These partnerships include Nexus Technologies based in the Philippines, PT Secure Pasifik Teknologi in Indonesia, and Spectrum Edge in Malaysia. The collaboration aims to enhance fraud prevention measures in the region's business landscape in the context of increasing online activities and related fraud incidents.
According to the official press release, Southeast Asia's digital economy growth has also attracted an increase in fraudulent activities, impacting financial losses and eroding consumer trust. Specifically, countries such as the Philippines, Indonesia, and Malaysia have reported significant rises in fraud cases, including notable increases in deepfake incidents in recent years. Governments in these countries have responded by tightening regulations in KYC and AML sectors.
Through these partnerships, Sumsub aims to expand access to its verification solutions across key markets in Southeast Asia. This initiative enables local businesses to leverage Sumsub's technology to meet compliance standards effectively and combat evolving fraud and identity theft challenges.
Sumsub, which established its APAC headquarters in Singapore in July 2023, views the region as strategically important for its operations. Officials from Sumsub emphasised the importance of these partnerships in addressing the region's increasing demand for robust verification and compliance solutions considering rising fraud and technological advancements.
To further strengthen its presence, Sumsub plans to host the 'Comply to Fortify: APAC Anti-Fraud Roadshow' alongside its new partners. This initiative will span multiple cities in the Philippines, Malaysia, and Indonesia, providing a platform to showcase Sumsub's solutions and educate businesses on their benefits.
Sumsub provides a comprehensive verification platform covering KYC, KYB, Transaction Monitoring, and Fraud Prevention solutions across various industries including fintech, crypto, transportation, trading, e-commerce, and gaming.
Nexus Technologies partners with global-leading technologies to improve business efficiency and growth through innovative services.
As for PT Secure Pasifik Teknologi, it specialises in IT security distribution, offering advanced security solutions and consultancy services.
Spectrum Edge is a Cyber Security Value-Added Distributor in Malaysia, known for its expertise in implementing cybersecurity solutions across diverse industries and sectors.
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