WISE AI, a startup providing eKYC and digital identity solutions, has raised an undisclosed amount of funding from Sun SEA Capital, a venture capital backed by Sunway Group. This news follows Bank Negara Malaysia’s approval of the eKYC framework in June 2020.

Without stating names, the startup claims to have secured a sizeable amount of reputable clients ranging from a subsidiary of BNM, core banking system providers, state governments, credit rating agencies and fintechs.

“Through Sun SEA Capital’s investment, WISE AI is able to explore collaboration opportunities leveraging Sunway’s vast ecosystem across 13 business divisions as well as Sunway City Kuala Lumpur as a living laboratory to potentially test, validate and implement new ideas and services as a launchpad for future growth.”

said Raymond Hor, Director of Sun SEA Capital.  In a media statement, they said that the investment proves timely as Sunway prepares for their digital bank license application.

WISE AI Co-Founder David Lim said,

“Anyone, even those in rural and sub-urban areas, can open a bank account within minutes of applying. This totally changes the impact of financial inclusion for the unbanked population in particular”.

“Our greatest competitive advantage is that we own this full fledged eKYC technology. This gives us the flexibility to localise and customise our offerings for partners in each country cost-efficiently. WISE AI, a Southeast Asian startup, has a strong understanding of the various cultures and regulations across the region.”