Author: Alice Naing

Singapore is one of the world’s leading hubs for fintech innovation. But with innovation comes risk – especially around identity verification and fraud prevention.

That’s why forward-thinking payment platforms like dtcpay rely on partners like Sumsub.

By implementing Sumsub’s no-code identity verification platform, dtcpay simplified Know Your Client (KYC) and onboarding to provide a smooth, secure user experience.

This collaboration helps dtcpay balance speed and compliance as they expand across Asia and beyond. It’s a great example of how fintechs and regtechs can collaborate to enable digital finance innovation while building trust.

As Sumsub gears up for its participation in Seamless Asia, this partnership serves as a beacon for businesses seeking to navigate the complexities of digital payments verification.

As a Major Payment Institution licensed by Singapore’s Monetary Authority, dtcpay operates in a complex regulatory environment.

With expansion plans across Asia and beyond, dtcpay needed to streamline identity checks to remove friction during onboarding while still adhering to regulations.

dtcpay embarked on a journey to enhance its growth, confronting various obstacles. At the heart of its mission was the need for an automated verification system. This system was pivotal for refining the onboarding process, ensuring businesses could engage in transactions smoothly and with robust security.

Making the onboarding experience as straightforward as possible for users and merchants using the platform was equally important. A vital aspect of this enhancement was the efficient verification of Proof of Address ( PoA), an essential element in confirming user identities.

said Keian Wong, Head of Swap Product at dtcpay.

With rapid advancements in its multi-currency swaps and crypto payment services, dtcpay had to future-proof and automate verification processes.

Sumsub emerged as the solution for dtcpay, offering a comprehensive suite of verification tools meticulously designed to meet regulatory requirements and streamline user onboarding.

The platform’s capabilities—ranging from ID Verification, Liveness and Face Match, to PoA and Ongoing AML Monitoring—were instrumental in transforming dtcpay’s operational landscape.

Sumsub’s verification solutions significantly enhanced dtcpay’s operational efficiency, evidenced by a 70 percent reduction in the dropout rate during the verification phase. This improvement in the onboarding process boosted operational efficiency and the overall user experience, a crucial factor for decay as it seeks to broaden its services to include multi-currency swaps and digital wallets.

Keian Wong, highlighting the importance of Sumsub’s contribution, stated,

Sumsub distinguishes itself by delivering a customisable onboarding experience that complies with international regulatory standards and supports over 14,000 ID types from over 220 countries and territories. This flexibility, alongside advanced features and constant AML monitoring has been central to dtcpay’s efforts to streamline its operations.

Penny Chai, Sumsub’s Vice President of Business Development for the Asia-Pacific region, elaborated on the platform’s strengths.

Penny further detailed how Sumsub’s platform is precisely engineered to cater to dtcpay’s needs, offering a customised onboarding experience that aligns with global regulatory standards.

Sumsub’s platform, renowned for its ability to accommodate many ID types from many countries and territories and its sophisticated risk-scoring system designed to detect fraud, firmly positions it as a critical component in dtcpay’s expansion strategy.

This effectiveness is underscored by the impressive verification rates observed across various regions: Hong Kong leads with 97.89 percent, followed closely by Singapore’s strong showing at 86.08 percent, and the United States round out the group with a commendable rate of 91.64 percent.

In addition, Sumsub’s adeptness at processing documents in rare languages and scripts like Cyrillic, Hieroglyphic and Semitic underscores its linguistic versatility.

This capability is vital for dtcpay as it continues to penetrate diverse markets. Sumsub’s OCR technology’s high accuracy and adaptability to various regulatory frameworks ensure dtcpay’s confidence in its ambitious expansion plans.

dtcpay successfully integrated Sumsub’s verification solution into their wallet platform, ushering in a more efficient and user-friendly onboarding experience.

Integrating Sumsub was a seamless process that took only a few weeks. Apart from offering omnichannel document collection, Sumsub’s SDK allowed dtcpay to customise the flow to suit specific user requirements.

