Sumsub, a verification platform with the highest conversion rate in the industry, is about to embark on expanding into the APAC region, moving its headquarters to Singapore to address growing demand for full-cycle verification.
Global Western and Eastern companies are looking to incorporate the fastest and most accurate identity verification to strengthen zero-tolerance of fraud while ensuring regulatory compliance.
Sumsub has immersed their operations in commercial opportunities within the APAC region as the fraud landscape becomes more threatening in the region.
The full portfolio, ranging from document checks and verification solutions, helps to suppress bad actors burdening company and user systems by eliminating hurdles to verification.
Andrew Sever, Co-founder & CEO of Sumsub, commented that the Asia-Pacific region was their next target for global expansion and maximising their prospects with digital startups too, especially fintechs which are experiencing a “boom”.
…”We see huge business opportunities in the APAC market since instant user onboarding and strong fraud protection are in high demand”.
Penny Chai, VP of Business Development, APAC at Sumsub said: “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”.
New scams have been scanned in the region with more than half (54%) confirmed to be linked to authorised push payment (APP) fraud attacks, enlightened in the 2023 APAC Digital Banking Fraud Trends Report.
The company will forge vital partnerships to deliver a more extensive service to new clients in Singapore, Hong Kong and beyond. These majors regions are now hubs fostering digital assets such as crypto and and emerging fintech companies. Hong Kong in particular is tapping into the potential of a next-generation version of the World Wide Web (WWW) with Web3.
APAC players, including Binance, bitwallet, and Bybit, are already counted in their portfolio leveraging the fraud-resistance platform that ensures an unrivalled level of fraud protection and compliance with KYC, KYB and AML protocols.
Sumsub achieves the highest conversion rates in the industry – 96.59% in Malaysia, 87.57% in Indonesia, and 86.08% in Singapore.