Mastercard firm, Advance.ai to offer B2B digital identity solutions

Ekata, a Mastercard company that empowers businesses to enable transactions and combat fraud, has partnered with Singapore-based Advance.ai to offer business-to-business digital identity solutions and risk products across South and Southeast Asian markets.

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Ekata’s account opening solution will be integrated into Advance.ai’s core suite of services made up of digital identity verification, risk and credit scoring, and digital lending.

This will enable Advance.ai to deliver data and risk insights to its customers, helping them reduce friction in the customer onboarding process, improve conversions, and combat fraud.

Gaorong Capital-backed Advance.ai, which is part of the unicorn Advance Intelligence Group, serves enterprises in the banking, financial services, fintech, payments, retail, and ecommerce sectors.

In April, Mastercard acquired US-based Ekata for US$850 million to improve its identity verfication capabilities.

Covid-19 has led to a surge in ecommerce adoption, and as online transactions grow, merchants are increasingly battling against online fraud.

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“Together, we are creating a holistic, one-stop platform that accelerates and simplifies customer onboarding, risk management, and business transformation. The end result for businesses is better resource efficiency, faster time to market, and lower costs,” said Dong Shou, co-founder and CEO at Advance.ai.