Sumsub, the international verification platform, has teamed up with dtcpay, a leading payment service provider based in Singapore, to enhance the security and reliability of digital currency transactions. The collaboration is targeted specifically at Singapore, Hong Kong, Dubai, the UK, and Europe.
An important aspect of this partnership is the integration of Sumsub’s e-Know Your Customer (eKYC) solution into dtcpay’s wallet platform. This integration aims to streamline the onboarding process for users who engage with businesses and merchants on dtcpay’s platform.
By incorporating Sumsub’s verification system, dtcpay will provide its customers with a simplified onboarding solution, making it easier to perform functions such as multi-currency swaps, online transactions, in-store payments, and PayByLink. The goal of this integration is to expedite the process while ensuring user-friendliness and compliance with regulatory standards.
This collaboration is particularly significant due to the current surge in cross-border payments in Singapore’s digital currency market. According to a study by RFIGlobal, 20% of Asian consumers possess cross-border banking products. In addition, McKinsey’s 2021 report revealed that Asia accounted for over 40% of global cross-border payments revenues, exceeding $200 billion USD. This market is expected to grow at an annual rate of 6-8% by 2026.
Penny Chai, VP of Business Development APAC, emphasized the importance of partnerships like this, stating:
“With more businesses in the region, especially in underbanked and unbanked sectors, turning to payment service providers, the significance of secure and compliant payments cannot be underestimated. We see Sumsub as a regtech collaborator simplifying complex compliance processes and fostering a more inclusive financial ecosystem.”
Alice Liu, CEO at dtcpay, echoed similar sentiments, emphasizing the criticality of the partnership. She said:
“Our alliance with Sumsub is crucial for enhancing the security and efficiency of our offerings. Sumsub’s eKYC not only meets regulatory requirements but also improves the user experience. Their advanced verification technology solidifies trust and security on our platform, which is crucial in the financial industry.”
As dtcpay expands into various markets, ensuring compliance with diverse regulatory frameworks is essential. This partnership with Sumsub is positioned to support dtcpay’s growth trajectory and facilitate the secure expansion of digital currency ecosystems.
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