ADVANCE.AI, a Singapore-based synthetic intelligence (AI) and large information firm, is partnering with Visa to reinforce its credit score decisioning for the unbanked and underbanked segments throughout Southeast Asia.
The strategic information partnership will see ADVANCE.AI combine Visa’s Cardholder Transaction Rating (CTS) into its core suite of companies comprising digital identification verification, threat administration and credit score decisioning companies.
CTS is a creditworthiness rating derived from Visa debit or bank card spend quantity and classes, spend stability and authorisation declines.
This rating shouldn’t be accessible via conventional credit score bureau experiences and can be utilized to enhance conventional credit score scoring variables, leading to a extra sturdy threat analysis mannequin.
ADVANCE.AI at the moment serves 700+ enterprise shoppers throughout South and Southeast Asia, Latin America and mainland China throughout banking, monetary companies, fintech, fee, retail and e-commerce.
The corporate lately introduced the strategic acquisition of Jewel Paymentech, a Singapore-based monetary threat know-how firm specialising in service provider due diligence and fraud and threat administration options for monetary companies and funds trade.
Dong Shou
Dong Shou, CEO of ADVANCE.AI mentioned,
“ADVANCE.AI’s information partnership with Visa will strengthen the effectivity and robustness of our digital identification verification, fraud prevention and threat administration companies throughout Southeast Asia.
Visa’s CTS resolution solutions the necessity for a rising variety of banks, fintechs, lending and Web3 firms trying to speed up and simplify digital buyer onboarding, threat administration and credit score decisioning to assist unbanked and underbanked segments get entry to a lot wanted credit score.”
Adeline Kim
Adeline Kim, Head of Information Options, Asia Pacific at Visa, mentioned,
“In Southeast Asia, choice for cashless funds continues to develop, and almost 4 in 5 customers plan to make use of cashless funds extra typically.
Our partnership with ADVANCE.AI will permit us to broaden credit score entry as we leverage their sturdy presence in Southeast Asia to assist credit score suppliers handle threat and attain new prospects, which is able to speed up monetary inclusion throughout this area.”
