Sumsub, a leading global verification provider, has announced its plans to strengthen its presence in the APAC region by making Singapore its headquarters for the region. This strategic move comes as a response to the increasing threat of identity fraud in the region, particularly with the rise of digital startups.
Singapore has witnessed a significant growth in digital assets and fintech businesses in recent years, while Hong Kong has emerged as an international crypto hub, embracing 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 expand its reach in the wider APAC region. Sumsub’s internal statistics reveal a steady increase in identity fraud worldwide, with APAC being no exception. In Singapore, digital fraud in the fintech industry grew by 33% from Q1 to Q2 2023. During the same period, the rate of ID card fraud increased by 1.5 times, while passport fraud more than doubled, reaching 3.5%. In Hong Kong, the passport fraud rate exceeded 4% last quarter, along with Malaysia. Notably, the Philippines experienced a doubling of residence permit fraud, while Indonesia and Thailand witnessed over a 60% increase in ID fraud rate. With its years of international experience and a portfolio of Asian clients, including Binance, bitwallet, and Bybit, Sumsub has developed a product that enables companies to maintain a high level of fraud protection and compliance with KYC, KYB, and AML regulations. Sumsub aims to provide the best customer experiences tailored to different jurisdictions, offering high pass rates across emerging and developed markets.
The company is rolling out innovative features ahead of wider market adoption, including a Travel Rule solution for the crypto industry in Singapore and Hong Kong, as well as document-free 1-click verification in Indonesia, facilitating fast and inclusive onboarding in Asian markets. To lead its operations in the APAC region, Sumsub has appointed Penny Chai as its representative in Singapore. Penny, a veteran in the identity verification industry with expertise in fintech and IT compliance, will be responsible for business development and operations in the region. With this expansion, Sumsub aims to target industries such as fintech, crypto, trading, gaming, and mobility, leveraging its experience in verifying millions of identities annually for its global client base of over 2000 companies.
