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Sumsub expands ID verification platform, unveils payments sector alliances and APAC HQ

Sumsub expands ID verification platform, unveils payments sector alliances and APAC HQ
 

Sumsub, a full-cycle verification platform with over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce, and gaming industries, has recently achieved significant milestones in its quest to improve its capabilities and broaden its reach.

New APAC headquarters and regional goals

Sumsub has announced plans to establish its APAC headquarters in Singapore and to pursue broader business development goals in the region. This decision comes in response to the growing threat of identity fraud in the APAC region.

Sumsub aims to leverage Singapore’s global financial standing and tap into its dynamic startup ecosystem to create valuable partnerships and expand its regional reach.

“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,” says Andrew Sever, co-founder and CEO of Sumsub.

With its expansion in the APAC region, Sumsub aims to target fintech, crypto, trading, gaming and mobility — industries in which the company already verifies millions of identities annually for its 2000+ global client base.

Doubling previous ID document support capabilities

Sumsub has recently improved its document processing capabilities by supporting handwritten texts, rare languages, and scripts. Additionally, they now support over 14,000 types of identity documents, double their previous number of 6,500. This investment in expanding their database of supported documents will enable more users and groups to access online services.

Sumsub is a leader in Proof of Address (PoA) checks, essential in crypto, trading, gambling, and other prominent digital industries. The platform’s PoA verification feature is consistently enhanced and can now process over 140,000 PoA documents daily with a best-in-class average PoA verification time of 59 seconds. Additionally, the platform provides options for instant geo-based verification and address checks via global government databases.

“Sumsub’s platform has processed over 200 million documents since the company was founded, so we are quite familiar with all document types in any part of the world,” comments Vyacheslav Zholudev, co-founder and CTO at Sumsub. “The more types of ID cards, passports, residence proof, and other documents we are able to verify, the higher the pass rates our global clients reach. Our key priorities are user satisfaction, bulletproof fraud protection, and compliance with local AML/KYC regulations.”

Joining The Payments Association

In a recent development aimed at enhancing compliance measures within the payments ecosystem, Sumsub has joined The Payments Association.

The Payments Association says it is the largest advocacy group in the sector for industry and regulators, operating in the UK, EU and Asia.

Sumsub’s involvement in the association allows it to work closely with industry leaders, contributing to advancements in compliance and digital security practices, according to the announcement.

“We are delighted to join The Payments Association,” says Peter Sever, co-founder and chief strategy officer of Sumsub. “This membership signifies our unwavering commitment to enriching the fintech landscape with top-notch verification and compliance solutions. We look forward to collaborating with other esteemed members of the association to further enhance payments industry standards and drive game-changing innovations together.”

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