Singapore-based Advance Intelligence Group, the parent company of buy now, pay later (BNPL) service Atome, has acquired local fintech Jewel Paymentech.
Financial terms of the deal were not shared.
The acquired entity provides financial risk technology with a focus on merchant due diligence and fraud and risk management solutions for financial services and payments companies.
Its offerings include Know Your Business (KYB) and Know Your Transaction (KYT) monitoring and automated solutions that help large businesses identify illegal and counterfeit goods as part of their KYC process.
The deal is expected to help Advance Intelligence augment its capabilities in the Web3.0, fraud and risk management segments.
Advance Intelligence Group M&A and Corporate Development senior vice-president Umair Javed said: “We’ve spent a lot of time with Jewel’s founding team and we’re very excited to add their capabilities, talents and leadership team to our Group.
“Their established track record in merchant due diligence, transaction and fraud monitoring complements our own capabilities and offers our existing clients and partners in our ecosystem an even fuller suite of products and services.”
As part of the transaction, Jewel’s Singapore and Malaysia-based team of 30 employees, including its senior management team, will join Advance Intelligence Group.
Jewel will operate as an independent business entity under ADVANCE.AI, Advance’s enterprise business unit.
Commenting on the deal, Jewel Paymentech CEO Sean Lam said: “Being part of the broader Advance Intelligence Group ecosystem will not only serve our current clients better, but will allow us to tap on deep investor relationships, capital and technology base.
“Our staff will also be able to further develop their career journey, so this coming together of our two companies is a win-win for both our existing team and client base.”