by Jan Michael Carpo, Reporter
As Southeast Asia’s digital boom fuels a surge in online fraud, global verification leader Sumsub announces a strategic partnership with Nexus Technologies, a premier IT reseller in the Philippines.
This collaboration aims to empower Filipino businesses with advanced verification solutions to navigate the evolving fraud landscape.
PH: A prime target for online fraud
The Philippines, according to Sumsub, is a prime target for fraudsters and is now facing escalating threats.
Chuan Wee Lye, Business Development Manager at Sumsub, highlighted the importance of proactive measures and robust compliance frameworks. “With a staggering 4500% increase in deepfakes reported from 2022 to 2023, the need for advanced verification tools has become paramount,” said Chuan.
Photo shows Chuan Wee Lye, Business Development Manager at Sumsub, while discussing the importance of proactive measures strategies and strengthening compliance frameworks.
According to Chuan, this partnership only ensures that Filipino businesses will have access to Sumsub’s industry-leading technology, enabling them to meet stringent compliance standards and combat fraud and identity theft.
For her part, Penny Chai, VP of Business Development at Sumsub, stated, “This partnership signifies a crucial step in fortifying the Philippines’ digital landscape.”
“With rising fraud and the growing accessibility of AI tools, Sumsub’s solutions are more critical than ever. We’re excited to work with Nexus Technologies to build a safer and more trustworthy digital environment for all,” she added.
Penny Chai: Driving Growth and Innovation in APAC
Since joining Sumsub in April 2023, Penny Chai has been instrumental in forming strategic partnerships and driving growth across the APAC region.
Before Sumsub, she held key positions at Merkle Science, Jumio, Micro Focus, McGraw-Hill Education, Zebra Technologies, Intermec Technologies, and Dell Global BV. Penny’s extensive experience has been pivotal in expanding Sumsub’s presence in Asia, building strong networks with partners like ChainUp and CODE.
“Over the past year, Sumsub has achieved significant milestones in Asia, and we aim to continue this momentum by working with our partners to build a safer and more digitally inclusive future for businesses and consumers in Asia,” says Penny.
Penny’s extensive experience and leadership have been pivotal in expanding Sumsub’s presence in Asia. She has successfully built strong networks with partners such as ChainUp, a blockchain technology provider, and CODE, a South Korean Travel Rule compliance solution.
Comply to Fortify: APAC Anti-Fraud Roadshow
To commemorate these partnerships and expand their presence in the region, Sumsub will host the “Comply to Fortify: APAC Anti-Fraud Roadshow” alongside its partners. This roadshow will span key cities in the Philippines, Malaysia, and Indonesia, offering attendees a chance to discover how Sumsub’s solutions can combat fraud and build a more secure digital future.
Amor Maclang (center), Digital Pilipinas Convenor, while answering queries during the event
The roadshow, which included a stop in the Philippines, was more than just a series of talks and demonstrations; it was a community-building event. Attendees had the opportunity to network with peers, exchange ideas, and explore collaborations.
Amor Maclang, convenor of Digital Pilipinas, emphasized the importance of collective effort in advancing digital compliance and financial inclusion, reminding everyone that the journey towards a secure and compliant financial ecosystem is a shared one.
As the event drew to a close, it was clear that the roadshow had left an indelible mark on all who attended. The insights shared, the technologies demonstrated, and the connections made will undoubtedly shape the future of compliance and fraud prevention in the fintech industry.
To know more about the roadshow, visit: https://sumsub.com/comply-to-fortify-apac-partner-roadshow/philippines/. For more information and updates about Sumsub and their upcoming events, please follow their social media pages and visit their website.