Singapore – Digital identity verification, compliance, and risk management solutions firm ADVANCE.AI has recently announced its newly enhanced business intelligence service, aiming to streamline due diligence in Singapore and Malaysia.
The strategic initiative enables the company’s acquired fintech firm, JewelPaymentech, to operate under ADVANCE.BizQ and strengthen its growing credit bureau solutions.
It also allows Know Your Transaction (KYT) monitoring to detect illegal and fraudulent activities, thereby simplifying business due diligence and compliance processes through ADVANCE.BizQ. This is especially vital for financial institutions and SMEs that handle counterparty risk, credit exposure, and stringent compliance and AML standards.
Additionally, the enhanced KYB solution under ADVANCE.BizQ introduces key upgrades, providing a more comprehensive set of data verification services like business registration checks, company profiles, ownership structures, credit history, and watchlist reports.
Speaking about these advancements, Dennis Martin, CEO for credit bureau business at ADVANCE.AI, said, “The enhancement of our KYB verification service, operating under ADVANCE.BizQ, comes at a crucial time of heightened anti-money laundering (AML), compliance, and risk management challenges, as well as increasing need for business and financial security against counter-party credit and risk exposure.”
“This will help streamline corporate due diligence, compliance and provide greater business security,” concluded Martin.
