Malaysia: WISE AI, an electronic know your customer (eKYC) startup based in Malaysia, announced today it has raised an undisclosed amount in pre-Series A funding, led by Sun SEA Capital, the venture arm of Sunway Group.
The fresh funds will be used to bankroll its expansion across Southeast Asia.
“The need for digitalization has been accelerated due to the pandemic, and we see the opportunities for WISE AI to become the market leader. Through our investment, WISE AI can explore collaboration opportunities across Sunway’s ecosystem to test, validate and implement new ideas and services as a launchpad for future growth,” said Raymond Hor, Director of Sun SEA Capital.
Incorporated in 2018, WISE AI uses artificial intelligence to e-verify customers when onboarding them for financial services and beyond.
The issuance of new digital bank licenses and eKYC policies have been encouraged by regulators. Bank Negara Malaysia, the central bank of Malaysia, published a policy document on eKYC in June this year, encouraging financial institutions to adopt such technologies to facilitate greater digital offerings.