Industry Insights

dtcpay’s CSO, Anson Zeall Joins FATF Private Sector Consultative Forum 2024

Anson Zeall, dtcpay’s CSO & Head of Compliance, shares the key outcomes of FATF’s Private Sector Consultative Forum 2024 and what it means for VASPs moving forward.

9 Apr 2024 3 mins Read

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Anson Zeall, dtcpay’s CSO & Head of Compliance, shares the key outcomes of FATF’s Private Sector Consultative Forum 2024 and what it means for VASPs moving forward.


Introduction

This April, Anson Zeall, our Chief Strategy Officer (CSO) & Head of Compliance, was invited to represent Singapore at the annual FATF Private Consultative Forum, alongside industry key players, DBS, Nium, and Crypto.com.

 

This year’s forum marks a significant turning point in the dialogue surrounding Recommendation 16 and Virtual Asset Service Provider (VASP) regulation. The forum also featured a panel on Central Bank Digital Currencies (CBDCs), marking the first time the private sector was invited to discuss associated risks.

In this blog, we explore the key outcomes and their impact on regulated payment providers like dtcpay.

Evolution of Recommendation 16

Since its introduction, Recommendation 16, also known as the “Travel Rule,” has posed significant challenges for VASPs. Mandating the exchange of customer information among VASPs, it has fundamentally altered the trustless nature of blockchain technology.

 

However, the 2024 forum reflected a notable evolution in the dialogue surrounding Recommendation 16. FATF’s receptiveness to reevaluate its impacts on VASPs and non-bank payment service providers signifies a progressive approach towards regulatory adaptation.

 

This acknowledgment underscores the importance of compliance without compromising financial inclusion, resonating across diverse regulatory landscapes.

Panel on Central Bank Digital Currencies (CBDCs)

Backing his assertions with data-driven insights, Zeall navigated through the burgeoning landscape of cryptocurrency payment apps. He highlighted the exponential growth trajectory, fueled by the widespread adoption of Bitcoin and its integration into commercial operations. Projections painted a vivid picture of a market poised for a remarkable compound annual growth rate (CAGR) of 17.23% by 2030. Notably, Zeall spotlighted the substantial progress, with 312 major brands already embracing crypto payments, signaling a palpable momentum towards mainstream acceptance.

 

A highlight of the forum was the panel discussion on Central Bank Digital Currencies (CBDCs), where, for the first time, the private sector was invited to explore associated risks. This inclusion underscores FATF’s commitment to inclusive dialogue and proactive risk assessment.

 

President T Raja Kumar’s closing remarks, emphasizing collaborative adaptation and vigilance, served as a rallying call for industry-wide cooperation in combating financial crimes.

“law enforcement moves at the speed of law, criminals move at the speed of money,”

FATF President T Raja Kumar

Conclusion

Reflecting on the forum and recognizing the significance of feedback in shaping regulatory frameworks, International Digital Asset Exchange Association (IDAXA), led by Anson, announced plans to host a consultation session for VASPs and member associations.

 

This initiative aims to solicit valuable insights directly from stakeholders, contributing to a more effective, inclusive, and adaptive regulatory environment.

 

As a regulated payments provider, dtcpay is committed to actively participating in this crucial session, ensuring our perspectives are heard and considered in shaping the future of VASP regulation.

 

About dtcpay

dtcpay is a regulated payment service provider that offers reliable solutions for merchants to grow their revenues with higher acceptance rates for Fiat and cryptocurrency transactions. Our clients’ customers benefit from frictionless payment experiences whether they are using our award-winning POS+ terminal in-store or using our online checkout.

 

Founded in 2019 in Singapore, dtcpay is a licensed Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS) and offers Digital Payment Token (DPT) services.

 

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Industry Insights

Navigating the Future of Cryptocurrency Payments at Web3 Festival

dtcpay’s CSO Anson Zeall dives into the future of crypto payments at the Hong Kong Web3 Festival. Explore opportunities, challenges, and collaborative endeavors shaping the ever-evolving landscape.

8 Apr 2024 2 mins Read

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dtcpay’s CSO Anson Zeall dives into the future of crypto payments at the Hong Kong Web3 Festival. Explore opportunities, challenges, and collaborative endeavors shaping the ever-evolving landscape.


Introduction

The intersection of cryptocurrency and traditional finance is a realm brimming with opportunities and challenges. Anson Zeall, the Chief Strategy Officer and Head of Compliance at dtcpay, recently shared invaluable insights into this dynamic landscape during the ‘Web3 Payment Re-imagined’ session at the Hong Kong Web3 Festival.

