Identity Verification Firm Sumsub to Establish APAC HQ in Singaporeby Fintech News Singapore July 20, 2023
Identity verification platform Sumsub announced its plans to make Singapore its APAC headquarters with the aim to forge vital partnerships and serve new clients in the island-state and Hong Kong among other countries in the region.
Sumsub said that this move comes in response to the escalating threat of identity fraud in the APAC region with the rise in digital startups.
The company offers customisable know your customer (KYC), know your business (KYB), anti-money laundering (AML), Transaction Monitoring, and Fraud Prevention solutions.
Sumsub has dozens of existing Asian clients in its portfolio including Binance, DiDi, Huobi, Bybit, Bitwallet.
The firm has appointed Penny Chai as its leading representative in Singapore, responsible for business development and operations in the APAC region.
Having joined Sumsub earlier this year, Penny is a veteran in the identity verification industry and a seasoned expert in fintech and IT compliance.
“With the establishment of our new headquarters in APAC, we are excited to enhance our capabilities in serving our valued clients in Hong Kong. Additionally, we look forward to expanding our reach and serving new clients in the region, leveraging the proximity and connectivity offered by our APAC hub.
This development marks an important milestone in our commitment to supporting our partners in onboarding more credible users and ensuring a seamless and reliable verification process within the vibrant market of Hong Kong”,
said Penny Chai, VP of Business Development, APAC at Sumsub.
“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,”
said Andrew Sever, Co-founder and CEO of Sumsub.
Featured image credit: Andrew Sever, Co-founder and CEO of Sumsub and Penny Chai, VP of Business Development, APAC at Sumsub