ADVANCE.AI Taps India’s Booming Demand For AI Amid Coronavirus
Singapore-headquartered big data and AI company to partner India’s banks, NBFCs and e-commerce companies in accelerating digital capabilities
ADVANCE.AI, a leading big data and artificial intelligence (AI) company in Asia helping enterprises digitise and transform their business, has expanded to India with offices in Bangalore and Delhi. The Singapore-headquartered company also plans to open a third office in Mumbai as it seeks to accelerate the digital capabilities of India’s banks, financial services, retail, and e-commerce sectors.
ADVANCE.AI is already working with over 100 clients in India including CASHe, one of India’s leading app-based credit lending platforms and Fintopia, a leading fintech firm in Asia. India business veteran Darshan Shah has also been appointed as Chief Advisor to its local operations since January. Shah has over 20 years’ experience in credit scoring, alternative data, and digital lending at companies such as 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 India 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.”
“We’re confident we can bring our technology leadership and local market expertise to accelerate the digital capabilities of India’s banks, financial services, NBFCs, retail, and e-commerce companies. Our immediate focus is on hiring strong local talent and driving product innovation, which includes our recently-launched video KYC capability which is fully compliant with Reserve Bank of India (RBI) guidelines, to better serve and empower our India-based customers,” he added.
ADVANCE.AI’s 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. Guardian boasts an accuracy of 99 per cent for its e-KYC capabilities (facial recognition and OCR). The company has seen rapid growth across the six Asian markets it covers, achieving 350 per cent year-on-year growth in API calls and 400 per cent growth in enterprise clients.