Home FinTech Malaysian e-KYC startup Wise AI secures undisclosed funding

Malaysian e-KYC startup Wise AI secures undisclosed funding

Malaysian e-KYC startup Wise AI secures undisclosed funding
Malaysian e-KYC startup Wise AI secures undisclosed funding

A Malaysian company, Wise AI, that specializes in digital identity and e-KYC has announced on 9th December 2020 about securing an undisclosed funding amount from Sun SEA Capital, a Venture Capital backed by the local corporation Sunway Group.

This funding news is followed by the news of Bank Negara of Malaysia approving the e-KYC framework earlier this year in June. As claimed by the start up their digital identity solution helps their clients to minimize their customer onboarding process by around 95%. 

The capital director of Sun SEA Capital Raymond Hor said, “Due to the pandemic, the need for digitalization has been increased. With the Sun SEA Capital’s investment Wise AI is now able to explore the available collaboration opportunities in the vast ecosystem of Sunway across its 13 business divisions and Sunway City Kuala Lumpur as the living laboratory where they can potentially test, implement and validate new services and idea as the launch pad for the future growth of the organization.”

As Wise AI says, the regulators across the region are quite encouraging innovation for the digital financial service domain. This has helped in the implementation of e-KYC policies and issuing new digital Bank licenses. Their digital identity solutions are currently provided to their clients that include Bank Negara Malaysia subsidiary, local state government, core banking system providers, local agencies, internet companies, credit rating agencies and others. 

The Wise AI technology can be integrated into several applications developed by their partners like finance, credit rating, banking, retail, fintech etc. It offers facial recognition API and SDK which can detect, compare and analyze faces for a good variety of use cases. Another product offered by the company, eKYC110 is the face based identity verification solution which shortens the KYC process. It offers instant identity verification which is effective in fraud prevention and identity theft with an easy on boarding experience. It also provides an app called cyber ID. The cyber ID is a singular ID which accesses the service by using the face ID of the phone. It is a simple, fast and secure way of proving identity online and in person. 

About Wise AI

WISE AI
Wise AI

The company was founded in 2018 and is headquartered in Asia-Pacific regions. With the aim of becoming the market leader for digital identity in SouthEast Asia the company creates digital identity for 650 m people across the region. Based in Kuala Lumpur, Malaysia it works as the digital identity enabler which is primarily focused on facial recognition technology for the south-east Asian faces. The company is known by the title ‘FACE OF ASEAN’ by its partners. It works closely with the system integrators for providing their clients from a wide range of industries with AI empowered solutions.

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