Mastercard invests in AI start-up AIDA

BFSI News

Mastercard-invests-in-AI-start-up-AIDA Mastercard invests in AI start-up AIDAAIDA Technologies, a Singapore-based artificial intelligence (AI) & machine learning (ML) based predictive analytics solution provider, as per recent reports, has completed a Series A investment funding round which was participated by investors such as Mastercard, a New York-based multinational financial services corporation; SGInnovate; and Kuok Ventures. The financial details of the funding round were not disclosed.

The Singapore-based AIDA Technologies catering to the banking and insurance industry all around the world has its clients all across Singapore, Malaysia, Thailand, Indonesia, India, and Hong Kong. As per reports, the predictive analytics solution provider plans on utilizing this new funding to further sharpen its skill sets and capabilities and deepen its reach in existing markets and to expand into new ones, with Philippines and Japan as top contenders in its roster.

“This further strengthens Mastercard’s AI-focused strategy around people, infrastructure and domain expertise,” mentions Rohit Chauhan, executive vice president, AI center and cyber platforms, Mastercard.

Continuing, Rohit adds, “It provides us with access to AIDA’s world-class AI platform and toolkit, as well as the possibility to jointly develop product solutions that leverage advancements in technology to deliver greater security and convenience for businesses and consumers in their everyday activities.”

The 2016 founded, AIDA, was established by a team of data scientists from a research institute run by Singapore’s Agency for Science, Technology, and Research (A*Star).