Malaysian facial recognition firm secures funding from Sunway Group’s VC arm

Malaysian electronic know-your-customer (eKYC) startup Wise AI said it has raised an undisclosed amount of funding from Sun SEA Capital, a VC firm backed by local conglomerate Sunway Group.

Justin Goh, co-founder and business director of Wise AI / Photo credit: Wise AI

Based in Kuala Lumpur, Wise AI works as a digital identity enabler focusing on facial recognition tech tailored for Southeast Asian faces. The startup claims its digital identity solutions help its clients shorten their customer onboarding process by up to 95%.

Wise AI said it currently provides its solutions for clients including a Bank Negara Malaysia subsidiary, core banking system providers, local state governments and agencies, credit rating agencies, and internet companies, among others.

Citing Google, Temasek, and Bain & Company’s latest e-Conomy SEA report, the company said regulators across the region have been encouraging innovation in the digital financial services space. This has led to increasing implementation of eKYC policies and the issuance of new digital bank licenses, Wise AI noted.

“The need for digitalization has been accelerated due to the pandemic,” said Sun SEA Capital director Raymond Hor. “Through Sun SEA Capital’s investment, Wise AI is able to explore collaboration opportunities leveraging Sunway’s vast ecosystem across 13 business divisions as well as Sunway City Kuala Lumpur as a living laboratory to potentially test, validate, and implement new ideas and services as a launchpad for future growth.”

See Also: Covid-19 presents an opportunity for banks to go fully digital

Another regional startup in the space is Vietnam-based Wee Digital, which provides financial institutions with biometric security technology and deep data analytics. It recently raised a seven-digit amount from InterVest and existing backer VinaCapital Ventures.