Growing Need for Cryptocurrency Payments

Commencing his discourse, Zeall shed light on the growing demand for cryptocurrency payments and the ecosystem fostering their expansion. He outlined the benefits for businesses embracing cryptocurrency and stablecoin transactions, signaling a transformative shift in financial paradigms.

Outlook on Crypto Payments

Backing his assertions with data-driven insights, Zeall navigated through the burgeoning landscape of cryptocurrency payment apps. He highlighted the exponential growth trajectory, fueled by the widespread adoption of Bitcoin and its integration into commercial operations. Projections painted a vivid picture of a market poised for a remarkable compound annual growth rate (CAGR) of 17.23% by 2030. Notably, Zeall spotlighted the substantial progress, with 312 major brands already embracing crypto payments, signaling a palpable momentum towards mainstream acceptance.

Challenges and Opportunities in Crypto Payments

Yet, amid this optimism, Zeall underscored the imperative of proactive regulatory frameworks. He emphasized the critical need for effective payment regulations, advocating for a nuanced comprehension of the Commonwealth Model Law. Acknowledging the inherent challenges of pioneering technology adoption, Zeall called for collaborative efforts to navigate the regulatory landscape, thus facilitating sustainable growth and broader adoption of crypto payments.

Innovation and Regulation in Crypto Payments

In a bid to foster synergy and innovation, Zeall extended an invitation to cultivate global partnerships between private and public sectors. Recognizing the relationship between regulatory clarity and technological advancement, he underscored the importance of a harmonious convergence between innovation and compliance. Through nurturing partnerships across diverse stakeholders, Zeall envisioned a future where crypto payments flourish within a conducive regulatory environment.

 

Wrapping up his address, Zeall summarized the essence of the Web3 Festival—a hub of innovation, collaboration, and the pursuit of decentralized technologies. Encouraging attendees to engage fully, he highlighted the significance of collective action in shaping the future of crypto payments.

Conclusion

In conclusion, Anson Zeall’s presentation at the Web3 Festival provided a profound insight into the evolving landscape of crypto payments. With a blend of optimism, pragmatism, and a call to action, Zeall navigated through the complexities of innovation and regulation, illuminating a path forward for stakeholders.

 

As the world embraces the transformative potential of blockchain technology, we invite you to join us on this journey toward mainstream adoption of crypto payments, propelled by collaboration, innovation, and a commitment to regulatory clarity.

 

About dtcpay

dtcpay is a regulated payment service provider that offers reliable solutions for merchants to grow their revenues with higher acceptance rates for Fiat and cryptocurrency transactions. Our clients’ customers benefit from frictionless payment experiences whether they are using our award-winning POS+ terminal in-store or using our online checkout.

 

Founded in 2019 in Singapore, dtcpay is a licensed Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS) and offers Digital Payment Token (DPT) services.

 

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Media Feature

Feasibility of Businesses Accepting Crypto

As featured on Channel NewsAsia, 28 Mar 2024

4 Apr 2024 < 1 mins Read

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As featured on Channel NewsAsia, 28 Mar 2024


Feasibility of Businesses Accepting Crypto

Anson Zeall, CSO and Head of Compliance at dtcpay, and Interim Chair at ACCESS shares how businesses can benefit from adopting cryptocurrency payments.

Media Feature

dtcpay CEO Liu Jia Dreams Of Integrating All Payment Methods Into One

Discover how Alice Liu, CEO of dtcpay, aims to revolutionize payment methods by integrating credit cards, Alipay, WeChat, and cryptocurrencies onto a single platform. Learn about the challenges Alice faced as an entrepreneur, her compliance-first focus, and her optimistic outlook on life.

19 Mar 2024 < 1 mins Read

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来到狮城,狮子座的她做起“全合一打捞”。


Photography CHER HIM
Art Direction ANG POH LEE
Text 赵璐
妆发 LENY FU

Introduction

她的精彩故事,要从与新加坡的缘份说起。她笑说自己是狮子座,与狮城缘定今生,感觉很奇妙。2019年,刘佳Liu Jia毅然辞去香港民生银行董事总经理的职务,想放个假,重新修整再出发,于是报读了新加坡国立大学高级工商管理硕士研究生EMBA学位。

 

