Global verification provider reinforces its presence in APAC, forging vital partnerships and serving new clients in Singapore, Hong Kong and beyond
SINGAPORE, July 21, 2023 /PRNewswire/ -- Sumsub, a full-cycle verification platform that secures the whole user journey, today announces its plans to make Singapore its APAC headquarters and wider business development goals in the region. This strategic move comes in response to the escalating threat of identity fraud in the region with the rise in digital startups.
In recent years, Singapore has seen a sharp rise in digital assets and fintech businesses. Similarly, Hong Kong is also emerging as an international crypto hub as it continues to embrace the potential of Web3. By capitalizing on Singapore's global financial stature and tapping into its vibrant startup scene, Sumsub aims to forge valuable partnerships and extend its reach in the wider region.
"The Asia-Pacific region is one of our top priorities in terms of global expansion. Here, digital startups, especially fintechs, are booming, and we see huge business opportunities in the APAC market since instant user onboarding and strong fraud protection are in high demand. Sumsub has already helped thousands of global Western and Eastern companies build high-conversion verification flows while keeping fraud at bay and ensuring regulatory compliance-and we're ready to serve more customers and partners in the APAC region," - comments Andrew Sever, co-founder & CEO of Sumsub.
As Sumsub's internal statistics show, APAC is no exception when it comes to the steady increase in identity fraud worldwide. For instance, in Singapore, digital fraud in the fintech industry grew 33% from Q1 to Q2 2023. During the same period, the rate of ID card fraud increased 1.5 times, while passport fraud more than doubled, reaching 3.5%. In Hong Kong, the passport fraud rate reached over 4% last quarter, alongside Malaysia. Notably, the Philippines experienced a doubling of residence permit, Indonesia and Thailand witnessed over 60% increase in ID fraud rate.
With years of international experience and dozens of Asian clients in its portfolio-including Binance, bitwallet, and Bybit-Sumsub has developed a product that allows companies to maintain a high level of fraud protection and stay compliant with various KYC (know your customer), KYB (know your business) and AML (anti-money laundering) regulations.
Sumsub breaks down borders for businesses by offering the best customer experiences customized to different jurisdictions, all while providing the highest pass rates across both emerging and developed markets. Sumsub rolls out innovative features ahead of wider market adoption, offering a Travel Rule solution for the crypto industry in Singapore and Hong Kong, as well as document-free 1click verification in Indonesia. This allows for fast and inclusive onboarding in Asian markets.
Sumsub has appointed Penny Chai as its leading representative in Singapore, responsible for business development and operations in the APAC region. Having joined Sumsub earlier this year, Penny is a veteran in the identity verification industry and a seasoned expert in fintech and IT compliance.
"We are thrilled to announce the opening of our new regional headquarters in Singapore, marking an exciting milestone for our company in the APAC region. With our extensive experience and best practices from around the world, we are excited to work closely with our partners and businesses to foster a more secure business environment in the region", - adds Penny Chai, VP of Business Development, APAC at Sumsub.
With its expansion to the APAC region, Sumsub aims to target fintech, crypto, trading, gaming and mobility-industries in which the company already verifies millions of identities annually for its 2000+ global client base.
Sumsub is a full-cycle verification platform that secures every step of the user journey. With Sumsub's customizable KYC, KYB, AML, Transaction Monitoring, and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs and protect your business.
Sumsub achieves the highest conversion rates in the industry-96.59% in Malaysia, 87.57% in Indonesia, and 86.08% in Singapore-while verifying users in less than 50 seconds on average.
Sumsub's methodology follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS, BaFin). As the first regulated compliance-as-a-service provider, Sumsub has a team of compliance experts ready to consult on regulatory specifics worldwide.
With over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries, Sumsub partners with the likes of Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy and TransferGo.