Sumsub expands into APAC region, appoints Penny Chai for business development
“Sumsub has already helped thousands of global Western and Eastern companies build high-conversion verification flows while keeping fraud at bay and ensuring regulatory compliance—and we’re ready to serve more customers and partners in the APAC region.”
Sumsub has announced its expansion into Asia Pacific to address growing demand for its full-cycle verification platform amid the escalating threat of identity fraud in the region.
Singapore has been chosen as Sumsub’s APAC headquarters and Penny Chai was appointed as the leading representative in the Singapore office.
“We see huge business opportunities in the APAC market”
Penny Chai, a veteran in the identity verification industry who joined Sumsub earlier this year, is responsible for business development and operations in the APAC region.
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”.
Andrew Sever, co-founder & CEO of Sumsub, commented: “The Asia-Pacific region is one of our top priorities in terms of global expansion. Here, digital startups, especially fintechs, are booming, and we see huge business opportunities in the APAC market since instant user onboarding and strong fraud protection are in high demand. Sumsub has already helped thousands of global Western and Eastern companies build high-conversion verification flows while keeping fraud at bay and ensuring regulatory compliance—and we’re ready to serve more customers and partners in the APAC region.”
Sumsub offering KYC, KYB, AML, Travel Rule, 1click verification in APAC
Sumsub aims to forge valuable partnerships and extend its reach in the wider region by capitalizing on Singapore’s global financial stature and tapping into its vibrant startup scene, with a sharp rise in digital assets and fintech businesses.
With its APAC headquarters in Singapore, Sumsub will also set foot in other Asia Pacific territories, including Hong Kong which is also emerging as an international crypto hub as it continues to embrace the potential of Web3.
The need for KYC, KYB, and AML solutions providers like Sumsub is growing in APAC as well. According to the firm’s internal statistics, digital fraud in Singapore’s fintech industry grew 33% from Q1 to Q2 2023. During the same period, the rate of ID card fraud increased 1.5 times, while passport fraud more than doubled, reaching 3.5%. In Hong Kong, the passport fraud rate reached over 4% last quarter, alongside Malaysia. Notably, the Philippines experienced a doubling of residence permit, Indonesia and Thailand witnessed over 60% increase in ID fraud rate.
Sumsub already provides helps dozens of Asian clients combat identity fraud, including Binance, bitwallet, and Bybit. Sumsub has developed a product that allows companies to maintain a high level of fraud protection and stay compliant with various KYC (know your customer), KYB (know your business) and AML (anti-money laundering) regulations. In addition, 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 1click verification in Indonesia.