Sumsub brings KYC expertise to MENA FinTech Association

Rick Steves

“We look forward to their contributions to the MFTA family and the Policy and Regulations Working Group and believe that together, we can create a more secure and compliant environment for fintech to thrive in the Middle East and Africa.”

In a strategic move to fortify its foothold in the Middle East and North Africa (MENA), Sumsub, the global full-cycle verification platform, has officially become a member of the MENA FinTech Association (MFTA).

This collaboration aims to propel business growth, raise awareness about the escalating threat of identity fraud, and foster innovation within the burgeoning fintech sector across the region.

Sumsub strengthening verification, anti-fraud, and compliance

The MENA FinTech Association, a prominent not-for-profit organization founded in 2018, stands as a global leader in connecting fintech companies, startups, investors, regulators, influencers, and academia. Recognized as one of the top four fintech groups worldwide, MFTA serves as a pivotal hub for fostering growth, innovation, and inclusivity within the fintech landscape in the Middle East and Africa.

Sumsub’s decision to join MFTA aligns with its recent accolade as the winner in the RegTech of the Year category at the 2023 MENA FinTech Awards.

As an active participant in the association, Sumsub commits to sharing expertise in Know Your Customer (KYC), Know Your Business (KYB), and transaction monitoring to contribute to the development of the regional fintech ecosystem.

Sumsub joins MFTA’s Policy and Regulations Working Group

The partnership positions Sumsub to engage with top fintech professionals, explore potential collaborations, and share verification insights within the MFTA community. Sumsub will also play a vital role in leading discussions within the Policy and Regulations Working Group, collaborating with industry peers to host panel discussions, workshops, and reports aimed at advancing the fintech sector.

Nameer Khan, Chairman of the MENA Fintech Association and Founder of FILS, said: “We are pleased to welcome Sumsub to the MENA Fintech Association. Their expertise in KYC, KYB, and transaction monitoring will be invaluable in our efforts to strengthen the fintech ecosystem in the MENA region. Sumsub’s commitment to sharing insights and actively participating in policy discussions aligns with our mission to foster collaboration and innovation. We look forward to their contributions to the MFTA family and the Policy and Regulations Working Group and believe that together, we can create a more secure and compliant environment for fintech to thrive in the Middle East and Africa.”

Andrew Sever, co-founder and CEO of Sumsub, added, “For Sumsub, partnering with the MENA Fintech Association marks a new level of presence in the region. We believe that our expertise and years of experience in the verification, anti-fraud, and compliance sector will be valued by other MFTA members. Together with this extraordinary community, we aim to build a safer digital environment based on top-notch technologies tailored for the fintech industry.”

Sumsub, boasting over 2,000 clients across various industries, including fintech, crypto, transportation, trading, e-commerce, and gaming, is poised to contribute significantly to the MENA fintech landscape through its commitment to creating a safer digital environment.

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