This versatile solution includes a face liveness module that enhances conversion rates and reduces the risk of fraudulent activities. An adaptive and mobile-friendly design ensures a seamless experience across all devices.

Users also benefit from helpful hints to navigate the process more smoothly, and mobile compatibility ensures the freedom to use it on the go. The SDK automatically refreshes when the status changes, ensuring users are constantly updated with their verification progress.

Sumsub’s features also eliminated the need for manual PoA document checks, resulting in a swift and seamless onboarding process for users engaging in multi-currency swaps, online payments, in-store transactions, and PayByLink via dtcpay.

After integrating Sumsub, dtcpay witnessed significant improvements in onboarding time, contributing to overall operational efficiency.

Anson Zeall, Head of Compliance at dtcpay, said,

Keian Wong further highlighted the impact:

Sumsub utilises artificial intelligence to enhance its digital verification solutions, focusing on innovative onboarding processes and compliance technologies. This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travel rule.

These AI-driven tools position Sumsub at the forefront of providing advanced verification solutions, enabling businesses to handle the complexities of digital transactions with unparalleled ease and confidence.

The company’s extensive suite of solutions is anchored by its KYC (Know Your Customer) Compliance service, which enables swift and effective identity verification of customers. This service is critical in enhancing trust and security during digital interactions.

Further extending its verification capabilities, Sumsub’s Know Your Business (KYB) solution verifies businesses and vendors, ensuring thorough due diligence before partnerships are established. This solution includes the critical verification of the Ultimate Beneficiary Owner (UBO), expanding the traditional scope of KYC to business entities.

Sumsub’s commitment to innovation is further evidenced by its introduction of the Travel Rule Compliance solution, reflecting its dedication to keeping pace with the evolving regulatory and technological landscape.

said Penny.

The success story of Sumsub and dtcpay is not just about a partnership; it’s a testament to Sumsub’s capacity to uplift businesses in the payments industry. By choosing Sumsub, dtcpay has not only streamlined its processes but also ensured it stays ahead in compliance and fraud prevention.

For businesses looking to explore new horizons in digital payments and ensure compliance with global standards, meeting Sumsub at Seamless Asia is an opportunity not to be missed.

Sumsub doesn’t just act as a service provider; they aim to be a collaborative partner. Their deep understanding of the challenges and opportunities in the payments industry makes them a reliable resource for businesses navigating issues such as KYC requirements, multi-currency transactions, and cross-border compliance.

said Penny.

Connecting with Sumsub at Seamless Asia informs you about payments industry developments. It offers an opportunity to explore the integration of technology and trust, enabling progress in digital payments.

Ready to learn more? Visit Sumsub at Seamless Asia. The experts can discuss your payments, KYC, and onboarding needs.

—

Link to article: https://fintechnews.sg/84567/regtech/sumsub-showcases-digital-identity-verification-solutions-at-seamless-asia/

Digital Treasures Center Pay has partnered with Chinese-based open-source blockchain PlatON to create a privacy-protected digital infrastructure ensuring Singapore’s commitment to consumer protection & Digital Treasures Center Pay has partnered with Allinpay to create smart terminals & a digital interface, Allinpay is an overseas payment company & based in China and both PlatON & Allinpay along with U.S Publicly Traded Company Coinbase & U.S-based tech company Ripple are registered with the Monetary Authority of Singapore (MAS).

Singapore is looking into the potential of a CBDC which definitely opens a potential door for Soramitsu but the MAS has indicated that at present there is “no urgent use case” for a CBDC & keep in mind that the Bank of Canada has previously stated that they will issue CBDC if retail CBDC becomes widespread the Bakong project CBDC has gained widespread use in Asia, China, the E.U & their member nation Britain definitely are in favor of a retail CBDC as cashless has been crowned king in Europe cash still remains king with merchants & consumers in Canada which I have mentioned a lot in previous posts but at present Canada like Singapore has no urgent use case for a retail CBDC. But Tonghua International the parent company of Allinpay International stated that the partnership of Allinpay International & Digital Treasures Center Pay is a means to assist both online & in-store merchants adopt contemporary payment method trends & meet the needs of the touch-of-a-button young consumers of the microwave culture.

