Verification company Sumsub has teamed up with the Philippines’ Nexus Technology, Indonesia’s PT Secure Pasifik Technologi, and Malaysia’s Spectrum Edge to extend access to its verification solutions in the three countries.
Sumsub says the partnerships aim to improve the region’s fraud prevention landscape and foster a more resilient business environment, empowering local businesses to navigate the evolving fraud landscape.
According to Sumsub, the Philippines, Indonesia, and Malaysia face escalating fraud trends. Notably, the Philippines recorded the highest growth in deepfakes across the Asia Pacific region, with an increase of 4500% from 2022 to 2023. Indonesia saw a 1550% year-on-year rise in deepfakes, coinciding with the country’s presidential election year. Malaysia’s fintech sector also experienced a significant 108% rise in fraud rates. As a result, several governments have also tightened regulations in the know-your-customer and anti-money laundering sectors.
By partnering with these local resellers, Sumsub is extending access to its robust verification solutions across the Philippines, Indonesia, and Malaysia. The 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.
“We thank our partners, Nexus Technologies, PT Secure Pasifik Teknologi and Spectrum Edge, for trusting us,” said Penny Chai, VP of Business Development at Sumsub. “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.”
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.
