Sumsub Joins Singapore FinTech Association, elevating Regtech game.

Regtech firm Sumsub has joined the Singapore FinTech Association (SFA), demonstrating its commitment to innovation, building industry connections, and contributing to the FinTech landscape in Singapore and the wider APAC market. The collaboration follows the establishment of Sumsub’s regional headquarters in Singapore in July 2023. The SFA, a non-profit initiative, fosters collaboration among various sectors within the FinTech industry.

  • The SFA will provide a platform for Sumsub’s experts to engage with industry professionals, share insights, and explore potential partnerships to collectively address industry challenges.
  • Membership of the SFA enables Sumsub to exhibit alongside the association at local events and trade shows such as the annual Singapore FinTech Festival.
  • Sumsub will also have access to grants for growth and development, along with networking opportunities with over 860 members and more than 60 international partners to grow industry reach and potential collaborations.

Sumsub’s involvement with the SFA goes beyond membership. The regtech firm has joined three SFA subcommittees – the RegTech subcommittee, the Web 3.0 subcommittee, and the Payments subcommittee. In these capacities, it will contribute to regulatory technology advancements, participate in growth and future of the Internet dialogues, and engage with financial services sector regulators.

Penny Chai, the Vice President of Business Development (APAC) at Sumsub, views their joining of the SFA as an “exciting milestone” and applauds the SFA’s efforts in fostering collaboration and growth within Singapore’s FinTech sector. Chai also notes an alarming increase in fraud rates, with 96% of all cases occurring across the crypto and FinTech sectors, as revealed in Sumsub’s recent annual Identity Fraud Report. She emphasizes Sumsub’s commitment to supporting firms across the FinTech industry and harnessing the SFA’s incredible network to provide anti-fraud products.

To note, Sumsub’s report observed a staggering 1530% surge in deepfakes across the APAC region from 2022 to 2023. Through the SFA’s network, the regtech firm aims to build valuable relationships driving both innovation and safety in the digital space.