Advance.AI Focuses on Presenting "Credit Scoring" Technology in Indonesia

Advance.AI, a fintech startup based in Singapore, is expanding its market by forming a team in Indonesia. Founded by CEO Jefferson Chen, the company currently has 40 team members in Indonesia. The focus of product development is a platform based on artificial intelligence and big data technology to help credit scoring and anti-fraud detection. Advance.AI has also been present in China, Vietnam, India, and the Philippines.

To DailySocial, Deputy Chief Operating Officer Advance. AI Indonesia's Yenny Aitan said that currently the company has been registered with the OJK through its affiliated company, PT Bangun Trust Social (BPS).

"Our business has grown rapidly in the region in recent years with one brand, namely Advance.AI. [..] Solutions include anti-fraud detection, facial recognition, identity checks, and credit risk assessment and profiling."

Advance.AI has products flagship named Guardians. The function is a product anti-fraud, credit scoring, and eKYC that can be utilized by the banking, fintech, retail, and e-commerce industries.

In addition to developing credit scoring products, this group also has lending services (lending) implementing the technology, including Atom and Smart Credit.

Smart Credit focuses on developing cash lending products, while Atome, which has just appointed a new CEO in Indonesia, functions like an online-based paylater service. Both target the consumer category underbanked and underserved. Later both are reorganized under a new umbrella, which is planned to be announced later this year.

Advance.AI plans in Indonesia

Advance.AI notes, currently there are still too many “invisible credits”, namely those who do not have a credit score that results in not having access to credit or loans. This can make it difficult for them to take the first step (to borrow funds) or simply have a credit score.

"At Advance.AI, we partner with banks, fintech [services], retail, and e-commerce companies around three key areas: e-KYC (facial recognition and OCR documentation), data services (multi-platform, phone number, and blacklist checks), and alternative credit scoring modeling," Yenny said.

Advance.AI's technology has been implemented by 400 clients, in various countries, as of the beginning of this year. These include Bank Mega and Danamart in Indonesia. This technology is said to be able to help simplify the customer verification process, which mostly takes time and effort.

Yenny claims, "In Indonesia, we have 99% accuracy for our e-KYC solutions, such as facial recognition and OCR [optical character recognition]. This is largely due to our proprietary AI technology trained by local data sources and partnerships."

"We are also speeding up their credit assessment and analysis process, both in terms of time and accuracy. Going forward we want to partner with more banks [and] financial services companies in Indonesia with the ultimate goal of helping more Indonesians fall into this category. underbanked and underserved can get access to financial services," he concluded.