Sumsub Showcases Next-Gen Verification Solutions at HK Fintech Week

Sumsub Showcases Next-Gen Verification Solutions at HK Fintech Week

by October 26, 2023

The world of fintech is abuzz, and as Hong Kong gets ready to host the much-anticipated HK Fintech Week, Sumsub is all geared up to make a significant appearance.

This gathering, which draws together the most innovative minds in the fintech and crypto industries, presents an opportune moment for Sumsub to interact with industry players, compliance officers, and prospective clients.

Introducing Sumsub

Sumsub started off as a KYC vendor in 2015, and it has witnessed a transformative journey. From its early days focusing on onboarding, it has expanded its horizons by adding natural transaction monitoring and compliance monitoring/reporting capabilities.

Today, Sumsub stands proud as a full-cycle verification platform, ensuring security throughout the user lifecycle. From rapid user and business verification to fraud prevention and adept case management, Sumsub has it all covered.

A noteworthy innovation is Sumsub’s dashboard, a first among major competitors, which now boasts traditional and simplified Chinese support. It’s not just a feature; it’s a strategic move, especially when considering the importance of the Hong Kong and broader Chinese markets.

Sumsub Traditional Chinese Dashboard

Sumsub is the first to implement a dashboard in traditional and simplified Chinese language.

Safeguarding digital futures in the Asia Pacific

The Asia-Pacific region, with its diverse cultures, languages, and regulatory requirements, presents a unique challenge for businesses. Every country has its own set of rules, and navigating this maze can be daunting.

However, Sumsub’s mission cuts through this complexity. By providing tools and solutions that are accessible, inclusive, and, most importantly, compliant with regional regulations, Sumsub is paving the way for a safer digital future in APAC.

Sumsub’s objective is not limited to creating sophisticated technological solutions. Their goal encompasses empowering businesses to combat the increasing threats that lurk in the digital realm.

Penny Chai, VP of Business Development, APAC, Sumsub

Penny Chai, VP of Business Development, APAC, Sumsub

When we consider that 70 percent of fraud happens post the initial onboarding phase, the significance of Sumsub’s full-cycle approach becomes even more apparent. By consolidating compliance processes and creating a secure environment across diverse Asian markets, they’re ensuring businesses can confidently chart their growth trajectories.

“Understanding the ever-evolving landscape of digital verification in the APAC region is crucial. As we move forward, it’s not just about identifying who’s on the other end but ensuring a holistic approach that addresses challenges at every stage of the user journey. The future is about seamless, efficient, and trustworthy verification processes,” said Penny Chai, VP of Business Development, APAC.

 

What makes Sumsub stand out

Sumsub Gartner Market Guide

Recognition in the industry is a testament to commitment and quality. Sumsub’s inclusion in the 2023 Gartner Market Guide for Identity Verification speaks volumes. Amidst a sea of verification providers, selecting the right one is daunting.

The Gartner Market Guide, curated by expert researchers and advisors, sheds light on emerging market trends, making the choice easier for businesses.

Furthermore, Sumsub’s evolving platform offers user verification and extends to legal entity verification, Transaction Monitoring, and Fraud Prevention solutions.

With AI and machine learning at its core, Sumsub’s products are primed for the future. The recent introduction of the advanced Deepfake Detector, incorporated into its Liveness solution, underlines the company’s dedication to counteracting sophisticated fraud threats.

The Sumsub Suite

Sumsub’s comprehensive suite of services is built on AI-powered algorithms, making verification swift and efficient. Their KYC service ensures businesses can seamlessly verify users worldwide using various methods- ID, biometric, document verification, or liveness detection.

It further supports AML screening, checking users against global sanctions and watchlists. With the ability to cater to different industries, from fintech to online gaming, it’s a versatile platform that adapts to evolving business needs.

Similarly, Sumsub’s ID verification ensures businesses can rely on advanced methods to ascertain user identities. Coupled with AML screening, it offers a comprehensive solution that supports an astounding range of 14,000+ document types spanning 220+ countries.

And it’s not just about verification. With Sumsub’s biometric verification, businesses can quickly onboard clients, leveraging AI-powered facial recognition technology.

From simple liveness checks to video fragments that require users to vocalise a random phrase, Sumsub is changing how businesses perceive verification.

In addition, Sumsub’s address verification service ensures that users can be onboarded swiftly using document-based proof of address. The platform further offers geo-based and global database verifications, making the process adaptable and user-friendly.

Sumsub pass rate in Hong Kong

Sumsub boasts a 97.89% ID verification pass rate in Hong Kong.

Hong Kong Fintech Week

Sumsub’s preparation for the Hong Kong Fintech Week, which starts from October 30 to November 5, is in full swing as the days draw nearer.

With an ID verification pass rate of over 97.89 percent in the Hong Kong region and accolades like the G2’s top pick, Sumsub is ready to showcase its commitment and innovations.

For industry professionals attending the event, this is a unique opportunity. They can witness first-hand how Sumsub’s solutions are shaping the future of compliance and verification in the fintech and crypto realms. Schedule a meeting with the Sumsub team to learn more.

Meet the Sumsub Team at the Hong Kong Fintech Week