Sumsub, an international verification platform, has entered into a partnership with dtcpay, a prominent payment service provider based in Singapore. This collaboration aims to enhance the security and reliability of digital currency transactions, specifically in Singapore, Hong Kong, Dubai, UK, and Europe.
A significant element of this partnership is the integration of Sumsub’s e-Know Your Customer (eKYC) solution into dtcpay’s wallet platform. This move is designed to refine and simplify the onboarding process for users engaging with businesses and merchants on dtcpay’s platform.
By incorporating Sumsub’s verification system, dtcpay will furnish its customers with a streamlined onboarding solution, facilitating functions like multi-currency swaps, online transactions, in-store payments, and PayByLink. This integration aims to expedite the process while ensuring user-friendliness and compliance with prevailing regulatory standards.
This collaboration holds increased significance given the current surge in cross-border payments in Singapore’s evolving digital currency domain. A study by RFIGlobal has shown that 20% of Asian consumers possess cross-border banking products. McKinsey’s 2021 report highlighted that Asia was responsible for over 40% of the global cross-border payments revenues, a sum exceeding $200 billion USD. This market is projected to witness an annual growth rate of 6-8% by 2026.
Penny Chai, VP of Business Development APAC, emphasized the vital nature of such partnerships, stating:
With an increasing number of businesses in the region, especially in the underbanked and unbanked sectors, gravitating towards payment service providers, the significance of secure and compliant payments cannot be understated. We perceive Sumsub as a regtech collaborator simplifying the intricate compliance processes, fostering a more inclusive financial ecosystem.
Alice Liu, CEO at dtcpay, echoed similar sentiments, stressing the partnership’s criticality. She said:
Our alliance with Sumsub is pivotal for elevating the security and efficacy of our offerings. Sumsub’s eKYC not only aligns with the regulatory prerequisites but also elevates user experience. Their cutting-edge verification technology solidifies the trust and security quotient of our platform, central to the financial arena.
As dtcpay ventures into diverse markets, ensuring compliance with diverse regulatory frameworks becomes imperative. This partnership with Sumsub is positioned to facilitate dtcpay’s growth trajectory, underpinning the secure expansion of digital currency ecosystems.