KYC vendor Sumsub joins Singapore FinTech Association as ID fraud rises across APAC

Rick Steves

“Our recent annual Identity Fraud Report showed that fraud is growing at an alarming rate, and 96% of all cases occur across the Crypto and FinTech sectors. Worryingly, there was a 10x increase in the number of deepfakes detected globally across all industries from 2022 to 2023, with a 1530% deepfake surge across the APAC region during this period.”

Sumsub, a prominent player in the technology sector, has recently joined the Singapore FinTech Association (SFA) as part of its efforts to expand across the Asia-Pacific (APAC) region. This move follows the establishment of Sumsub’s regional headquarters in Singapore in July of this year.

The SFA, a non-profit initiative, encompasses various industries within the FinTech sector and focuses on fostering collaborations among ecosystem participants. Sumsub’s commitment to the FinTech industry extends to providing anti-fraud products and building valuable relationships through the SFA network.

SFA connects Sumsub with over 860 members and more than 60 international partners

Sumsub’s membership in the SFA enables its experts to engage with industry professionals, share insights, and explore potential partnerships. These connections are crucial for addressing industry challenges and enhancing the company’s presence in the sector.

Participation in the SFA offers Sumsub valuable benefits, including access to grants that support growth and development. Additionally, the membership provides extensive networking opportunities, connecting Sumsub with over 860 members and more than 60 international partners. This expanded network amplifies Sumsub’s industry reach and opens avenues for potential collaborations.

Sumsub’s involvement with the SFA is multifaceted, as the company actively participates in three subcommittees. In the RegTech subcommittee, Sumsub contributes to the advancement of regulatory technologies, aiming to improve regulatory outcomes. The Web 3.0 subcommittee involvement allows Sumsub to engage in discussions shaping the Internet’s future. Furthermore, by being part of the Payments subcommittee, Sumsub engages with regulators on critical issues affecting the Financial Services sector.

ID fraud on the rise

Penny Chai, the VP of Business Development, APAC, at Sumsub, addressed the increasing challenges of identity fraud. “Joining the Singapore FinTech Association marks an exciting milestone for us. We are thrilled to be part of such an exciting community that fosters collaboration and growth within the country’s FinTech sector.

“Our recent annual Identity Fraud Report showed that fraud is growing at an alarming rate, and 96% of all cases occur across the Crypto and FinTech sectors. Worryingly, there was a 10x increase in the number of deepfakes detected globally across all industries from 2022 to 2023, with a 1530% deepfake surge across the APAC region during this period.

“We are committed to supporting firms across the FinTech industry and harnessing the SFA’s incredible network to provide anti-fraud products and build valuable relationships that drive both innovation and safety.”

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