Partner Introduction
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 700+ enterprise clients across banking, financial services, fintech, payment, retail and e-commerce sectors.
ADVANCE.AI specializes in providing AI-powered solutions for digital identity verification, credit scoring, fraud detection, and other fintech solutions that help organisations meet regulatory compliance.
ADVANCE.AI's digital identity verification solution uses components including but not limited to ID Document Verification, Liveness Detection, Face Comparison, and biometric anti-fraud technologies, to verify the identity of individuals applying for financial products or services. This helps businesses prevent identity fraud and ensures compliance with regulations.
ADVANCE.AI’s One-Stop Platform is an end-to-end orchestration platform that helps businesses fulfil KYC and AML obligations, in a low-code/no-code environment, while maintaining compliance with regulations.
In 2022, ADVANCE.AI acquired Jewel Paymentech, a financial risk technology company specialising in merchant due diligence and fraud and risk management solutions. With this new acquisition, ADVANCE.AI expands its expertise into the KYX space, providing a more comprehensive set of solutions to our customers in the banking and financial sectors, accelerating an AI-powered inclusive digital future.
Explore our portfolio of Know Your Business solutions, including:
•Digitisation of your business onboarding via Capture™, which can reduce processing time from days down to minutes.
•Actively keep watch on merchants for high-risk activities via One Sentry™ to reduce business risk during merchant onboarding
•Bring patented deep learning AI to fraud detection via Fraudwall™ to mitigate payments risk.
Partner Successful Story
Allo Bank
Catering to young digital natives isn't just about understanding their financial needs – from online transfers and digital payments to micro loans, housing loans and other innovative financial products – through various life stages. It is also about being able to meet their demands and expectations, such as real-time responses and seamless connected experiences.
Allo Bank was keen to move away from frustrating customer journeys typically associated with banking. Instead, following the brand's mission of "ALL for One, and one for all", Allo Bank strove to create delightful interactions through its innovative financial products and solutions that not only added value for its customers but also its stakeholders and team members.
With that in mind, ADVANCE.AI worked with Allo Bank to set up our easy-to-implement eKYC process for the Allo Bank app as a first step in the partnership.
Our partnership with Allo Bank focuses on its objective to grow the future of digital banking in Indonesia. So, unlike many tech solution providers that only report on solution performance, ADVANCE.AI is constantly optimising the banking experience with Allo Bank whether it's brainstorming on removing friction in customer journeys, developing better customer acquisition strategies or keeping up with changing regulatory requirements.
1.Partnership started with Allo Bank app launch event, Allo Bank Festival. It was a large musical concert held from 20-22 May 2022. During the event, by integrating our onboarding process, Allo Bank onboarded over 750,000 customers.
2."Verification via the Allo Bank app using ADVANCE.AI's eKYC is roughly 50% faster than our banking peers, because speed is critical for our customers who are used to instantaneous responses in the digital world. For the case of Allo Bank Festival, eKYC needed to be accurate, fast and compliant with OJK (Otoritas Jasa Keuangan) regulations, so customers can register quickly and ADVANCE.AI really helped us with that," said Sajal.
3."We've seen best-in-class results with ADVANCE.AI. With over 80% success rate on our integrated onboarding, that's pretty much the gold standard for eKYC to access banking services." Sajal Bhatnagar, Director of Digital Business, Growth, Allo Bank
Bukalapak
Bukalapak was founded in 2010 as an online marketplace to facilitate commerce for small- and medium-size businesses in Indonesia. The e-commerce platform has grown exponentially since, becoming the first and largest tech unicorn on the Indonesian Stock Exchange when it listed in August 2021.
In June 2021 as part of business growth plans, Bukalapak wanted to move towards an automated eKYC process by ADVANCE AI, thus beginning our partnership. Since the partnership started, Bukalapak has achieved a 75% automated verification process.
An automated eKYC process not only eliminates manual labour, but also helps to reduce human error as well as friction and overall onboarding time; all of which contribute to better business efficiencies from operations and processes to resources costs.
1.With ADVANCE.AI's solution integrated across Bukalapak's offerings from its marketplace platform, BukaTabungan, BukaSend to BMoney and Mitra Bukalapak, the brand can now offer easy and secure onboarding for its users.
