For an unknown sum, Singapore-based Advance Intelligence Group purchased Jewel Paymentech, a regional fintech company that specializes in electronic know-your-customer procedures and fraud monitoring.
The transaction will enhance Advance Intelligence Group’s capabilities in Web3, fraud, and risk management, the two businesses claimed in a joint statement.
Jewel Paymentech, a financial risk technology company founded in 2014, provides services including fast onboarding, merchant due diligence, and transaction fraud monitoring. Additionally, it provides more sophisticated functions including control of unlawful products and transaction laundering. Currently, the company has operations in Malaysia and Singapore.
Jewel Paymentech will continue to operate under the enterprise solution Advance.AI, one of Advance Intelligence Group’s businesses, following the sale, and the company’s 30 workers will also join the organization. Sean Lam, the CEO of the fintech company, Goh Ser Yoong, the CIO, and Lee Wooi Siang and Sandra Cheim, the co-founders, will all join the senior leadership group at Advance.AI.
Advance Intelligence Group was established in 2016 and is now active in Southeast Asia, South Asia, Greater China, Latin America, and Africa. The company also houses the purchase now, pay later platform Atome and the e-commerce merchant service Ginee.
