Sumsub & dtcpay team to secure digital currency payments for SMEs

By Gloria Mathias

Sumsub, a global full-cycle verification platform has partnered with dtcpay, a Singapore-based payment service provider to enhance the security and reliability of digital currency transactions in target markets, Singapore, Hong Kong, Dubai, the UK, and Europe.

As part of the partnership, Sumsub’s eKnow Your Customer (KYC) solution will be integrated into dtcpay’s wallet platform to simplify the onboarding process for users transacting with businesses and merchants utilising the platform.

As a component of this collaboration, dtcpay is incorporating Sumsub’s verification platform into its current technology infrastructure, enabling customers to utilise a comprehensive onboarding solution.  Through this partnership, dtcpay will be able to offer a seamless onboarding process for customers looking to make multi-currency swaps (convert digital currencies or fiat assets without high conversion fees), online payments, in-store payments and PayByLink.

By bolstering compliance and streamlining cross-border transactions and payments, this partnership also aims to empower businesses and merchants to scale and facilitate their integration into the larger digital currency ecosystem.

“As more businesses in the region, particularly those in the underbanked and unbanked segments, turn to payment service providers for their business operations, the imperative of secure, regulation-compliant payments has never been more critical. But navigating the complex regulatory landscape can be a formidable challenge,” says Penny Chai, VP of Business Development APAC. “We see Sumsub’s role as a RegTech service provider to simplify compliance processes and support more businesses in participating in the financial ecosystem.”

“Our partnership with Sumsub is instrumental in enhancing the security and efficiency of our services. Sumsub’s eKYC solution enables us to streamline the onboarding process for our users, making it faster and more user-friendly. This not only ensures compliance with regulatory requirements but also improves the overall user experience,” said Alice Liu, Chief Executive Officer at dtcpay. “Additionally, Sumsub’s advanced verification technology helps us maintain a high level of trust and security in our platform, which is crucial in the financial industry.”