SoftBank-backed Advance Intelligence Group acquires eKYC firm

Singapore-based Advance Intelligence Group has acquired Jewel Paymentech, a local fintech firm that focuses on electronic know-your-customer processes and fraud monitoring, for an undisclosed amount.

In a statement, both companies said that the deal will help Advance Intelligence Group’s capabilities in Web3, fraud, and risk management.

Advance Intelligence Group senior vice president for M&A and corporate development Umair Javed (left) and Jewel Paymentech CEO Sean Lam / Photo credit: Advance Intelligence Group

Founded in 2014, Jewel Paymentech offers several financial risk technology services such as instant onboarding, merchant due diligence, and transaction fraud management. It also offers more advanced features such as transaction laundering, counterfeit, and illegal product management. The firm currently operates in Singapore and Malaysia.

After the transaction, Jewel Paymentech will continue to operate under enterprise solution Advance.AI – one of Advance Intelligence Group’s units – with its 30 employees also joining the group. The fintech firm’s CEO Sean Lam, chief information officer Goh Ser Yoong, and co-founders Lee Wooi Siang and Sandra Cheim will join Advance.AI’s senior leadership team.

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Founded in 2016, Advance Intelligence Group currently has operations in Southeast Asia, South Asia, Greater China, Latin America, and Africa. Other units under the firm include buy now, pay later platform Atome and ecommerce merchant solution Ginee.

Advance Intelligence Group counts SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital, Pavilion Capital, GSR Ventures, and EDBI as its investors. Last year, it entered the unicorn club after raising US$400 million in series D funding, hitting a US$2 billion valuation.