Sumsub has made its Local Data Processing (LDP) capabilities available in the Asia-Pacific (APAC) region, specifically in Singapore, Hong Kong, Indonesia, and the Philippines.
The launch of this data privacy product for regional compliance in the Asia Pacific follows the successful launch in the Middle East and Africa (MEA) in June.
Sumsub has further solidified its presence in the region by partnering with Nexus Technology in the Philippines, as well as PT Ogya Tekno Nusantara and PT Secure Pasifik Teknologi in Indonesia.
“Unwavering commitment to data privacy and regional compliance across APAC”
Vyacheslav Zholudev, Co-founder and CTO of Sumsub, said: “This launch showcases our unwavering commitment to data privacy and regional compliance across APAC, as we continue our global expansion. With the dynamic growth of digital businesses throughout APAC, we believe it is crucial to support regional companies throughout their compliance processes. LDP offers a secure and user-friendly experience for businesses seeking compliant verification and fraud prevention solutions.”
Sumsub has highlighted the evolving data privacy landscape in APAC as economies grow and digital transformation accelerates. Singapore and Hong Kong have introduced stringent local data processing requirements, mirroring regulations such as the European Union General Data Protection Regulation (EU GDPR). Indonesia and the Philippines are also advancing their regulatory frameworks. At the same time, 81% of APAC end-users believe that the loss of privacy is inevitable due to technological advancements, according to a study by Ipsos.
Sumsub’s Local Data Processing (LDP) helps firms overcome data storage and compliance challenges as technology developments and data privacy becomes more complex. Regulated companies will be able to leverage the LDP solution to store and process personal data domestically in compliance with regulations, protecting themselves and end-users.
Sumsub features a full suite of verification, anti-fraud, and compliance products, including AML (anti-money laundering) screening, KYC (Know-Your-Customer), and KYB (Know-Your-Business) processes, as well as ongoing Transaction Monitoring and Fraud Prevention capabilities.
The key benefits of using the LDP infrastructure include:
● Regional Compliance: LDP simplifies compliance with local data privacy regulations across APAC, such as Singapore’s requirement for vendors to store and process data locally.
● Seamless User Experience: Automatic domain redirection eliminates the need for manual navigation, ensuring data is stored and processed locally, regardless of the company’s headquarters.
● Centralised Access: Firms can access all their applicant-related analytics, statistics, and billing information from any region.
● Global Reach: LDP instils confidence to expand business operations to new markets in full compliance.
Fraud network activities in APAC is significantly higher
Sumsub recently enhanced its Fraud Prevention Solution to help combat the growing threat of fraud networks in the Asia-Pacific (APAC) region. Targeting a broad spectrum of fraud-related issues, including account takeovers, chargeback fraud, and bot attacks, among others, the upgraded anti-fraud solution now includes Fraud Network Detection to prevent serial fraud.
Fraud networks, or fraud rings, consist of individuals collaborating on various digital platforms to engage in activities such as multi-accounting, money laundering, and personal data breaches. Sumsub’s research indicates that about 1% of digital platform users worldwide were affected by fraud ring activities in 2023, highlighting the critical need for robust fraud prevention measures.
The incidence of fraud network activities in APAC is significantly higher than in other regions, with Asia experiencing an average fraud network incident rate of 2.6%. Countries like Bangladesh, Thailand, Vietnam, and Indonesia show particularly high rates, underscoring the widespread nature of the problem across both developed and developing markets in the region.
Sumsub’s upgraded Fraud Prevention Solution leverages advanced anti-fraud technologies and a unique database containing information on two million fraudsters. This comprehensive approach enables businesses to detect and track fraud rings more effectively. The solution incorporates Detect & Act capabilities, action alerts for automated additional checks, and a multi-layered fraud prevention strategy that includes Identity Verification, Behavioral Intelligence, and AI-based Event Monitoring.
This advanced Fraud Prevention Solution is designed to protect businesses across various sectors, including fintech, e-commerce, and iGaming, helping them to build user and regulatory trust by going beyond traditional anti-fraud and KYC methods.
