Regtech Sumsub has reportedly joined the MENA FinTech Association (MFTA) in order to drive business growth in the MENA region, while “raising identity fraud awareness, and fostering innovation in the fintech sector.”
This partnership highlights Sumsub’s commitment “to establishing and strengthening key industry connections and contributing to the ever-evolving fintech landscape in the MENA markets.”
Founded in 2018, the MENA Fintech Association is said to be “globally recognized as one of the top-4 fintech groups in the world, bringing together fintech companies, startups, investors, regulators, influencers and academia.”
It is reportedly the premier not-for-profit organization “dedicated to serving fintech startups and established players across the MENA region.”
The MFTA provides various opportunities “as a fintech hub that connects different stakeholders from the industry and creates space for growth, innovation and inclusivity.”
This presents Sumsub with a choice of “engaging with top fintech professionals, exploring potential partnerships in the fintech network and sharing verification expertise within the community.”
As an MFTA member, Sumsub aims “to contribute to the regional fintech ecosystem by providing insights into anti-fraud measures, compliance with the shifting regulatory requirements, and expertise in KYC, KYB and transaction monitoring for fintechs.”
This partnership will aim to “enhance the development of the entire fintech community, driving more innovative solutions and projects in the MENA region.”
Furthermore, Sumsub will lead conversations “within the policy and regulations working group, collaborating with industry peers to host panel discussions, workshops, and reports with the aim of advancing the industry.”
Nameer Khan, Chairman of the MENA Fintech Association and Founder of FILS, commented:
“We are pleased to welcome Sumsub to the MENA Fintech Association. Their expertise in KYC, KYB, and transaction monitoring will be invaluable in our efforts to strengthen the fintech ecosystem in the MENA region. Sumsub’s commitment to sharing insights and actively participating in policy discussions aligns with our mission to foster collaboration and innovation.”
Andrew Sever, co-founder and CEO of Sumsub, added:
“For Sumsub, partnering with the MENA Fintech Association marks a new level of presence in the region. We believe that our expertise and years of experience in the verification, anti-fraud, and compliance sector will be valued by other MFTA members. Together with this extraordinary community, we aim to build a safer digital environment based on top-notch technologies tailored for the fintech industry.”
As noted in the update, the MENA FINTECH ASSOCIATION (MFTA) claims it is “an inclusive, not for profit association that fosters an open dialogue for the MENA Fintech community; shaping the future of financial services in the region.”
They further claim to “have a growing community of Fintech startups and SMEs, financial institutions, technology companies, academia, investors, accelerators as well as regulators and policy makers. Plus cross border knowledge exchange platforms and collaborations creating a conducive Fintech ecosystem.”
