GMO-PG becomes lead investor in Singaporean fintech firm Jewel Paymentech

Maria Nikolova

Jewel Paymentech is a financial risk technology company that harnesses AI to offer solutions for the banking and electronic payments industry.

GMO Payment Gateway Inc (TYO:3769) is making a step towards diversifying its business portfolio. GMO-PG has just announced that it is forming a capital alliance with Jewel Paymentech Pte. Ltd. through its consolidated subsidiary GMO PAYMENT GATEWAY PTE. LTD.

Jewel Paymentech is a Singapore-based financial risk technology company founded in 2014 that harnesses the capabilities of artificial intelligence (AI) in order to develop and offer intelligent risk solutions for the banking and electronic payments industry. The suite of intelligent solutions help banks and payment facilitators conduct merchant due diligence and manage transaction fraud risks using predictive analytics. The company also offers automated solutions to large merchants such as marketplaces, to identify illegal and counterfeit goods as part of their KYC process.

GMO-PG becomes Jewel Paymentech’s lead investor by taking part in their capital increase. Additionally, GMO-PG will form a business alliance and aims to raise business efficiency for banks, credit card companies and Ecommerce operators by supporting Jewel Paymentech’s sales expansion in the Asian region through itself and its group companies including Macro Kiosk Berhad.

Fintech companies that tap the power of AI have become lucrative investment targets in Asia. In December last year, for example, Mitsui & Co Ltd (TYO:8031) announced an investment into Preferred Networks, Inc (PFN), a company that specializes in AI technology development and provision, with the focus being on deep learning. Mitsui says it has invested approximately ¥500 million to subscribe to a third-party allotment of new shares by Preferred Networks, Inc.

Mitsui said back then that it recognized that with the advent of the IoT/big data society, industrial structures are being transformed on a global scale by AI and other digital technologies.

In November last year, Xenodata Lab, a Tokyo-based firm that leverages the power of artificial intelligence to provide finance data analytics products to financial services companies, announced that it has secured JPY 250 million in funding from Japanese financial majors, such as Mitsubishi UFJ Financial Group Inc (TYO:8306), SMBC, Mizuho, and Okasan Securities.

The funding will be used to develop further the offering of Xenodata Lab, including xenoFlash, and to take the collaboration with the funding partners to the next level.

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