Tag: payments

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/

Singapore-based payments service provider dtcpay has promoted its Head of Compliance Anson Zeall as the new Chief Strategy Officer (CSO).

During his tenure as Head of Compliance, Zeall played a pivotal role in guiding dtcpay through the complex regulatory environment of the blockchain and cryptocurrency sectors.

The firm said that Zeall’s promotion reflects both recognition of his past contributions and a strategic decision to enhance the company’s focus on strategy and compliance.

Zeall is also known for his entrepreneurial initiatives, having co-founded IDAXA (International Digital Asset Exchange Association) and ACCESS (Singapore Cryptocurrency and Blockchain Industry Association).

Founded in 2019 in Singapore, dtcpay is a regulated payment service provider in the Web 3.0 payments industry.

dtcpay said in a statement,

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Link to article: https://fintechnews.sg/82729/digitalassets/anson-zeall-promoted-to-chief-strategy-officer-at-dtcpay/

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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

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/

Singapore-based startup Dtcpay is set to launch a new payment system tailored for both cryptocurrencies and traditional fiat currencies. 

Dtcpay reportedly entered into a strategic partnership with the open-source blockchain platform, PlatON, and Chinese payment solution provider, Allinpay International. 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.

The collaborations come against a backdrop of continually evolving crypto regulations aimed at offering enhanced consumer protection in Singapore. 

Major crypto firms such as Coinbase and Ripple are already licensed payment institutions by the Monetary Authority of Singapore (MAS), which is also exploring the potential of central bank digital currencies (CBDCs).

As a key component of this evolving landscape, Project Orchid, a retail CBDC research project, has completed its first phase. The project aims to create digital currencies for specific purposes, bringing together major banks and government agencies in a series of pilot trials. 

Even though retail CBDCs are yet to become mainstream, the project’s report indicates that digital currencies not denoted in Singaporean dollars are gaining local traction. 

To keep up with these developments, MAS is exploring the concept of programmable or automated execution of digital currencies tailored to predefined use cases.

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Link to article:

Dtcpay inks partnership to launch crypto payment network