Full-cycle verification platform Sumsub has entered the Singapore FinTech Association (SFA) to further solidify its commitment to improving the fintech landscape in Singapore. By joining the SFA, Sumsub supports its dedication to increasing innovation, creating industry connections, and contributing to the Singaporean fintech sector.

Moreover, the move also assists in the company’s involvement in the APAC market, as, in July 2023, it established its regional headquarters in Singapore. At that time, Sumsub intended to provide full-cycle verification services as part of its expansion strategy. The company entered the region due to the increasing threat posed by identity fraud as digital startups continued to expand, as well as to solidify its presence in the APAC region with partnerships and additional clients.

The benefits of Sumsub’s involvement with the SFA As a non-profit initiative for several industries within the fintech sector, the SFA intends to support alliances between industry participants. With this collaboration, the SFA offers a platform for Sumsub’s team to engage with other industry professionals, share insights, and discover potential partnerships with stakeholders in the fintech sector to address difficulties. The membership enables Sumsub to present together with the SFA during local events and trade shows, including the annual Singapore FinTech Festival, and to participate in offline webinars.

This aims to support engagement and exposure, therefore assisting Sumsub’s expansion in the region. Furthermore, the collaboration allows Sumsub to access grants to help its growth and development strategy, as well as networking capabilities, as it can connect with over 860 members and over 60 international partners. Through this, the company can amplify its industry reach and enter multiple potential partnerships. In addition to its membership, Sumsub joins three subcommittees, including RegTech, Web 3.0, and Payments.

The company contributes to the RegTech subcommittee by advancing regulatory technologies that can enhance regulatory outcomes, while the Web 3.0 subcommittee enables Sumsub to contribute in dialogue to the next phase of development and the future of the internet. Additionally, by being involved in the Payments subcommittee, Sumsub can engage with regulatory bodies on matters related to the financial services sector. According to Sumsub’s officials, the company’s involvement in the SFA represents a significant step in its development, as it fosters collaboration and growth within Singapore’s fintech sector. Considering that the company’s latest Identity Fraud Report showed that fraud is expanding at a substantial rate, Sumsub aims to support businesses across the fintech industry and leverage the SFA’s network to offer anti-fraud solutions and develop partnerships.

Representatives also highlighted the report’s findings in the APAC region, where between 2022 and 2023, there was a 1530% deepfake surge. The company aims to support innovation, as well as safety, by preventing the further increase in fraudulent activities. .