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


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.”


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,”


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,”


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.