Media Feature

Singapore-based e-payments firm dtcpay introduces new customer verification feature

As featured on The Straits Times, 22 Sep 2023

22 Sep 2023 2 mins Read


As featured on The Straits Times, 22 Sep 2023

Singapore-based e-payments firm dtcpay introduces new customer verification feature

SINGAPORE – Singapore-based digital payments firm dtcpay has tied up with a verification platform to make it easier to screen new users.


The verification platform called Sumsub, which is headquartered in London and is in the midst of setting up its regional headquarters in Singapore, will integrate its electronic know-your-customer (KYC) feature into dtcpay’s e-wallet.


Such controls typically allow firms to verify identities and profile their customers to assess the potential money laundering and terrorism financing risks, among other things.


With the integration, when dtcpay needs to screen a new user, it will use Sumsub to conduct the checks, with the results available in less than a minute.


The latest move is meant to simplify and smoothen the onboarding process for new dtcpay users who transact with businesses and merchants using the e-wallet, said the payments company.


It added that the integration of the verification platform with the e-wallet is already in place, although additional features like name screening are still pending.


Ms Alice Liu, chief executive of dtcpay, said: “We are in the process of adding supplementary features to our onboarding system and this is broken down into four stages. We are aiming to complete the whole electronic KYC onboarding system in November.”


Set up in 2019, dtcpay deals mainly with cryptocurrency payments but is working to offer more mainstream digital payment options such as Alipay, WeChat Pay and PayPal.


It received the major payment institution licence from the Monetary Authority of Singapore in August 2022. 


Under the terms of the licence, firms have to do customer due diligence, which the KYC requirement falls under.


More businesses in the region, especially those in the under-banked and unbanked segments, are turning to payment service providers for their business operations, said Ms Penny Chai, vice-president of business development for the Asia-Pacific at Sumsub.


The trend makes it more vital for these payment service providers to be secure and regulation-compliant, she said.


Sumsub, which was founded in 2015, counts crypto exchanges, payment providers and non-crypto digital banks as its clients, including Chinese transportation platform Didi, Ms Chai added.