DTCPay previously secured an agreement with the London, UK-based Sumsub as a provider of services for Sumsub’s Know Your Customer (KYC) digital wallet. Additionally DTCPay gained recognition November 2022 as a cryptocurrency & blockchain startup participant in Mastercard’s Start Path a six-month global engagement program designed to help promising global startups scale, enter new markets, access new technologies & access MasterCard’s expertise.

As technology advances rapidly Singapore has emerged as an Asian city state committed to ongoing digital payment innovation & DTCPay has created a global trend which is cryptocurrency integration into financial services such as the in-store experience, even with the contemporary dine-in & take-out quick service restaurant experience.

McDonald’s for instance introduced the concept of kiosk orders & payments where customers can customize their orders electronically on-screen & pay at the kiosk & collect their in-store kiosk order which eliminates point-of-sale orders & counter clerks manually processing payments & now due to minimum wage increase & the cost of labor per hour increase to cut costs some quick service restaurants have gone 100% kiosk order & kiosk payment where counter clerks only hand the order to the customer which streamlines the in-store quick service order & payment process.

Doordash for instance streamlines the take out process if customers desire to place, customize & pay for their orders electronically via an app, track prep & cooking progress, track order delivery progress, receive a notification when the driver has arrived & the customer can simply collect their order at their own doorstep to avoid the hustle & bustle nature of the in-store quick service restaurant experience & then what began in Seattle & even spread from Seattle to London UK is the concept of Amazon Go which streamlined the in-store trend by eliminating physical in-store point-of-sale cash registers, counter clerks & slow-moving long lines at checkout lanes.

The future in-store experience is moving in the route of being fully self-service, eliminating face-to-face human interaction between in-store associates, cashiers & customers as the customer becomes their own own checkout & all it takes is the integration of cryptocurrency as a kiosk payment method in addition to fiat currency & the in-store experience goes to another level of innovation & furthermore DTCPay aims to integrate additional cryptocurrencies in the future along with Tether, Ethereum & BTC.

DTCPay is making a mark in the consumer culture of Singapore that will never be erased & will be a foundation where others build upon with their building blocks of innovation paving the way for technology to integrate cryptocurrency transactions into quick service restaurant kiosks as quick service restaurants, department store shopping & financial transactions ultimately shifts from the physical shopping mall, to the web2 shopping mall & ultimately to the new shopping mall of web3.

Link to article – https://www.publish0x.com/encryptocurrency-blogger/singapores-dtcpay-integrating-crypto-transactions-into-in-st-xrxnmzo

dtcpay, a Singapore-based startup, reportedly entered into a strategic partnership with the open-source blockchain platform, PlatON, and Chinese payment solution provider, Allinpay International to launch a new payment system.

The new payment system is tailored for both cryptocurrencies and traditional fiat currencies. The aim is to establish a privacy-protected digital payment infrastructure.

The collaboration will center around the creation of smart point of sale (POS) terminals, capable of supporting numerous digital currencies including Tether (USDT), Ethereum (ETH) and Bitcoin (BTC).

Previously known as the Digital Treasures Center, dtcpay has made a name for itself offering state-of-the-art digital currency payment services, enabling partners and merchants to accept payments in both traditional and digital currencies.

In addition to the partnership with PlatON and Allinpay International, dtcpay has also formed alliances with the verification platform Sumsub. This collaboration is intended to heighten the security and reliability of digital currency payments in key markets such as Singapore, Hong Kong, Dubai, the UK, and Europe.

In September, the company partnered with another Singapore-based firm, POS technology developer Jeripay, to integrate crypto within Jeripay’s 8000 terminal network.

