1. Startups

Advance.AI Appoints Two Local Officials to Take Digital Verification Business Seriously in Indonesia [UPDATED]

Advance.AI is part of the Advance Intelligence Group, affiliated with Atome, Kredit Pintar, ND Finance, and Ginee

Advance.AI, provider of digital identity verification and risk management solutions, today (26/3) announced the appointment of two new bosses to lead its business in Indonesia. They are Fuenny Liwang as Director of Growth Accounts and Anggraini Rahayu as Director of Strategic Accounts.

Both have deep experience in various industries. Previously, Fuenny held senior management positions at PT T Systems Indonesia (an affiliate of Deutsche Telekom), VMWare, Microsoft and Telkom in Indonesia. Meanwhile, Anggraini holds senior management positions at PT SAS Institute, Diebold Nixdorf, and IBM Indonesia.

Fuenny said, in a landscape dominated by smartphones today, digital identity verification is very necessary. Beyond financial services, many industries undergoing digital transformation face challenges in verifying customer identity.

Of course, this means that the entire e-KYC (Know Your Customer) customer registration process digitally can increase business growth and efficiency, improve customer experience while reducing operational costs. It also serves as a crucial defense against unauthorized access and fraud that can cause significant financial loss or reputational damage.

"I am very excited to lead this initiative to support and digital transformation agenda in Indonesia," he said.

Anggraini added in terms of the transformation challenges currently facing various industries, from identity fraud and credit risk to compliance and threats from the latest advances in content generated by artificial intelligence or AI-generated content (AIGC).

"I am confident that my industry experience can help our clients understand current challenges and increase digital and financial inclusion in Indonesia," he said.

Advance.AI management hopes that the appointment of Fuenny and Anggraini can strengthen the company's commitment to providing leading digital identity verification and risk management solutions to advance Indonesia's digital transformation agenda.

"The appointments of Ms. Fuenny and Anggraini bring a combined 60 years of industrial experience in the digital industry and strengthen the depth of our senior leadership team in Indonesia," said Advance.AI management when contacted separately by DailySocial.id.

Furthermore, this year the company's focus is to support various industries, from banking, multi-finance, telecommunications, health services and e-commerce, to adopt advanced digital identity verification that can help more customers with just their smartphone and identity document. . While preventing fraud and increasing the level of digital and financial inclusion throughout Indonesia.

Development of Advance.AI

Founded in 2016, Singapore-based Advance.AI has partnered with more than 500 enterprise clients in the banking, financial services, fintech, payments, retail and e-commerce sectors. Advance.AI has only entered Indonesia since 2020, along with a number of other countries, such as China, India, Vietnam and the Philippines. In Indonesia, Advance.AI appointed Ronald Molenaar as Country Manager.

The company provides four solutions that combine digital identity verification, KYC/AML, compliance and risk management solutions. It is claimed that the company processes 120 million API queries per month with 99,4% accuracy in optical character recognition (OCR) and racial recognition because it has been trained for Southeast Asian faces, can operate with low-resolution mobile phone cameras, in low light conditions, especially which is relevant in Indonesian conditions.

"Each of these queries is to help digital onboarding, assess and/or underwrite customer profile/risk, facilitate credit and lending decisions and access to basic digital financial services (e.g. SME business loans, education loans, two-wheeler financing, medical bills , telecom data recharge, e-commerce shopping)."

It was stated that Advance.AI's 3D liveness detection technology has a success rate of more than 90% against deep fake presentation attacks.

The majority of users come from financial and technology institutions. In Indonesia alone, some of them are Bank Jago, Bank BTPN, Tokopedia, Shopee, Bukalapak, MNC Bank, Bank Mega, Standard Chartered, Gojek, Nanovest, and Allo Bank.

"We have helped banks and financial institutions reach 160 million consumers (for example opening a bank account, accessing two-wheeled vehicle financing), most of whom are in Indonesia."

Advance.AI solutions can also protect financial institutions and industry E-commerce from identity fraud, including increasingly sophisticated use of artificial intelligence-generated content by fraudsters to launch deepfake attacks, as well as synthetic, payment and social engineering fraud.

As many as 6 out of 10 people in Southeast Asia still do not have or have limited access to banking. Advance.AI supports the largest financial institutions in the region to accelerate social, digital and financial inclusion. Behind that, there is an increasing risk of identity fraud and cyber threats.

More Coverage:

The Financial Services Authority (OJK) reports financial fraud incidents have increased by 25% in the past year, highlighting the urgent need for reliable risk management solutions.

For the record, Advance.AI is part of Advanced Intelligence Group. There are three products under it: Atome Financial (Atome, Kredit Pintar, ND Finance), Advance.AI (SaaS platform for corporate digital identity), and Ginee (omnichannel e-commerce).

The group is backed by top investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital, Pavilion Capital, GSR Ventures, and Singapore-based global investor EDBI. The last funding round raised was $80 million for D Series round, announced in May 2023.


*) We added a statement from Advance.AI management regarding the explanation of the company's solutions and targets

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