A timely and strategic partnership sees Sumsub extend access to its robust security and verification solutions across Malaysia.

Sumsub, a global full-cycle verification provider, has announced a strategic partnership with Malaysian cybersecurity distributor Spectrum Edge as part of its expansion efforts in Southeast Asia. The partnership aims to bolster the region’s fraud prevention landscape and foster a more resilient business environment, empowering local businesses to navigate the evolving fraud landscape.

As Southeast Asia’s digital economy thrives, the surge in online activities has also provided opportunities for fraudsters, resulting in financial losses, and diminishing customer trust. According to Sumsub, Malaysia is facing escalating fraud trends. Notably, Malaysia’s fintech sector experienced a significant 108% rise in fraud rates from 2022 to 2023. As a result, several governments have also tightened regulations in the KYC (know- your-customer) and AML (Anti-Money Laundering) sectors.

The partnership aims to bolster the region’s fraud prevention landscape and foster a more resilient business environment, empowering local businesses to navigate the evolving fraud landscape.

By partnering with Spectrum Edge, Sumsub extends access to its robust verification solutions across Malaysia. This strategic collaboration enables businesses in the country to implement Sumsub’s advanced technology, ensuring they meet stringent compliance standards and effectively combat the rising challenges posed by fraud and identity theft.

Penny Chai, Sumsub

“We thank Spectrum Edge 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 through working with partners to build a safer and more digitally inclusive future for businesses and consumers in Asia,” said Penny Chai, VP of Business Development at Sumsub.

Sumsub formally established its first APAC headquarters in Singapore in July 2023, leveraging the nation’s strategic position as a gateway to other Asian countries and its thriving ecosystem of digital assets and fintech businesses. In recent years, Sumsub has partnered with well-known companies in the APAC region including ChainUp, a blockchain technology solutions provider and CODE, a South-Korean Travel Rule compliance solution. The company has also secured new clients since 2023 such as dtcpay, a leading Singapore-based payment service provider.

“We are excited to partner with Sumsub in strengthening the security and verification landscape in Malaysia. While digital adoption continues to increase here, the need for advanced fraud prevention measures has never been more critical. Sumsub’s impressive technology will provide our clients with the tools they need to stay ahead of evolving fraud trends and meet rigid compliance requirements,” said Reza Hamid, Managing Director at Spectrum Edge.

To commemorate these partnerships and expand their presence in the region, Sumsub recently hosted its roadshow, “Comply to Fortify: APAC Anti-Fraud Roadshow” together with its new partners. The roadshow spanned across key cities in the Philippines, Malaysia, and Indonesia, providing a platform to showcase Sumsub’s solutions and demonstrate how businesses can benefit from their solutions.

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About Sumsub

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

About Spectrum Edge Sdn Bhd

Founded 23 years ago, Spectrum Edge is a Cyber Security Value-Added Distributor (VAD) in Malaysia. It is renowned for its highly qualified consultants and engineers, with extensive core competencies in the Cyber Security field. Many of the team hold accreditations from acclaimed organizations such as (ISC)2, ISACA, and ITIL, with certifications like CISSP, CISM, and ITIL, as well as product certifications from leading vendors.

(This article was adapted from a press release)