Link to article – https://bitcoinworld.co.in/dtcpay-partners-with-platon-allinpay-to-launch-crypto-payment-network/

According to reports, dtcpay has partnered strategically with Allinpay International, a Chinese provider of payment solutions, and PlatON, an open-source blockchain platform. The goal is to establish a private digital payment system. The partnership’s primary goal is to create intelligent point-of-sale (POS) terminals that support a variety of virtual currencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

dtcpay, formerly the Digital Treasures Center, has established a reputation for providing cutting-edge digital currency payment systems that let partners and merchants take payments in both traditional and digital currencies.

In addition to working with PlatON and Allinpay International, dtcpay has partnered with the verification platform Sumsub. Enhancing the security and dependability of digital currency transactions in key areas like as Europe, the UK, Singapore, Hong Kong, and Dubai is the aim of this collaboration.

In September, the company partnered with another Singapore-based business, PoS technology developer Jeripay, to integrate cryptocurrencies into Jeripay’s 8000 terminal network.

The collaborations take place in the backdrop of Singapore’s evolving cryptocurrency regulations, which aim to improve consumer safety.

The Monetary Authority of Singapore (MAS), which also grants payment institution licenses to prominent cryptocurrency firms like Ripple and Coinbase, is looking into central bank digital currencies (CBDCs).

A significant component of this evolving environment is initiative Orchid, a retail CBDC research initiative that has completed its pilot phase. Through a series of pilot experiments, the project brings together government agencies and big banks with the goal of creating digital currencies for specific purposes.

Although retail CBDCs have not yet gained widespread acceptability, the project analysis indicates that digital currencies that are not valued in Singapore dollars are becoming more and more popular locally. To keep up with these developments, MAS is looking into the concept of programmable or automated execution of digital currencies appropriate for predefined use cases.

Link to article – https://industrywired.com/dtcpay-to-introduce-seamless-crypto-payment-network/

Dtcpay will allow the exchange of fiat and cryptocurrency and also integrate new cryptocurrencies into its service. The platform provides point-of-sale and online checkout services.

In September, Dtcpay partnered with London-based Sumsub to offer Know Your Customer services for its digital wallet. It also agreed with Singapore POS provider Jeripay to provide crypto payment services on its 8,000-terminal network.

Founded in 2019 as Digital Treasures Center, Dtcpay has been a Mastercard Start Path program participant for crypto and blockchain startups since November 2022. It secured pre-seed funding from the Pontiac Land Group real estate conglomerate in June.

Electronic payment is quite common in Singapore. The country has been recognized for its progressive regulations on cryptocurrency, with a particular emphasis on consumer protection. In October, both Coinbase and Ripple obtained major payment institution licenses from the Monetary Authority of Singapore.

Additionally, Singapore is currently exploring the use of central bank digital currency, although the MAS has noted that it does not currently see an immediate need for a retail CBDC.

Link to this article-

https://www.upyo.com/en/article/singapores-dtcpay-allows-crypto-as-payment-method

Singapore-based dtcpay has announced a collaboration with Singaporean data-sharing platform PlatON and Chinese payments firm Allinpay International, marking the imminent launch of a digital currency payments system.

The trio is set to unveil a cutting-edge digital currency payment system, leveraging smart point of sale (POS) terminals supporting a range of currencies, including USDT, ETH and BTC. The primary goal of this partnership is to broaden the reach of digital payments, providing global users with faster, more cost-efficient and secure payment experiences.

The overarching objective of the collaboration is to empower partners and merchants to seamlessly accept payments in both fiat and digital currencies. By doing so, dtcpay, PlatON and Allinpay International aim to enhance operational efficiency, broaden business outreach and capture the attention of a younger customer base.

Officials emphasize that this venture aligns with dtcpay’s commitment to delivering secure and efficient digital payment solutions while diversifying its service offering.

A spokesperson for Tonghua International, Allinpay International’s parent company, stated:

The collaborative effort capitalizes on the strengths of each entity. dtcpay facilitates swift and secure digital and fiat currency exchange. PlatON contributes advanced privacy computing technology for robust technical infrastructure, while Allinpay International provides smart terminals and online aggregate payment interfaces, eliminating entry barriers relative to Web3 payments.