2."The ADVANCE.AI team is focused on helping us achieve our business goals, and in ensuring safer and better onboarding experiences." Nita Puspita, Product Manager, Bukalapak
3."Bukalapak is very happy with ADVANCE.AI. Besides easy onboarding and integration, I want to commend the team on the quick response when it comes to technical support. Most importantly, with ADVANCE AI's eKYC process, our time previously spent on manual review is freed up to focus on what matters to the brand: product innovation and customer experience. Now, we can make buying and selling online even easier and more reliable – with better onboarding," Nita added.
MONIX
Founded in 2020 in Bangkok, Thailand, MONIX is the fintech brainchild of SCB (Siam Commercial Bank) X PLC and China's fintech unicorn Abakus Group. Combining the innovative, tech and user experience prowesses of the two financial giants, the company wasn't just set up to create new growth for SCB X PLC, but also to bring about what other legacy institutions in Thailand haven't been able to accomplish: financial inclusion.
MONIX's mission to make its innovative financial platform accessible to all Thais was one of the reasons it chose ADVANCE.AI in May 2021 as its eKYC verification partner.
Being able to reduce barriers to its products with fast verification during onboarding was a key consideration for MONIX when selecting an eKYC provider. Ensuring that MONIX can offer a secure and compliant onboarding process following Thailand's eKYC regulatory requirements was just as essential.
And in less than a month of integration with ADVANCE.AI, MONIX was already onboarding new customers for its FINNIX products: FINNIX Ignite, offering personal loans; and FINNIX Bewinged, which offers nano loans.
1.Understanding MONIX's business goals and its vision to ensure "all customers can get the money in 5 minutes, anytime, anywhere" was crucial for the ADVANCE.AI team to find a suitable eKYC solution. "5 minutes actually comprises the eKYC and credit application process. In fact, customers can complete the entire eKYC verification with just 3 steps within 1 minute. Customers have shared with us that ADVANCE.AI's OCR technology is so much more superior than other mobile apps", Product Owner, MONIX said.
2."ADVANCE.AI helps us better serve our target group of unbanked customers. These customers typically have mobile devices with less-than-ideal camera capabilities, but with ADVANCE.AI's eKYC solution, we can still properly onboard them. Now, we can confidently say that thanks to ADVANCE.AI's reliability and high accuracy of over 99%, we are able to cover all mobile devices and serve more customers."
3."Trust is very important in the fintech industry. For us, as a business, it's important to know who we are dispensing money to and how we are going to get it back. In this way, authentication is important, so we need to make sure we have the right tools to really know our customers. Otherwise, we might not be able to get our repayments. On the other hand, we need our customers to trust us with the information that they shared with us. ADVANCE.AI makes sure that trust is built: between MONIX and our customers – and between ADVANCE.AI and MONIX – and that's what we want to keep building too."
Nanovest
Newly launched Nanovest is revolutionising investing in Indonesia. Customers can invest in cryptocurrencies, global stocks, as well as carry out money transfers via its platform. With over 2,000 US stocks, ETFs and 120+ cryptos to choose from, one can get start investing with just 5,000 Indonesian rupiah (about US$0.35), with zero commission fee.
Nanovest's focus on making investment accessible extends to its user experience. Its entire trading experience is designed around new investors, starting with easy and secure onboarding using ADVANCE.AI's ID optical character recognition (OCR) and Liveness Detection technology. Each user simply verifies his/her identity with Kartu Tanda Penduduk (KTP or identity card) followed by video verification using a mobile phone camera.
ADVANCE.AI's solution and tech efficacy may have been part of the vendor selection criteria, but what set us apart and won Nanovest's trust is our team's dedication to deliver on Nanovest's mission.
1."ADVANCE.AI's eKYC process is quick, user-friendly, and matches the habits of our target segment of young and new investors. These investors are used to accessing digital goods and services in an instant, so it's key for Nanovest to speed up onboarding – without sacrificing quality – to ensure high conversion and low drop-off rates. With ADVANCE.AI, the onboarding process is completed within 60 seconds,” said Nur Vitriani, Head of Business Operations, Nanovest
2."We chose ADVANCE.AI because of your deep industry knowledge, years of experience in the market, and you have a good eKYC solution. What we really like is your team's support: the ADVANCE.AI team is hands-on, very detailed, and helps us solve any issues we might have. The team also shared pointers on enhancing the Nanovest experience, and that has helped to drive a big impact in our user journey."
3."While Nanovest provides a 24/7 trading platform for our users, we are happy to have ADVANCE.AI as the 24/7 support system that we can count on," said Vitriani.
