Advance Intelligence Group acquires risk management startup Jewel Paymentech

Sharanya Pillai

Published Mon, Jul 18, 2022 · 01:26 PM

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.”