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ADVANCE.AI, a Singapore-based artificial intelligence (AI) and big data company, is partnering with Visa to enhance its credit decisioning for the unbanked and underbanked segments across Southeast Asia.
The strategic data partnership will see ADVANCE.AI integrate Visa’s Cardholder Transaction Score (CTS) into its core suite of services comprising digital identity verification, risk management and credit decisioning services.
CTS is a creditworthiness score derived from Visa debit or credit card spend volume and categories, spend stability and authorisation declines.
This score is not available through traditional credit bureau reports and can be used to complement traditional credit scoring variables, resulting in a more robust risk evaluation model.
ADVANCE.AI currently serves 700+ enterprise clients across South and Southeast Asia, Latin America and mainland China across banking, financial services, fintech, payment, retail and e-commerce.
The company recently announced the strategic acquisition of Jewel Paymentech, a Singapore-based financial risk technology company specialising in merchant due diligence and fraud and risk management solutions for financial services and payments industry.
Dong Shou, CEO of ADVANCE.AI said,
“ADVANCE.AI’s data partnership with Visa will strengthen the efficiency and robustness of our digital identity verification, fraud prevention and risk management services across Southeast Asia.
Visa’s CTS solution answers the need for a growing number of banks, fintechs, lending and Web3 companies looking to accelerate and simplify digital customer onboarding, risk management and credit decisioning to help unbanked and underbanked segments get access to much needed credit.”
Adeline Kim, Head of Data Solutions, Asia Pacific at Visa, said,
“In Southeast Asia, preference for cashless payments continues to grow, and nearly four in five consumers plan to use cashless payments more often.
Our partnership with ADVANCE.AI will allow us to expand credit access as we leverage their strong presence in Southeast Asia to help credit providers manage risk and reach new customers, which will accelerate financial inclusion across this region.”