就读期间,她结识了来自区块链、加密货币、金融支付等各领域的精英翘楚,除了听老师讲课,也与同学们沟通交流,弥补自己的知识盲点。 从一位做区块链与数字货币的同学那里了解新加坡支付服务法案(简称PSA法案),得知要求提供DPT(数字支付令牌)的服务商须向新加坡金融管理局申请执照。 她也逐渐感受到新加坡政府对金融科技的支持,对加密货币和区块链开放包容的态度,以及新科技与新兴产业的巨大潜能。 于是,她抱着“初生牛犊不怕虎”的心态,和同学一起申请。 这一申请,就等了两年多。等待期间,处于豁免期,同样可以展开业务。

大胆试水

就读国大的第一年,刘佳与一帮志同道合的朋友创办 了dtcpay支付公司,担任CEO首席执行官。 如今,公司已经发展成为MAS(新加坡金融管理局)授权的主要支付机构,提供DPT服务,也几乎涵盖了MAS旗下的所有支付活动。 深奥的专业术语,对门外汉来说简直是云里雾里。她想要做的,是否类似支付宝?

“不完全一样,支付宝是我们的合作伙伴。我和合伙人去餐厅吃饭时发现,一个餐厅需要多个POS刷卡机来收款,那时我们就有一个将信用卡、支付宝、微信甚至是加密货币支付等多种支付方式,整合在一台机器上的all-in-one(全合一)梦想。这并非易事,我们朝着梦想方向努力着。 我也在想,为什么传统支付方式不能用区块链技术来做?去中心化的区块链完全有迹可循,实时到账,效率非常高,用科技手段就能让支付更加便捷。简言之,dtcpay就是Web2与Web3之间的支付桥梁 。 这也是她创办dtcpay的初衷。 2022年,dtcpay正式获准提供DPT服务,也是新加坡第五家获得此服务许可的公司之一(迄今有17家公司获此许可)。 从2019年开始申请至2022年,苦等了两年十个月终于获批, 刘佳笑言“孩子都能生出来了”。

提交申请,所需要的资料繁琐异常。MAS对申请人背景身份的调查与认证等等,个中滋味三言两语道不尽。虽说是尚未成熟的新兴产业,还是有很多公司参与到分蛋糕的行列。

“起初有五百多家一起申请,我们这个圈子不具排他性,都是良性竞争。比如哪家公司获得许可后,我们都会互发贺电。越多的公司加入,就会促进整个行业的发展。 我相信,良性的竞争会加速科技发展,也希望我们能杜绝利用此行业作恶的现象,同心协力为区块链产业洗白。”

克服难关

针对区块链与数字货币支付等知识,刘佳侃侃而谈, 我却听得一头雾水。 她笑说做这行最大的挑战就是认知率,特别是2019年dtcpay创办初期,懂得的人凤毛麟角。当时与四大国际会计师事务所之一的PwC普华永道合作,还被当做成功范例。

 

除了公众认知,法律法规其实尚未健全,也是让人头疼的问题。没有先例可以借鉴、照搬,只能先参照传统金融行业的最高级认证,之后在新领域研发、摸索。另一个最难过的坎儿就是找员工。

“团队太重要了!都说管理就是管人,我的目标之一就是将有能力的人聚到一起开心工作。但是,要找到对的人来做对的事,真的很难。”

处于初创期的科技公司,都要靠烧钱来支撑。起初是她与合伙人出资来支撑公司的运作,后来也有人抛出橄榄枝,想购买他们的牌照许可,但都被她婉拒。

“好不容易拿到入场券(牌照)可以合规经营,哪能那么容易就放弃?再难也要咬牙坚持下去。”

如今,dtcpay也已取得阶段性的胜利,马上就能自负盈亏了。

最是严格

合规经营,是刘佳的目标之一。所有跟dtcpay申请开户的客户,都要经过严格审查(比如弄清楚他们的资金来源及用途目的),也因此被誉为新加坡反洗钱、反恐融资最严格的科技公司。 对于新加坡市场的发展前景,幽默的刘佳引用中国热门电视剧《狂飙》里一句经典台词:风浪越大鱼越贵。 当一门新兴产业处于野蛮生长的阶段,或者省掉合规成本, 自然会赚大钱。但“君子爱财取之有道”,刘佳会坚持初心,与对的人一起做对的事。

 

刚成立时,团队只有五个人,现在已经扩大至三十多人,也已在香港、缅甸与菲律宾设立办事处。 拿到新加坡牌照后,接下来她打算申请香港、迪拜乃至欧洲的支付令牌,让dtcpay的足迹遍布全世界。

传递大爱

狮子座热情豪爽、有爱心的特质,在刘佳身上展现得淋漓尽致。 没来新加坡之前,她就一直热衷于慈善事业。定居狮城后她仍继续投身慈善,除了身体力行向慈善机构献爱心,她还是新加坡九龙会慈善组的组长,定期举办慈善活动,也得到外交部兼国家发展部高级政务部长沈颖的大力支持。去年她参与“万岁慈善斋宴”,邀请五百余位乐龄人士和宾客欢聚一堂享用斋宴、欣赏娱乐节目,为佛教慈济慈善事业基金会(新加坡)筹得25万元。

 

博爱之人必定也是好老板,她说她最大的优势是同理心、设身处地为别人着想。是否担心自己的善良被人利用?

