Singapore-based big data and AI startup Advance.ai expands to India with offices in Bengaluru and Delhi
In India, Advance.ai is looking to help accelerate the digital capabilities of India’s banks, financial services, retail, and ecommerce sectors.
Advance.ai, the leading Singapore-based big data and artificial intelligence (AI) startup, has announced that it is expanding to India with offices in Bengaluru and Delhi. The startup, which helps enterprises digitise and transform their businesses, also stated that it plans to open a third office in Mumbai.
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The startup is already working with over 100 clients in India including CASHe, an app-based credit lending platform, and Fintopia, a leading fintech firm in Asia. Since January this year, business veteran Darshan Shah has also been appointed as Chief Advisor to its local operations.
Shah has more than 20 years of experience in credit scoring, alternative data, and digital lending at companies like TransUnion CIBIL and Experian.
Charles Zhang, country manager of Advance.ai India, said,
"We’re excited to announce the expansion of our operations to the Indian market. Businesses across India are facing disruption in areas like digital banking, lending, payments, and risk management. Since 2019, we’ve rapidly scaled our capabilities and are already working with over 100 clients in India.”
He added that the team is confident that it can bring its technology leadership and local market expertise to accelerate the digital capabilities of India's banks, financial services, NBFCs, retail and ecommerce companies.
The immediate focus is on hiring strong local talent and driving product innovation, which includes its recently-launched video KYC capability. Charles said the capability is fully compliant with the Reserve Bank of India (RBI) guidelines, and is tailor-made for India-based users.
The flagship enterprise product Guardian covers three major areas - Artificial Intelligence (e-KYC, intelligent process automation, chatbots), risk management (anti-fraud prevention, alternative credit scoring), and digital lending solutions.
The product boasts an accuracy of 99 percent for its e-KYC capabilities, which include facial recognition and optical character recognition. The company has seen rapid growth across the six Asian markets it covers, achieving 350 percent year-on-year growth in API calls and 400 percent growth in enterprise clients.
(Edited by Kanishk Singh)
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