ADVANCE.AI wins Technology Excellence Award for Facial Recognition (Financial Service)
The company's 'Liveness Detection' and 'Face Comparison' services power faster and highly accurate digital identity verification, eKYC customer onboarding and fraud prevention solutions.
The COVID-19 pandemic has accelerated digitalisation across the banking, financial services, payments and fintech sectors it serves, which has led to the increasing adoption of ADVANCE.AI's core products and services. Two of its most recent products, 'Liveness Detection' and 'Face Comparison', are part of ADVANCE.AI’s holistic suite of enterprise solutions.
It is these two products that have led SBR to award ADVANCE.AI the Facial Recognition Award in the Financial Services category.
ADVANCE.AI is an Artificial Intelligence (AI) and big data company headquartered in Singapore. Specialising in AI-based digital identity verification, risk and digital lending solutions, its flagship product Advance Guardian is used by 1,000 enterprise clients across Southeast Asia, India and mainland China. The company's key clients include large multinational banks and financial services organisations, as well as regional fintechs, payments, retail and e-commerce platforms that are looking to digitally transform their operations, manage risk and optimise resource efficiency.
ADVANCE.AI’s new Liveness Detection provides highly accurate digital verification of a user's identity by comparing national ID documents against a live person's facial biometrics and simple facial movements taken by smartphone selfie or video. This allows enterprise clients to conduct quick, accurate and highly efficient eKYC and customer onboarding, as well as anti-fraud and credit risk checks remotely, without needing to meet face-to-face. Meanwhile, Advance Face Comparison is a feature that authenticates a customer’s identity by comparing selfies with ID documents, detecting fraudulent or falsified identities.
ADVANCE.AI’s technology is localised and trained to verify identity documentation (social security, passport, identity cards, driving license, bank statements, tax statements) across Southeast Asia and India. Its industry-leading technology, which has over 99% accuracy, can also operate in low-light conditions or with selfies taken with low-grade smartphones. It also stands out from its competition with solutions that ensure accuracy in Southeast Asian and Indian markets—where characteristics such as facial features, skin colour, and bone structure are highly unique. ADVANCE.AI is now expanding into markets such as Mexico, UK, Europe and the US.
The Technology Excellence Awards, presented by Singapore Business Review, was held via studio award presentations and video conferencing sessions throughout the second and third week of April.
This year’s nominations were judged by a panel consisting of Daryl Pereira, Head of Cyber at KPMG; Cheang Wai Keat, Partner, Consulting at Ernst & Young Advisory Pte. Ltd.; Henry Tan, Group Chief Executive Officer and Chief Innovation Officer at Nexia TS; Sivakumar Saravan, Senior Partner at Crowe Singapore; Cecil Su, Director, Head of Cybersecurity of BDO Singapore.
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