Sumsub, a global full-cycle verification provider, has announced strategic partnerships with leading resellers in Southeast Asia, to strengthen security and verification in the region.
Sumsub said in a statement on Wednesday that these partners include Nexus Technologies, an information technology (IT) reseller and systems integrator based in the Philippines; PT Secure Pasifik Teknologi (SPT), a specialist in advanced security solutions and cybersecurity consultancy services in Indonesia; and Spectrum Edge, a cybersecurity distributor in Malaysia.
According to the statement, these partnerships aim to bolster the region’s fraud prevention landscape and foster a more resilient business environment, empowering local businesses to navigate the evolving fraud landscape.
It is noted as Southeast Asia's digital economy thrives, the surge in online activities has also provided opportunities for fraudsters, resulting in financial losses, and diminishing customer trust.
According to Sumsub, the Philippines, Indonesia, and Malaysia are facing escalating fraud trends.
Notably, the Philippines recorded the highest growth in deepfakes across Asia Pacific (APAC), with a staggering increase of 4500 percent from 2022 to 2023.
Indonesia also saw a yearly surge of 1550 percent in deepfakes, coinciding with the country’s presidential election year.
Malaysia’s fintech sector also experienced a significant 108 percent rise in fraud rates.
As a result, several governments have also tightened regulations in the know-your-customer (KYC) and anti-money laundering (AML) sectors.
Sumsub said by partnering with these local resellers, the firm extends access to its robust verification solutions across key markets in the Philippines, Indonesia, and Malaysia.
It said this strategic collaboration enables businesses in these regions to implement Sumsub’s advanced technology, ensuring they meet stringent compliance standards and
effectively combat the rising challenges posed by fraud and identity theft.
“With rising fraud and the growing accessibility of AI tools, the demand for our verification and compliance solutions has never been higher,
“Over the past year, Sumsub has achieved significant milestones in Asia, and we aim to continue this momentum through working with our partners to build a safer and more
digitally inclusive future for businesses and consumers in Asia,” said Penny Chai, Vice President of Business Development at Sumsub.
Sumsub formally established its first APAC headquarters in Singapore in July 2023, leveraging the nation’s strategic position as a gateway to other Asian countries and its
thriving ecosystem of digital assets and fintech businesses.
Last April, Chai was appointed as its Vice President of Business Development, where she’s been leading operations and driving business development in Asia from Singapore.
In recent years, Sumsub has partnered with well-known companies in the APAC region, including ChainUp, a blockchain technology solutions provider, and CODE, a South-Korean Travel Rule compliance solution.
The company has also secured new clients since 2023 such as dtcpay, a leading Singapore-based payment service provider.
It has over 2,000 clients across the fintech, crypto, transportation, trading, e- commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.