Sumsub teams with Singapore’s FinTech for innovative, collaborative drive.

  • Global verification platform Sumsub has joined the Singapore FinTech Association (SFA).
  • Joining SFA supports Sumsub in driving innovation, establishing essential industry connections and contributing to the fintech ecosystem in Singapore and the broader Asia-Pacific (APAC) region.
  • The collaboration opens doors to grants supporting Sumsub’s growth and development and offers extensive networking opportunities with over 860 members and more than 60 international partners.
  • Sumsub’s recent Identity Fraud Report showed an alarming increase in fraud, particularly in the crypto and fintech sectors.

Sumsub, a global full-cycle verification platform, has joined the Singapore FinTech Association (SFA) to foster innovation and collaboration in the fintech sector. The strategic partnership emphasizes Sumsub’s commitment to contributing to Singapore and the broader APAC region’s vibrant fintech ecosystem. Sumsub had initially set its regional quarters in Singapore in July 2023 as part of its expansion efforts.

SFA, a non-profit initiative, serves as a catalyst for collaboration among participants in the fintech industry. As a member, Sumsub gains access to a valuable platform that enables its experts to engage with industry professionals, share insights and explore potential partnerships. Sumsub also gets the chance to take part in local trade shows and events, including the annual Singapore FinTech Festival, as well as offline webinars.

The membership in SFA also benefits Sumsub by opening doors to growth and development grants and providing extensive networking opportunities. Sumsub can now connect with over 860 members and more than 60 international partners, which significantly expands its industry reach and potential for collaboration.

In highlighting the importance of these initiatives, Penny Chai, VP of Business Development APAC at Sumsub, stated, “We are thrilled to be part of such an exciting community that fosters collaboration and growth within the country’s fintech sector.”

Sumsub recently released its third annual Identity Fraud Report. The report indicates a worrying increase in fraud across industries and regions based on millions of verification checks. Of note, the report shows that 96% of all fraud cases occur across the crypto and fintech sectors. Sumsub has pledged to harness SFA’s robust network in providing anti-fraud products and building valuable relationships that drive both innovation and safety within the industry.