Reap has tapped Sumsub to support onboarding and compliance checks as it expands its stablecoin-native cards and payments infrastructure beyond APAC.
The Singapore-based fintech will use Sumsub’s platform to automate verification for business customers and end cardholders.
The partnership is aimed at helping Reap manage onboarding across markets with different regulatory, anti-money laundering and counter-financing of terrorism requirements.
Darryl Wan, Head of Legal, Risk and Compliance at Reap, said,
“Onboarding is often the first real experience a customer has with Reap and it needs to be fast, simple, and compliant no matter where they are located.
With the right infrastructure in place, we can scale into new markets and give businesses seamless access to stablecoin-powered cards, payments and financial tools. We are delighted to partner with Sumsub to enhance our verification and KYC processes.”
Sumsub’s platform lets Reap configure verification flows by customer type, market and risk profile.
It also supports reusable KYC, which reduces repeated verification steps for users who have already completed checks through Sumsub.
According to Sumsub’s internal data, one in three applicants has previously been verified on its platform before starting a new onboarding process, although many are still asked to upload the same documents again.
Sumsub’s platform can verify more than 14,000 types of identity documents from over 220 countries and territories.
Its Liveness Detection technology is also used to verify individuals during onboarding.
Penny Chai, Vice President, APAC at Sumsub, said,
“Our platform is designed to address fragmented regulatory environments across jurisdictions while enabling seamless user experiences through reusable digital identity.
By verifying users once and extending that trust across the ecosystem, we help fast-growing fintechs like Reap reduce unnecessary onboarding friction without compromising on compliance.”
Reap is exploring further automation of onboarding processes as it enters new markets and rolls out more products.
Featured image: Edited by Fintech News Singapore, based on image by mangpor2004 via Magnific
