Sumsub Becomes Member of Singapore FinTech Association

Sumsub's participation in the Singapore FinTech Association (SFA) is a way of expressing its resolve to promote novel ideas, construct essential ties in the industry, and promote the dynamic FinTech industry in Singapore, as well as the whole Asia-Pacific after the company launched its regional headquarters in Singapore in July this year. The SFA is a non-profit venture which encompasses several industries within the FinTech arena, with the aim of encouraging collaborations amongst members. Sumsub's representatives can use the SFA to make contact with other specialists in the field, trade knowledge, and contemplate potential partnerships with key individuals in the FinTech ecosystem, in order to tackle industry difficulties. As a member, Sumsub can join the SFA at events such as the Singapore FinTech Festival and take part in online seminars to enhance participation and recognition. Sumsub has been given access to grants that can aid in their growth and development, in addition to the many networking opportunities that come with connecting with over 860 members as well as more than 60 international partners, which can widen the scope of the industry and present the potential of partnerships. Sumsub is more than just an SFA member; it is heavily involved in three subcommittees. With the RegTech subcommittee, Sumsub is contributing to the development of regulatory tech that will create better regulatory results. On the Web 3.0 subcommittee, the company is joining the discourse regarding the next phase of web evolution. Additionally, through the Payments subcommittee, Sumsub is connecting with regulators on essential topics for the Financial Services industry. Penny Chai, VP of Business Development for APAC at Sumsub, expressed enthusiasm at joining the Singapore FinTech Association, citing it as a significant milestone. She went on to praise the Association for nourishing collaboration and innovation within Singapore's FinTech environment. The recently published Identity Fraud Report revealed that fraud is developing at an alarming rate, with 96% of all cases discovered in the FinTech and Crypto industries. What is more, in 2022-2023 the number of deepfakes identified globally showed a 10x increase, with a 1530% spike in the APAC region. In view of this, Penny Chai asserted that the SFA is devoted to helping enterprises from the FinTech industry by supplying anti-fraud solutions, as well as creating meaningful connections which contribute to both advancements and security.

Source: https://medium.com/sumsub/sumsub-joins-the-singapore-fintech-association-c4661a795dc6?source=rss------fintech-5