SINGAPORE, 22 November 2023 - ADVANCE.AI, Southeast Asia's leading provider of digital identity verification, compliance and risk management solutions, was named winner of the ASEAN Fintech award at the Global FinTech Awards held during last week's Singapore Fintech Festival.
The Global FinTech Awards, co-organised by the Monetary Authority of Singapore (MAS) and Singapore Fintech Association (SFA), seek to recognise innovative FinTech solutions by corporates and individuals that have been instrumental in transforming FinTech industry practices, and spearheading the use of new technologies in creating new growth opportunities, promoting financial inclusion, and enhancing the delivery of financial services.
ADVANCE.AI was among 13 winners across six award categories that were selected from a total of 96 submissions. The winners went through a four-month evaluation process and were selected by an international panel comprising industry experts across multiple domains (competition details and judging panel here).
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, "The Global FinTech Hackcelerator and the Global FinTech Awards continue to serve as a key platform to harness the potential of innovative, impactful solutions that address real needs in the financial industry. We are pleased to see the winning entries display exceptional capabilities in creating new growth opportunities and enhancing the delivery of financial services.”
Mr Shadab Taiyabi, President of SFA, said, “Sincere congratulations to the winners of the Global FinTech Hackcelerator and the Global FinTech Awards. As the FinTech sector evolves, we are proud to see Singapore remain as a key hub in the region, and this wouldn’t be possible without the great efforts of our FinTechs. We look forward to seeing the impact of more excellent work from the winners as they continue to shape the future of FinTech.”
Founded in 2016, ADVANCE.AI serves 500+ enterprise clients in the financial services, payment and e-commerce sectors across Southeast Asia. Indonesia is its largest market where key clients include Standard Chartered, Bank BTPN, Bank Mega, Bank Jago, AlloBank, GoJek, Tokopedia, and Bukalapak. Elsewhere, ADVANCE.AI partners with Thailand’s leading micro-financing app FINNIX, as well as Philippine’s largest cooperative for farmers and labour union workers, DigiCOOP.
In Southeast Asia, where 6 in 10 people remain unbanked or underbanked, ADVANCE.AI supports the region's largest financial institutions to accelerate social, digital and financial inclusion of the unbanked and underbanked. This is done via electronic Know Your Customer (KYC) process, which allows people to create a financial services account with just their smartphone, national identity card and alternative credit scoring methods to better assess customer risk profile. ADVANCE.AI’s solutions also protect financial institutions and ecommerce industry against identity fraud and the increasingly sophisticated use of AI generated content by fraudsters to launch deepfake attacks, as well as other types of fraud including synthetic, payment and social engineering fraud.
About SFF Global Fintech Awards
The SFF Global FinTech Awards, jointly organised by Monetary Authority of Singapore and Singapore Fintech Association, and supported by PwC Singapore, recognise innovative FinTech solutions that have been implemented by FinTech companies, financial institutions and technology companies, as well as individuals whose initiatives have contributed significantly to the FinTech ecosystem.
ADVANCE.AI is Southeast Asia's leading provider of digital identity verification, KYC/KYB, AML, compliance and risk management solutions. Headquartered in Singapore, it currently partners 500+ enterprise clients across banking, financial services, fintech, payment, retail and e-commerce sectors. ADVANCE.AI is part of Advance Intelligence Group, one of the largest independent technology startups based in Singapore. Founded in 2016, the Group has presence across South and Southeast Asia, Latin America and Greater China. The Group is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital, Pavilion Capital, GSR Ventures and Singapore-based global investor EDBI.