ADVANCE.AI, a renowned provider of digital identity verification, compliance and risk management solutions in Southeast Asia, has been awarded the prestigious ASEAN Fintech Award at the Global FinTech Awards during Singapore's Fintech Festival.

The Global FinTech Awards, organised by the Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA), aims to acknowledge innovative FinTech solutions from corporations and individuals that have significantly influenced the evolution of FinTech industry practices.

The awards also recognise the leaders in the application of new technologies for creating new growth opportunities, improving financial inclusion and enhancing the provision of financial services.

In this event, ADVANCE.AI took the limelight amid 13 winners across six award categories, selected from a pool of 96 applicants. The winners were chosen following a four-month evaluation process by an international panel of industry experts from various fields.

Sopnendu Mohanty, Chief FinTech Officer MAS, said, "Global FinTech Hackcelerator and Global FinTech Awards always serve as a crucial platform for harnessing the potential and innovative solutions addressing real needs in the financial industry. We are delighted to see winners demonstrating exceptional competency in creating new growth opportunities and enhancing the provision of financial services."

Shadab Taiyabi, President of SFA, commented, "Congratulations to the winners of the Global FinTech Hackcelerator and Global FinTech Awards."

"As the FinTech sector continues to grow, we are proud to see Singapore remain a key hub in this region, and this would not have been possible without the significant efforts of FinTech players. We look forward to seeing outstanding works from the winners as they continue to shape the future of FinTech."

Established in 2016, ADVANCE.AI serves more than 500 corporate clients in Southeast Asia's financial services, payment, and e-commerce sectors. Indonesia is its largest market, with major clients including Standard Chartered, Bank BTPN, Bank Mega, Bank Jago, AlloBank, GoJek, Tokopedia, and Bukalapak. In other countries, ADVANCE.AI partners with the leading micro-financing application in Thailand, FINNIX, and the largest cooperative in the Philippines for farmers and labour union workers, DigiCOOP.

In Southeast Asia, where six out of ten people still do not have a bank account or are underbanked, ADVANCE.AI supports the region's largest financial institutions to accelerate social, digital and financial inclusion for those without a bank account or limited access to financial services. This is achieved through an electronic Know Your Customer (KYC) process, enabling the creation of financial services accounts using only a smartphone, identity card, and alternative credit scoring methods to evaluate customer risk profiles better.

ADVANCE.AI's solutions also protect financial institutions and the e-commerce industry from identity fraud and the usage of content generated by increasingly sophisticated artificial intelligence, such as deepfakes or other types of fraud, including synthetic, payment, and social engineering fraud.