Sumsub completed the Malaysia e-KYC assessment, confirming that its digital identity verification technology meets the standards set by Bank Negara Malaysia (BNM).
The independent evaluation was conducted by Deloitte and “covered Sumsub’s ID verification, liveness detection, and facial recognition modules.”
The report validated Sumsub solutions’ effectiveness for “regulated onboarding, emphasizing the platform’s excellent technical capabilities.”
BNM requires e-KYC providers to “undergo formal testing to ensure compliance with a defined set of technical and risk-based criteria.”
This assessment positions Sumsub to “support financial institutions in Malaysia that need secure, compliant onboarding processes to meet regulatory demands.”
Penny Chai, Vice President, APAC at Sumsub:
“We’re now ready to expand our presence in Malaysia and help local banks, payments providers and fintechs verify customers safely, therefore grow their client base while staying fully aligned with local regulations and industry standards.”
The successful assessment highlights Sumsub’s continued “investment in compliance and fraud prevention across key global markets.”
Recently, Sumsub also announced its membership in the Financial Technology Service Providers Association (FITSPA), Uganda’s fintech industry body.
By joining FITSPA, Sumsub reaffirms its commitment to supporting collaboration, and financial inclusion, while contributing to the growth and resilience of the digital economy.
Founded in 2017, FITSPA now represents “over 212 organizations, including telecoms, banks, payment service providers, digital lenders, cybersecurity companies, and more.”
Its work is guided by strategic pillars, “including Community, Innovation, and Opportunities, which underpin the Association’s goal to foster a dynamic, secure, and scalable financial ecosystem.”
Sumsub’s inclusion into this network brings globally tested ‘expertise in user verification, regulatory compliance and fraud prevention, enhancing the infrastructure upon which fintech companies can thrive.”
As noted in the update, The Financial Technology Service Providers’ Association (FITSPA) is “a community of local and international Fintechs and Fintech stakeholders in Uganda, with 212 members.”
As ecosystem conveners, they serve as the voice of the Fintech sector and a platform for “knowledge sharing, networking, business development, collaboration, and growth.”