Wise AI, a Malaysian startup, secures an eight-figure Series A funding to create digital identities for Southeast Asia's 680 million population.,Ranked in the top 25 globally for facial recognition matching speed by the US-based NIST.,Wise AI is expanding its R&D capabilities in Generative AI, Machine Learning, and Large Language Models (LLM) to enhance its eKYC and digital identity solutions.
The Rise of Wise AI: Transforming Digital Identities in Southeast Asia
Wise AI, a Malaysian startup specialising in eKYC (Electronic Know Your Customer) and Digital Identity solutions, has raised an impressive eight-figure Series A funding. The funding round was led by Malaysia Technology Development Corporation (MTDC), VentureTech SBI Sdn Bhd (VT-SBI), and Sunway Group’s Sunway iLabs Ventures. This investment will further Wise AI's mission to create digital identities for the 680 million people in Southeast Asia.
Strategic Partnerships: Driving AI Innovation
MTDC expressed its excitement about supporting Wise AI in launching cutting-edge e-KYC solutions across new markets. They believe that AI technology is transforming industries globally, and Wise AI is at the forefront of this revolution with its innovative digital identity services.
Mohd Jerry Tan, Principal of VT-SBI, shared his thoughts on the investment: “We believe that the application of AI in Southeast Asia is still in its infancy, promising significant market growth. The real-world experience Wise AI's technology brings provides more sense for VT-SBI to invest in the founder’s inspirational vision.”
Leading the AI Scene: Wise AI's Global Recognition
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Raymond Hor, Director of Sunway iLabs Ventures, highlighted Wise AI's global recognition. The company is the first and only Malaysian company certified by the National Institute of Standards and Technology (NIST) of the United States and ISO30107 for its superior deep-tech capabilities and prevention against malicious identity deepfakes. According to NIST, it ranks in the top 25 globally for its facial recognition matching speed. A detailed overview of NIST's facial recognition vendor test results can be found on their official website here.
Expansion Plans: Strengthening Presence in Southeast Asia
With the support of experienced partners, David Lim, founder and CEO of Wise AI, is confident that the funding will elevate Wise AI to new heights. The company aims to become Southeast Asia's leading eKYC and digital identity provider. Wise AI is working with partners and resellers from Thailand, Indonesia, Philippines, Vietnam, and Brunei, and plans to further strengthen its presence in these countries. This focus on regional growth aligns with the broader trend of AI set to add nearly US$1 trillion to Southeast Asia's economy by 2030.
Innovating for the Future: R&D in Generative AI, Machine Learning, and LLM
Wise AI began expanding its R&D capabilities from 2020, venturing into Generative AI, Machine Learning, and Large Language Models (LLM) to enhance its solutions and services. Its proprietary AI technologies verify the authenticity of government-issued IDs, compare them against facial biometrics, and detect deepfakes, providing the market with secure and reliable remote customer onboarding. The ability to detect deepfakes is becoming increasingly critical, as discussed in articles like Spotting AI Video: The #1 Clue.
Ethical AI: Aligning with Malaysia's AI Governance and Ethics Framework
The Malaysian government chose Wise AI as the national success case for Malaysia’s AI Governance and Ethics framework. Wise AI demonstrated the alignment of its eKYC solution with seven principles of AI Ethics, including fairness, accountability, inclusiveness, robustness, privacy, happiness, and transparency. This mirrors the global discussion around responsible AI, with countries like Taiwan also redefining what "responsible innovation" means.
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What are your thoughts on Wise AI's mission to revolutionise digital identities in Southeast Asia? How do you see AI and digital identities shaping the future of the region? Share your thoughts in the comments below and don't forget to Subscribe to our newsletter for updates on AI and AGI developments.
Latest Comments (3)
This is really ambitious! Digital identities are crucial for financial inclusion here, especially in a region with such diverse demographics.
Ah,Wise AI and 디지털 신분... I've been following this idea. Crafting a secure digital identity for 680 million people is a massive undertaking, crucial for the region's progress.
This Wise AI initiative for Southeast Asia is fascinating. Living in Hong Kong, I’ve seen firsthand how crucial robust digital identity solutions are for a thriving economy, especially with all the cross-border activity in our region. While their ambition to cover 680 million is certainly a massive undertaking, the potential for greater financial inclusion and reducing fraud is immense. I do wonder about the technical implementation challenges across such diverse regulatory landscapes and infrastructure, but the vision itself is very compelling. It's truly a game-changer if they pull it off effectively.
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