Tag: fintech

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。

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？

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。

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。

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。

如今，dtcpay也已取得阶段性的胜利，马上就能自负盈亏了。

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。

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？

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？

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。

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.

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

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Link to video:

https://www.channelnewsasia.com/watch/more-businesses-accepting-crypto-payment-method-video-4017921

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

At the recent Singapore FinTech Festival (SFF 2023), the “digital currency payment system based on smart terminals” jointly launched by Allinpay International, dtcpay, and PlatON officially debuted, providing merchants with a new offline digital currency payment service. The industries that have started pilot cooperation include retail, catering, beauty, cinema, hospital, cake shop, pet shop, car sales, etc. This innovative payment system is a joint creation of three leading enterprises in the digital finance field, combining the advantages of smart terminals, digital currency wallets, and blockchain technology, to provide a seamless and convenient payment experience for merchants and customers. Various mainstream digital currencies are supported for payment. This payment system aims to promote the popularization and innovation of digital currency payment in Singapore and the world, and provide a user-friendly and compliant solution for online and offline merchants, bringing benefits such as reducing transaction fees, increasing customer base, and enhancing brand image.

Allinpay International is an international financial payment company, committed to providing diversified payment solutions and digital financial technology services for global merchants and customers. The company’s business covers aggregate payment, global account, international remittance, currency exchange and so on. The company focuses on building a business system with payment + account products as the core, financial services + technology scenario output as the auxiliary, and providing payment + exchange services for digital currency scenarios with the help of the qualifications of cooperative licensed institutions.

dtcpay is a major payment institution licensed by the Monetary Authority of Singapore (MAS) and fully regulated to provide digital payment services under the Payment Services Act (PSA), providing digital currency and fiat currency exchange services, helping individuals and businesses to seamlessly and efficiently transfer value.

PlatON is an open financial infrastructure with privacy computing as its technical feature, initiated and promoted by LatticeX Foundation, committed to becoming the main blockchain platform for the Web3 era, providing financial-level system stability and performance, privacy computing-enhanced compliant digital asset management, multi-scenario-oriented secret payment clearing solutions, and smooth and friendly user experience for various types of Web3 native applications, as well as applications and users migrating from Web2 to Web3.

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Link to article:

https://foresightnews.pro/article/detail/47826