In addition to driving advancements in digital currency payments, Allinpay International seeks to support merchants in adapting to modern payment trends and meeting the preferences of younger customers. dtcpay’s comprehensive suite of services includes multi-currency swaps, online checkouts and in-store POS solutions, positioning the company as a one-stop solution for merchants embracing the future of payments.

Founded in 2019 in Singapore, dtcpay operates as a regulated payment service provider licensed by the Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS).

The company struck up a similar partnership in September, bringing crypto payments to the POS system of Jeripay, which has a network of 8,000 terminals in Singapore. In an interview earlier this year, the firm’s CEO Kanny Lee outlined that dtcpay had targeted Hong Kong and Dubai as markets in which the company plans to expand.

The collaboration’s momentum was further solidified at the end of September 2023 when dtcpay partnered with Sumsub, a global full-cycle verification platform. This partnership aimed to enhance the security and reliability of digital currency payments in target markets such as Singapore, Hong Kong, Dubai, the UK and Europe. Sumsub integrated its electronic Know Your Customer (e-KYC) service into dtcpay’s wallet platform, streamlining the onboarding process for customers engaging in transactions through the platform.

PlatON is an open financial infrastructure that features verifiable and privacy-preserving computation. It will endeavor to bring financial-level system stability and compliant digital asset management to the collaboration. Allinpay is a global financial payment company focused on providing diverse payment solutions while enhancing digital financial technology services globally.

Link to article –  https://coinness.com/en/news/1223

This announcement comes in conjunction “with Hong Kong Fintech Week, underscoring the significance of this strategic alliance.”

Together, they aim to enhance the digital payment landscape “by jointly developing and launching an innovative digital currency payment system based on smart terminals.”

This new system will “support USDT, ETH, BTC and other mainstream currencies, providing global users with faster, more cost-effective and safer payment experiences.”

The launch of this system will empower our partners and merchants “to accept payments in both fiat and digital currency, significantly enhancing operational efficiency and broadening the reach of their business to include younger consumers.”

dtcpay, a regulated payment service provider, will “facilitate swift, seamless and secure digital currency and fiat currency exchange serviceFitness.”

PlatON, a public digital infrastructure platform, will “leverage advanced privacy computing technology to construct the underlying technical infrastructure.”

Allinpay International, a globally recognized payments provider, will “provide smart terminals and online aggregate payment interfaces to remove the barriers of entry to Web3 payments.”

As a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS), dtcpay prioritizes paramount importance “on security in every transaction.”

The teams are dedicated “to empowering individuals and businesses with seamless and efficient value transfer, all while adhering to the most rigorous regulatory standards.”

Their comprehensive suite of services “includes fast, low-cost and secure multi-currency swaps (fiat-to-crypto and crypto-to-fiat), online checkouts as well as in-store Point-of-Sale (POS) solutions.”

dtcpay will lead the way in “facilitating digital currency and fiat currency exchange services, bridging the gap for individuals and businesses seeking seamless and efficient value transfer.”

PlatON, a digital public infrastructure provider, “will play a crucial role as the technical support partner.”

By leveraging advanced privacy computing and blockchain technology, they will be “able to construct a core underlying infrastructure with unparalleled efficiency, security, and scalability, ensuring a seamless and secure payment experience for both users and merchants.”

Allinpay International will introduce smart terminals and online aggregate payment interfaces to “facilitate seamless integration of traditional and digital payments so users can enjoy a payment experience as convenient as traditional methods.”

