MANILA, PHILIPPINES — Advanced Intelligence Group Limited (AIGL), the fintech startup behind Atom Philippines‘ PayLater Anywhere Card, was listed in the inaugural list NextGen 30 Technology Award, a prestigious award recognizing the top 30 technology startups in Southeast Asia.
This award is the first collaboration in the region between government and private organizations, including technology venture capital firms Granite Asia, KKR, And Northstar Group, Singapore Economic Development Board, InfoComm Media Development Authority (IMDA), And DBS Bank.
It was presented on September 24 at the Singapore Stock Exchange, SGX Centre, by Deputy Prime Minister of Singapore, Heng Swee Keat.
The winners were evaluated based on several key criteria:
- Demonstrating AI or digitalization that solves problems more effectively
- Minimum revenue of US$20 million, or year-over-year revenue growth of 30% or more
- Based in ASEAN or operating primarily in the region
- Clear ESG (Environmental, Social and Governance) strategy and long-term value creation.
With credit card penetration in the Philippines at just 2% in 2022 and the growing popularity of digital finance applications, the Atom Paylater Anywhere Card in Philippines experienced organic growth of 20% per month in terms of cardholder base. For more than 80% of cardholders, this is their first-ever card product, with everyday payment use cases being utility and phone bills, groceries, and e-commerce . purchases.
Magic Tang, responsible for Atom cardssaid, “This award is a recognition of how our innovative use of AI technology and prudent risk management strategy are solving the enormous challenge of the credit crisis in the Philippines. For many of our Atom Philippines cardholders, this is their very first card product and we are also seeing very high daily engagement and use cases to enable the purchase of essential products. This ultimately allows them to establish a credit history and access traditional financial products and services.
Last month, a subsidiary of Advance Intelligence Group, ADVANCE.AIalso announced that it had signed an agreement with the public company Credit Information Corporation to launch new credit bureau in the Philippines.