This collaboration signifies Sumsub’s dedication to driving innovation, fostering key industry connections, and contributing to the vibrant FinTech landscape in Singapore, as well as the wider APAC market following the establishment of its regional headquarters in Singapore in July this year.

The SFA is a non-profit initiative spanning various industries within the wider FinTech sector, aiming to drive collaborations among ecosystem participants. The SFA provides a useful platform for Sumsub’s experts to engage with like-minded industry professionals, share insights, and explore potential partnerships with key stakeholders in the FinTech network to collectively address industry challenges. Sumsub’s membership enables it to exhibit alongside the SFA during renowned local events and trade shows such as the annual Singapore FinTech Festival, as well as participate together in offline webinars, fostering engagement and exposure.

Sumsub gains access to grants to fuel growth and development, along with extensive networking opportunities, connecting with over 860 members and more than 60 international partners to amplify industry reach and potential collaborations.

Sumsub’s involvement with the SFA extends beyond a simple membership, as the company actively joins three subcommittees. In the RegTech subcommittee, Sumsub will contribute to the advancement of regulatory technologies that lead to improved regulatory outcomes. The Web 3.0 subcommittee allows Sumsub to participate in dialogue that aims to shape the next stage of growth and future of the Internet. Lastly, Sumsub’s involvement in the Payments subcommittee allows the company to engage with regulators on matters crucial to the Financial Services sector.

"Joining the Singapore FinTech Association marks an exciting milestone for us. We are thrilled to be part of such an exciting community that fosters collaboration and growth within the country’s FinTech sector,” said Penny Chai, VP of Business Development, APAC, at Sumsub.

“Our recent annual Identity Fraud Report showed that fraud is growing at an alarming rate, and 96% of all cases occur across the Crypto and FinTech sectors,” Penny Chai added. “Worryingly, there was a 10x increase in the number of deepfakes detected globally across all industries from 2022 to 2023, with a 1530% 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.”