Advance Intelligence Group acquires risk management startup Jewel Paymentech
SINGAPORE-BASED Advance Intelligence Group, the parent company of buy now, pay later (BNPL) service Atome, has acquired local fintech Jewel Paymentech for an undisclosed sum.
The acquisition will strengthen Advance Intelligence Group’s capabilities in the Web3.0, fraud and risk management space, both companies said in a Monday (Jul 18) press statement. Besides Atome, Advance Intelligence Group also owns enterprise solutions provider Advance.AI and e-commerce merchant services platform Ginee.
Jewel will remain an independent entity under Advance.AI, with its 30-member team based in Singapore and Malaysia coming on board. Jewel’s chief executive Sean Lam, co-founders Lee Wooi Siang and Sandra Cheim, and chief information officer Goh Ser Yoong will join the senior leadership team.
Founded 8 years ago, Jewel specialises in monitoring fraudulent transactions, specifically in the Know Your Business and Know Your Transaction realms. It also provides automated solutions to large merchants, such as marketplaces, to identify illegal and counterfeit goods.
Umair Javed, senior vice-president for M&A and corporate development at Advance Intelligence Group, said: “We’ve spent a lot of time with Jewel’s founding team and we’re very excited to add their capabilities, talents and leadership team to our group.
“Their established track record in merchant due diligence, transaction and fraud monitoring complements our own capabilities and offers our existing clients and partners in our ecosystem an even fuller suite of products and services.”
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Jewel’s Lam said that his company will be able to tap the deep investor relationships, capital and technology base of Advance Intelligence Group.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Grab-led GXBank teams up with Zurich to offer affordable insurance
GoTo eyes private placement of 120.1 billion shares
SoftBank leads US$1 billion funding for UK self-driving startup Wayve
Singapore battles to revive struggling stock market
NSG BioLabs bags US$14.5 million funding; inks tie-ups with Merck, EnterpriseSG
Singapore’s Anywheel gets green light to expand fleet to 35,000