Sumsub, a global full-cycle verification platform, has officially become a member of the Singapore FinTech Association (SFA).
This strategic partnership underlines Sumsub’s commitment to driving innovation, establishing essential industry connections and contributing to the dynamic fintech ecosystem in Singapore and the broader APAC region.
Sumsub established its regional headquarters in Singapore in July of this year, marking a significant step in its expansion efforts.
The SFA, a non-profit initiative encompassing various sectors within the broader fintech industry, serves as a catalyst for collaboration among ecosystem participants. By joining the SFA, Sumsub gains access to a valuable platform where its experts can engage with like-minded industry professionals, share insights, and explore potential partnerships with key stakeholders in the fintech network.
This collaboration enables Sumsub to participate in notable local events and trade shows, including the annual Singapore FinTech Festival, as well as offline webinars, fostering engagement and exposure.
“Joining the Singapore FinTech Association marks an exciting milestone for us,” said Penny Chai, VP of business development APAC at Sumsub. “We are thrilled to be part of such an exciting community that fosters collaboration and growth within the country’s fintech sector”
Sumsub’s membership in the SFA opens doors to grants that support growth and development, in addition to extensive networking opportunities. Sumsub can connect with over 860 members and more than 60 international partners, expanding its industry reach and potential for fruitful collaborations.
Spotlight on fraud
The platform recently released its third annual Identity Fraud Report of the year. The report addresses identity fraud across industries and regions based on millions of verification checks across 28 industries and over 2,000,000 fraud cases between 2022-2023.
“Our recent annual Identity Fraud Report showed that fraud is growing at an alarming rate, and 96 per cent of all cases occur across the crypto and fintech sectors,” Chai also added. “Worryingly, there was a 10 times increase in the number of deepfakes detected globally across all industries from 2022 to 2023, with a 1530 per ce t deepfake surge across the APAC region during this period.
“We are committed to supporting firms across the fintech industry and harnessing the SFA’s incredible network to provide anti-fraud products and build valuable relationships that drive both innovation and safety.”