Singapore-based artificial intelligence (AI) and big data company, Advance.AI, has partnered with global card issuer and payments processor Visa to strengthen credit decisioning and serve unbanked and underbanked segments to easily access credits in Southeast Asia.
The strategic partnership will allow Advance.AI to integrate Visa’s innovative Cardholder Transaction Score (CTS) into its core suite of services, including digital identity check, risk management, and credit decisioning.
CTS is a creditworthiness score derived from Visa debit and credit card spend volume and categories, spend stability, and authorisation declines. It is an alternative scoring system that is not available through traditional credit bureau reports and can be used as an additional credit scoring system, resulting in an enhanced risk evaluation model.
By partnering with Visa, Advance.AI will enhance the efficiency of its solutions and will better represent the needs of companies across various verticals, including banking, fintech, lending, and Web3. The agreement between the companies also works for boosting digital identity verification, fraud prevention, and risk management services across the Southeast Asia area.
The preference for cashless payment methods continues to rise in the region, with almost four in five consumers planning to use cashless options more often, according to a Visa survey. Its partnership with Advance.AI will allow the global payments processor to expand its credit access and leverage its presence in Southeast Asia to help credit providers manage risk in a more efficient matter and cater to the underbanked and unbanked categories, which could potentially mean millions of new customers.
Ultimately, the agreement will not only benefit the two companies but also the population, as it will drive digitalisation and financial inclusion, positively impacting the cost of living in the area.
Singapore-based fintech Advance.AI was founded in 2016 and currently serves more than 700 companies across LATAM, South and Southeast Asia, and mainland China. Most of its clients activate fields like fintech, retail, payments, ecommerce, and banking. It specialises in risk management and artificial intelligence, aiming to provide high-quality services to solve digital transformation, fraud prevention, and process automation.
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