- Full-cycle verification platform Sumsub has joined the Singapore FinTech Association (SFA) in an effort to improve the fintech landscape in Singapore.
- The move supports the company’s dedication to innovation, creating industry connections, and contribution to the Singaporean fintech sector.
- Sumsub’s presence in the APAC market is further expanded with this move. The company established its regional headquarters in Singapore in July 2023.
- Sumsub will benefit from the SFA’s platform to engage with other industry professionals, share insights, and develop potential partnerships.
- The company also has access to grants to assist its expansion strategy, as well as the ability to network with over 860 SFA members and more than 60 international partners.
- Sumsub is also joining three subcommittees – RegTech, Web 3.0, and Payments in addition to its SFA membership.
Sumsub, a full-cycle verification platform, has reinforced its commitment to improve Singapore’s fintech landscape with its recent entry into the Singapore FinTech Association (SFA). This move supports the company’s focus on innovation, industry partnerships, and contribution to Singapore’s fintech sector, also enhancing its presence in the APAC market, a priority since it established its regional headquarters in Singapore in July 2023.
The association with SFA provides Sumsub with a platform to connect with other industry professionals, gain insights, and discover potential partnerships. It also enables participation in local events, trade shows, and offline webinars, such as the annual Singapore FinTech Festival.
Through this partnership, Sumsub also gains the advantage of applying for grants that can boost its growth and development strategy. It gains the networking capability to connect with over 860 other SFA members and over 60 international partners, amplifying its industry reach and enabling multiple potential partnerships.
Adding to its SFA membership, Sumsub also joins three significant subcommittees – RegTech, Web 3.0, and Payments. It plans to contribute toward advancing regulatory technologies in the RegTech subcommittee, discuss the next phase of development and the future of the internet in the Web 3.0 subcommittee, and engage with regulatory bodies on financial services sector matters in the Payments subcommittee.
Sumsub officials see the company’s involvement in the SFA as a significant step in its development, fostering collaborations and growth in Singapore’s fintech sector. Considering the growing rate of fraud indicated in the company’s latest Identity Fraud Report, Sumsub hopes to support other businesses in the fintech industry, leveraging the SFA’s expansive network to offer anti-fraud solutions and establish strategic partnerships. The company also aims to support innovation and safety by preventing the increasing fraudulent activities, highlighted by a 1530% deepfake surge in the APAC region between 2022 and 2023.
