APAC Insider- Business Awards 2024 | 16 Oct24156 Sumsub’s pioneering full-cycle verification platform ensures a secure, accessible digital future for users and businesses alike. With standout features such as high customisation and the ability to analyse data from diverse sources, global verification is easily enabled. In the wake of Sumsub celebrating success in the APAC Business Awards 2024, we speak to Penny Chai to find out more about the company, and how it helps digital businesses verify users seamlessly and maintain toptier security in every interaction. Technology company, Sumsub, offers a singular verification platform to secure the entire user journey - helping businesses to reduce costs, while protecting end-users and complying with regulations. With Sumsub’s customisable KYC, KYB, Transaction Monitoring, and Fraud Prevention Solutions, clients can orchestrate their verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect their businesses too. Sumsub has more than 2,500 global clients in the fintech, crypto, transportation, trading, e-commerce industries and more, including big names such as Wirex, Avis, Elliptic, Bybit, Huobi and TransferGo. “At Sumsub, we believe in a safe, accessible, and inclusive digital future for users and businesses alike,” explains Penny Chai, the firm’s Vice President of Business Development, APAC. “By eliminating fraud and verification hurdles, we aim to create a world where anyone - regardless of age, location, or computing skills - can securely access and use any service.”And the proof, as they say, is in the pudding as today Sumsub has over a billion users verified, 5,000 fraud samples analysed daily, and precision that reaches 100% for any check. “That’s what Sumsub’s full-cycle platform is all about. Thanks to our in-house AI technology, we can verify users, businesses, and transactions all in one place—at any stage of the lifecycle,” she continues. “The digital world must be people-friendly and open to everyone. Sumsub’s mission is to fight digital identity biases, perfect our own AI to fight sophisticated fraud, and bring forward paperless verification across the world.” Consistently high standards are maintained at Sumsub by its continuous improvement of its technology and processes, driven by client feedback and a commitment to innovation. This allows the company to provide tailored, top-tier support, ensuring that clients can navigate the digital world securely and efficiently. The APAC region is incredibly dynamic and Sumsub’s headquarters being based in Singapore gives it a strategic advantage thanks to the country’s robust regulatory framework, techforward ecosystem, and its position as a financial hub. This means there are great opportunities for both growth and collaboration across diverse markets. However, the region’s diversity also brings challenges, with each having its own regulatory requirements, cultural nuances, and market maturity, in the wake of rising digital fraud threats. Penny tells us more. “According to our Identity Fraud Report 2024, there was a 121% Year-onYear (YoY) increase in identity fraud in 2024 across the region, with significant surges recorded in Singapore (207%), Thailand (206%), and Indonesia (201%). Deepfake fraud spiked 194% in APAC, and seven of the top-10 jurisdictions for fraud networks are concentrated in the region. Adapting our solutions to APAC’s varied challenges and needs, while staying agile and compliant, is key,” she says. “The opportunity lies in helping businesses across APAC navigate these complexities with multi-layered protection and tailored verification and compliance solutions.” Regarding company culture, Sumsub is committed to innovation and creating a place where creativity and curiosity thrive. The firm takes pride in being able to verify over 14,000 document types, in over 220 countries and territories, including Latin and non-Latin scripts. This reflects its team’s global nature, spread across 57 countries, with diverse cultural backgrounds and expertise. “Unity in diversity isn’t just a principle we apply to our technology, but it’s at the core of our team culture,” Penny continues. “We champion a spirit of innovation, encouraging everyone to embrace change, explore new ideas, and build unique solutions, knowing the critical role we play in combatting online threats.” Recently, Sumsub triumphed in the APAC Business Awards 2024, receiving two notable titles, these being Best AI-Powered Identity Verification Platform and the APAC Insider Fraud Prevention Innovation Award, for its diligence to the industry. And now? The future looks bright for the pioneering organisation! Throughout 2023 and 2024, Sumsub grew steadily, focusing on product innovation and global expansion, with revenue growing 40% in 2023 and continued growth expected for 2024, along with team expansion to a headcount of over 550 employees. Looking ahead, Sumsub will continue tailoring its products across APAC markets, as well as other regions like the Middle East, expand fraud prevention and Non-Doc verification capabilities - all while continuing to foster a safe, inclusive work culture and drive a more inclusive digital future. Contact: Anastasiya Kaurdakova Company: Sumsub Website: www.sumsub.com Best AI-Powered Identity Verification Platform 2024 & APAC Insider Fraud Prevention Innovation Award 2024 Sumsub
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