“有时我不够果断,这方面我必须改善。如果有人影响公司的发展,或者以权谋私来做恶,我就要坚决制止。”

这么忙,哪有时间结婚生子?她笑说小学老师也曾发信息责问她,为何不回家探亲?不结婚生子?

她的回答是: “我也有爱,是大爱。自己的小爱要排在后面。现在的我每天忙忙碌碌,内心非常富足。”

其实她非常喜欢小孩子,最初的梦想是做幼儿园老师。何不自己开一间幼儿园?她笑说那可不行,一旦开展幼教事业,她必须全心全意去照顾小朋友,那样会变得更忙。 遇到烦心事,乐观的她盖上被子睡一觉就好了。

“烦恼是什么?就是欲望不得、无能的表现形式。真有能力解决问题,就不会有烦恼。真的无法解决,就改变自己的心态啊!那比改变别人容易太多了。”

Announcement

ACCESS Appoints New Interim Chairperson

Exciting news! Anson from dtcpay has been appointed as ACCESS’s interim Chairperson, marking a pivotal moment in the evolution of crypto innovation.

12 Mar 2024 3 mins Read

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Anson Zeall, dtcpay’s Chief Strategy Officer and Head of Compliance, has been appointed as ACCESS’s interim Chairperson!


Introduction

In a significant stride for the crypto and blockchain ecosystem, Anson Zeall, our Chief Strategy Officer and Head of Compliance, and Co-Founder of ACCESS (Association of Cryptocurrency and Blockchain Enterprises and Start-ups Singapore), has been reappointed as the interim Chairperson. This pivotal move marks a new chapter in the association’s journey, with Anson at the forefront, leading the charge.

Background: Anson’s Pioneering Role and Reappointment

Anson’s illustrious history with ACCESS and his pivotal role in pioneering the local blockchain industry make him the ideal candidate for the interim Chairperson position. Having co-founded two influential blockchain associations, including IDAXA (International Digital Asset Exchange Association) with Ron Tucker, former Chair of Blockchain Australia, Anson has been instrumental in shaping the landscape locally and globally.

His reappointment comes at a critical juncture as the industry rapidly evolves. Anson’s experience and connections uniquely position him to navigate the complexities of the crypto and blockchain space, ensuring ACCESS remains at the forefront of industry developments.

Change-Making at ACCESS: A Legacy of Innovation

Anson’s influence at ACCESS extends beyond titles. He was a key driver in developing the Code of Practice, a critical AML/KYC guide offering guidance to industry stakeholders.
Initiatives like the establishment of CATF (the Compliance Action Task Force), a subcommittee of ACCESS, underscores Anson’s commitment to sharing best practices among Digital Payment Token (DPT) licensees in Singapore, facilitating collaboration and setting a benchmark for compliance within the industry.

Pioneering Industry Standards Locally and Globally

Anson’s collaborative efforts with FATF (the Financial Action Task Force) to advance Recommendation 16, also known as the Travel Rule, demonstrate his dedication to shaping global regulations.

By setting up IDAXA (which board comprises chairpersons of different crypto trade associations around the world), Anson has not only put Singapore on the map but has elevated the nation’s status as a key player in the international blockchain community.

ACCESS’s Role in Singapore’s Crypto & Blockchain Scene

As the first association to provide consultation responses to the Monetary Authority of Singapore (MAS), Singapore Police Force (SPF), and the Association of Banks (ABS), ACCESS played a pivotal role in establishing the foundation for a regulated and respected crypto industry in Singapore.

Today, ACCESS continues to be the oldest and most respected association, representing the independent voice for Web3 and crypto companies in Singapore.

Looking Ahead: What Anson’s Appointment Means for ACCESS

With Anson at the helm, ACCESS is set to embark on a new era of growth and innovation. His role as the interim Chairperson comes at a critical juncture, where the industry is experiencing unprecedented expansion. Anson’s vision includes realigning ACCESS’s mission and providing enhanced support to Web3 and crypto companies, fostering an environment conducive to groundbreaking innovations.

