GLOBAL verification provider Sumsub, has announced a strategic reseller partnership with Nexus Technologies, aimed at strengthening security and verification processes in the Philippines. The collaboration is part of its’ broader expansion efforts in Southeast Asia, designed to enhance the region’s fraud prevention landscape and support a more resilient business environment.
The digital economy in Southeast Asia is experiencing rapid growth, which has unfortunately led to a corresponding increase in fraudulent activities. The Philippines, in particular, has seen alarming trends, with a notable 4500% increase in deepfake incidents from 2022 to 2023.
This surge in fraud has prompted stricter regulations in the KYC (know-your-customer) and AML (anti-money laundering) sectors.
Through its partnership with Nexus Technologies, Sumsub aims to provide local businesses with advanced verification solutions, ensuring compliance with stringent standards and effectively combating the escalating challenges of fraud and identity theft.
“We thank Nexus Technologies for trusting us. With rising fraud and the growing accessibility of AI tools, the demand for our verification and compliance solutions has never been higher. Over the past year, Sumsub has achieved significant milestones in Asia, and we aim to continue this momentum by working with partners to build a safer and more digitally inclusive future for businesses and consumers in Asia,” said Penny Chai, Vice President of Business Development at Sumsub.
Sumsub’s expansion into Southeast Asia includes the establishment of its first APAC headquarters in Singapore in July 2023. Leveraging Singapore’s strategic position and its thriving ecosystem of digital assets and fintech businesses, Sumsub has successfully partnered with several notable companies in the region. These include ChainUp, a blockchain technology solutions provider, and CODE, a South Korean Travel Rule compliance solution. Additionally, Sumsub has secured new clients such as dtcpay, a leading Singapore-based payment service provider.
“Nexus Technologies proudly partners with Sumsub, leveraging our position as a premier IT reseller in the Philippines to enhance our business development strategies. Sumsub’s robust identity verification solutions, renowned for their accuracy and compliance, complement Nexus’s 30-year legacy of delivering global-leading IT solutions to our clients. Our partnership aims to meet the Philippine market’s evolving needs,” said Lionel K Ting, Senior Vice President for Business Development at Nexus Technologies.
To further cement their presence in the region and promote their innovative solutions, Sumsub will be hosting its roadshow, “Comply to Fortify: APAC Anti-Fraud Roadshow,” in collaboration with its new partners. This event will span key cities in the Philippines, Malaysia, and Indonesia, providing a platform to showcase Sumsub’s solutions and demonstrate their benefits to businesses.
