Advance.AI, a Southeast Asia-focused provider of digital identity verification, compliance and risk management solutions, has unveiled an enhanced Know Your Business (KYB) business intelligence service.

JewelPaymentech, a payment fintech acquired by Advance.AI in 2022, will now operate under Advance.BizQ to strengthen its growing credit bureau solutions for clients in Singapore and Malaysia.

Coupled with Know Your Transaction (KYT) monitoring capability to identify illegal and fraudulent transactions, Advance.BizQ is designed to streamline business due diligence and compliance, particularly for financial institutions and small and medium enterprises (SMEs) managing counter-party risk, credit exposure and compliance, and anti-money laundering (AML) regulations.

Key improvements of the new KYB solution under Advance.BizQ include a more comprehensive range of data verification such as business registration, company profiles, ownership structures, credit history, and watchlist reports.

"The enhancement of our KYB verification service, operating under Advance.BizQ, comes at a crucial time of heightened 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," says Dennis Martin, chief executive officer of Advance.AI’s credit bureau business. 

Earlier this year, Martin joined Advance.AI from CTOS Digital in Malaysia, where he was group CEO overseeing a comprehensive portfolio of credit and risk management solutions for banking, financial services and SME industries.