold crypto in 2021. At the same time, according to World Bank data, nearly 60% of young Indonesians do not have access to finance and trading and investment are not easily accessible.
Top of mind for Nanovest was creating a quick but safe, frictionless and pleasant customer onboarding process before a customer can start investing on its mobile app platform. When it comes to crypto investments, it was also essential for Nanovest to have a technology partner that had a robust suite of modern solutions to combat fraud, scams and identity theft, while also meeting high security and compliance standards.
It started partnering with ADVANCE.AI, a leading AI company for its alpha version launch in mid-2021. ADVANCE.AI’s e-KYC (Know Your Customer) solution allowed the customer onboarding process to be completed quickly but safely within 60 seconds.
In early 2022, Nanovest added the company’s ID forgery solution to tackle and minimize fraud. In Indonesia, ADVANCE.AI partners with key clients including Bank Jago, Bank BTPN, Tokopedia, MNC Bank, Bank Mega, Standard Chartered and Gojek, providing a range of eKYC, alternative credit scoring and risk management solutions. ADVANCE.AI is part of Advance Intelligence Group, one of the largest independent technology startups based in Singapore.
Nur Vitriani, Head of Business Operations at Nanovest, said: “As a registered and regulated investment platform, the safety and security of our customers and their accounts is extremely important. ADVANCE.AI’s eKYC onboarding process is not just quick and user-friendly, but also safe and secure, and their team has deep industry knowledge. What we really love in our partnership is their support: the ADVANCE.AI team is hands-on, very detailed, and helps us solve any issues we might have. With our 24/7 support system, we’ll be able to release new features such as gamification and more support for crypto investment in time for our grand launch in August 2022.”
Ronald Molenaar, Indonesian country manager for ADVANCE.AI, said: “We’re very grateful for Nanovest’s trust in us to power its secure, safe but user-friendly customer onboarding process. Our deep on-ground partnership is based on mutual trust and customer-centricity and we really value our collaborative approach in solving challenges together. We’re very excited to be part of Nanovest’s rapid growth story and in their mission to democratize investment trading in Indonesia.”Nanovest believes when people get a smooth onboarding experience, it helps them to be one step closer to financial freedom while improving financial literacy in Indonesia. With the upcoming Grand Launching in August 2022, Nanovest will release new features and gamification to drive users to make more investments in digital assets. These new features will be supported and secured by ADVANCE.AI’s 24/7 support system.