SINGAPORE, April 2, 2019 /PRNewswire/ -- Southeast Asia's leading AI technology company, ADVANCE.AI, has recently set up an office in Bangalore, India, hoping to promote the intelligent transformation of Indian enterprises through its advanced AI technology. As the world's second-most populous nation with 1.34 billion inhabitants, India is the world's sixth largest economy with a Gross Domestic Product (GDP) of USD 2.52 trillion. The youthful age structure (over 65 percent are under 35), the rapidly expanding middle-class, the rising consumer beliefs in instant purchasing, the increasing smartphone usage and faster mobile networks have made India the best soil for the development of financial technology.
In recent years, India's financial technology has advanced swiftly. Despite the fact that the fintech companies have encountered some regulatory obstacles last year, analysts believe that the Indian fintech industry will continue to be favored by investors in 2019. For the next five years, with an expected compound annual growth rate of 22%, fintech is highly expected to become India's independent pillar industry.
As the fintech industry keeps growing, more and more capital and enterprises are flowing into the field. Within a short time, many fintech companies including Paytm, Coverfox and MobiKwik have emerged, focusing on insurance technology, online lending, and stock trading.
As reported, surrounding the core value of "AI Empowerment", ADVANCE.AI's product and services deeply integrate with industry application scenarios to help enterprises improve product experience and operational efficiency. Presently, based on the in-depth application of AI technology in the finance field, ADVANCE.AI provides one-stop solutions in E-KYC, credit reporting, and anti-fraud scenarios for clients in banking, insurance, internet finance and others. ADVANCE.AI has strong technical capabilities and rich experience in financial services, as reported, with hundreds of enterprise-level customers and hundreds of millions of individual users served in Indonesia, the Philippines, Vietnam and other Southeast Asian countries.
Launching in India, ADVANCE.AI aims to provide sophisticated intelligent solutions for India's fintech and many other internet technology companies. With its established technical service expertise in Southeast Asia and market-proven AI solutions, ADVANCE.AI will help Indian corporate partners to quickly achieve digitization of their businesses, all together advance the in industry quickly, safely and steadily.
