Jewel Paymentech (Jewel), a financial risk technology company specializing in merchant due diligence and fraud and risk management solutions for the financial services and payments industry, has recently been acquired by Singapore-based tech startup Advance Intelligence Group (AIG).
One of the largest independent technology startups headquartered in Singapore, Advance Intelligence Group has built an ecosystem of AI-powered, credit-enabled products, and services, including Asia’s leading Buy Now Pay Later (BNPL) platform Atome, SaaS enterprise solutions provider ADVANCE.AI, and omnichannel e-commerce merchant services platform Ginee.
The acquisition, made for an undisclosed sum, is expected to strengthen Advance Intelligence Group’s capabilities in the Web3.0, fraud, and risk management space. Jewel’s 30-member team based in Singapore and Malaysia, including its senior leadership team, will join the Group.
The company will also remain as an independent business entity under the Group’s enterprise business unit, ADVANCE.AI, with CEO Sean Lam, Co-Founders Lee Wooi Siang and Sandra Cheim, and CIO Goh Ser Yoong joining its senior leadership team.
“Being part of the broader Advance Intelligence Group ecosystem will not only serve our current clients better but will allow us to tap on deep investor relationships, capital, and technology base,” said Lam. “Our staff will also be able to further develop their career journey, so this coming together of our two companies is a win-win for both our existing team and client base.”
Jewel has an established track record of onboarding businesses and monitoring fraudulent transactions, specifically in Know Your Business (KYB) and Know Your Transaction (KYT) monitoring. With a presence in Singapore and Malaysia, Jewel’s technology is used by the region’s largest banks, fintechs, and payment networks.
“We warmly welcome the addition of Jewel’s leadership team and staff," added CEO of ADVANCE.AI, Dong Shou. "Adding Jewel’s KYB and KYT expertise to our existing set of digital identity, fraud detection, and risk management solutions means we are now even better equipped to support our clients in their digital transformation journey as they navigate an ever-evolving regulatory, compliance, and security landscape, both in Web2 and Web3."