Sumsub has announced that Local Data Processing (LDP) capabilities are now available in the Asia-Pacific (APAC) region, specifically in Singapore, Hong Kong, Indonesia, and the Philippines.
This infrastructure reaffirms Sumsub’s dedication to “ensuring data privacy and regional compliance, following the successful launch in the MEA in June.”
The data privacy landscape in APAC is rapidly “evolving as economies grow and digital transformation accelerates.”
Recent years have seen a surge in stringent data protection regulations, driven by heightened awareness of privacy issues and “the need for greater control over personal data. According to a study by Ipsos, 81% of APAC end-users believe that the loss of privacy is inevitable due to technological advancements.”
Countries such as Singapore and Hong Kong have “introduced stringent local data processing requirements, while Indonesia and the Philippines are also advancing their regulatory frameworks.”
This regulatory momentum reflects “a broader global trend where data privacy concerns are becoming increasingly critical.”
Sumsub’s LDP solution is designed to help firms “overcome data storage and compliance challenges, as many APAC economies continue to develop rapidly.”
In recent years, privacy legislation across the region “has evolved significantly, mirroring stringent regulations such as the European Union General Data Protection Regulation (EU GDPR).”
As technology developments and data privacy becomes more complex, Sumsub’s advanced data management solution “ensures secure, compliant, and user-friendly personal data storage for regulated businesses across APAC.”
Regulated companies that are required to store and process personal data domestically “will now be able to protect themselves and end-users by leveraging Sumsub’s full suite of verification, anti-fraud and compliance products.”
Firms will be able to secure users and clients “throughout their entire compliance journey, with AML (anti-money laundering) screening, KYC (Know-Your-Customer) and KYB (Know-Your-Business) processes, as well as ongoing Transaction Monitoring and Fraud Prevention capabilities.”
The key benefits of using the LDP infrastructure include:
- Regional Compliance: LDP simplifies compliance with local data privacy regulations across APAC, such as Singapore’s requirement for vendors to store and process data locally.
- Seamless User Experience: Automatic domain redirection eliminates the need for manual navigation, ensuring data is stored and processed locally, regardless of the company’s headquarters.
- Centralised Access: Firms can access all their applicant-related analytics, statistics, and billing information from any region.
- Global Reach: LDP instils confidence to expand business operations to new markets in full compliance.
Vyacheslav Zholudev, Co-founder and CTO of Sumsub said the launch showcases their commitment to privacy and compliance.
Further solidifying its presence in the region, Sumsub has recently “partnered with Nexus Technology in the Philippines, as well as PT Ogya Tekno Nusantara and PT Secure Pasifik Teknologi in Indonesia to extend access to its verification solutions in both markets.”
These partnerships enhance Sumsub’s ability to “support businesses in navigating the complex data privacy landscape throughout APAC.”