Anson’s track record and commitment to industry advancement signal exciting developments on the horizon. ACCESS, under his leadership, aims to empower and propel Web3 and crypto companies to new heights, contributing to the evolution of the broader blockchain ecosystem.

Conclusion

Anson’s reappointment as the interim Chairperson of ACCESS signifies a strategic move to steer the association toward greater heights in an era of transformative change. As the crypto and blockchain industry continues to evolve, ACCESS, with Anson at the helm, stands poised to be a guiding force, shaping the future of Web3 and crypto enterprises in Singapore and beyond. Stay tuned for updates on the exciting journey ahead!

Media Feature

Sumsub to Showcase Digital Identity Verification Solutions at Seamless Asia

As featured on Fintech Singapore, 19 Feb 2024

19 Feb 2024 6 mins Read

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As featured on Fintech Singapore, 19 Feb 2024


Sumsub to Showcase Digital Identity Verification Solutions at Seamless Asia

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.

Moving fast without compromising compliance

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.

“Before integrating Sumsub, we faced challenges conducting manual verification, hindering efficiency and user experience,”

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.

Why Sumsub?

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,

“As we venture into diverse markets, Sumsub’s compliance assurance with verification standards across varying regulatory landscapes is instrumental in supporting our company’s expansion.”

Keian Wong

Head of Swap Product at dtcpay

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.

“Our exceptional OCR accuracy for handwritten texts and rare languages is essential for dtcpay’s global expansion. The platform’s customisation capabilities, supporting 96 languages, enhance the user experience by adding a layer of familiarity, significantly reducing onboarding times.”

Penny Chai

Sumsub’s Vice President of Business Development for the Asia-Pacific region

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.

A swift and seamless transition

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,

“Integrating Sumsub’s solution has significantly improved our operations. Our onboarding process is now simpler and faster, improving efficiency for the team and the user experience for our customers.”

Anson Zeall

Head of Compliance at dtcpay

Keian Wong further highlighted the impact:

“The implementation of Sumsub enables us to automatically identify forged or altered documents post-submission, enhancing the verification workflow and optimising overall efficiency.”

Keian

Head of Swap Product at dtcpay

Sumsub’s comprehensive suite of verification solutions

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.

“As regulators made the travel rule a compliance requirement, the world is fast evolving to adopt the travel rule. Sumsub recently launched our travel rule compliance solution in March 2023. This solution supports virtual asset businesses in adhering to the necessary KYC checks, AML, and verification regulations across countries, by connecting to over 500 VASPs in our global client ecosystem,”

Penny

Sumsub’s Vice President of Business Development for the Asia-Pacific region

Meet Sumsub at Seamless Asia

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.

“Our KYC solution streamlines onboarding, verifying identities in under 30 seconds. We revolutionise PoA verification by processing thousands of document subtypes – from utility bills to lease agreements. Our technology in behavioural fraud analytics sets us apart in fraud detection. Trusted by major players like TransferGo, Wirex, and more, our platform’s efficiency and reliability are evident in our customer success stories,”

Penny

Sumsub’s Vice President of Business Development for the Asia-Pacific region

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.

Media Feature

Singapore’s dtcpay Integrating Crypto Transaction into In-store Checkouts & Shaping the In-store Experience

As featured on Publish0x, 12 Dec 2023

12 Dec 2023 4 mins Read

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As featured on Publish0x, 12 Dec 2023


Before the advent of web 2 e-commerce, virtual marketplaces, electronic payment & home delivery which is the norm today the closest thing for convenience was Hudson Bay Company’s 1881 mail order catalogue, at a time when department stores were located in urban areas to reach potential customers in remote rural locations the only way to do so was by mail order catalogues. Then came checkout lanes, cashiers, cash registers and cash transactions which evolved into the addition of credit & debit card transactions at the in-store cash register & due to minimum wage increase & the increased hourly cost of labor came self-service checkouts at grocery stores. But today in the Asian city-state of Singapore which has become a hub for electronic payment & where electronic payment is commonplace, Digital Treasures Center Pay (DTCPay) has set the stage for an additional new form of electronic online & in-store payment by integrating fiat currency & cryptocurrency making physical in-store checkout cryptocurrency transactions & online virtual checkout cryptocurrency transactions the new reality set to shape in-store & online financial transactions with the launch of a payment system giving consumers the option to pay for goods with both fiat currency or cryptocurrencies Tether, Ethereum & BTC at a physical in-store checkout or online at a virtual checkout.

Digital Treasures Center Partnerships

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.

Digital Treasures Pay Track Record

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.

The Future In-Store Experience

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.