Link to this article-

https://www.crowdfundinsider.com/2023/11/215793-singapores-dtcpay-teams-up-with-platon-a-privacy-preserving-digital-public-infrastructure-provider/

Singapore-based dtcpay is set to launch a payment system that integrates fiat and cryptocurrencies for both in-store and online transactions. The company’s announcement specifically mentioned Tether, Ethereum, and Bitcoin as part of its cryptocurrency integration. Dtcpay is collaborating with PlatON, an open-source blockchain platform, to develop privacy-preserving digital infrastructure. Additionally, it is working with Allinpay International, based in China, to create smart terminals and digital interfaces for the payments system. Both dtcpay and Allinpay are significant payment institutions registered with the Monetary Authority of Singapore (MAS).

The partnership aims to enable merchants to better adapt to modern payment trends and meet the evolving needs of young consumers. Dtcpay’s new service will facilitate the exchange of both fiat currencies and cryptocurrencies, with plans to incorporate additional cryptocurrencies over time. The company already provides point-of-sale and online checkout services, and this expansion underscores its commitment to embracing diverse payment methods. Dtcpay had previously partnered with Sumsub in September to offer know-your-customer services for its digital wallet and collaborated with POS provider Jeripay to extend cryptocurrency payment services across a network of 8,000 terminals.

Founded in 2019 as Digital Treasures Center, dtcpay was selected to participate in Mastercard’s Startup Pathways program for cryptocurrency and blockchain startups in November 2022.

Link to article – https://bitkan.com/news/dtcpay-s-bold-move-revolutionizing-retail-crypto-payments-with-chinese-partners-21810

The cryptocurrency sector continues to integrate into our daily lives. In line with this, Singapore-based dtcpay has announced that it will launch a payment system that will use fiat and crypto assets for in-store and online payments. The company mentioned Tether, Ethereum, and Bitcoin in its announcement regarding the payment system.

In the announcement made by the company, it stated that it will establish a partnership with PlatON, an open-source blockchain network for privacy-focused crypto payment system infrastructure, and Allinpay International to create smart terminals and a digital interface. Both PlatON and Allinpay stand out for being China-based. Dtcpay and Allinpay are registered as major payment institutions with the Monetary Authority of Singapore (MAS). A spokesperson for Tonghua International, the parent company of Allinpay, stated the following in the announcement

Dtcpay will conduct fiat and crypto exchanges in the new service that will be offered and incorporate new cryptocurrencies into the system. It already offers point-of-sale and online payment services. In September, dtcpay signed an agreement with Sumsub, a London-based company, to provide Know Your Customer (KYC) services for dtcpay crypto wallet, and reached an agreement with Jeripay, a Singaporean POS provider, to provide crypto payment services on its network with 8,000 terminals.

Established in 2019 and initially known as Digital Treasures Center, dtcpay was selected to participate in Mastercard’s Mastercard Start Path program for crypto and blockchain ventures in November 2022. It also drew attention by receiving support from Pontiac Land Group real estate holding in a pre-seed funding round in June.

Link to this article-

https://en.coin-turk.com/singapore-based-dtcpay-to-launch-payment-system-with-fiat-and-crypto-assets/

In its quest to bolster this initiative, dtcpay has strategically partnered with PlatON, an open-source blockchain platform, to establish a privacy-protected digital infrastructure. Concurrently, the company has joined forces with Allinpay International, a China-based entity, to develop smart terminals and a digital interface, marking a collaborative effort in technological advancement. Notably, both PlatON and Allinpay hold registrations with the Monetary Authority of Singapore (MAS) as major payment institutions, emphasizing the commitment to regulatory compliance by dtcpay and its partners.

Allinpay International’s parent company, Tonghua International, expressed the collaborative venture as a means to assist merchants in adapting to modern payment trends, thereby meeting the dynamic needs of younger consumers. Dtcpay’s forthcoming payment service aims to facilitate seamless exchanges between fiat and cryptocurrencies, with plans to incorporate additional cryptocurrencies in the future. The company is no stranger to enhancing its offerings, having previously solidified agreements with London-based Sumsub in September to provide Know Your Customer (KYC) services for its digital wallet.

Link to article – https://www.cryptopolitan.com/singapore-dtcpay-crypto-payment-service/