Singapore’s dtcpay, a digital payments company, has teamed up with the verification platform Sumsub to streamline the onboarding process for new users. Sumsub, headquartered in London and establishing regional headquarters in Singapore, will integrate its electronic know-your-customer (KYC) feature into dtcpay’s e-wallet. This integration allows dtcpay to conduct identity checks and customer profiling, which are essential for addressing potential money laundering and terrorism financing risks. The partnership aims to expedite user screening, especially for those engaging in transactions with businesses and merchants using the e-wallet.
The integration is already in place, with plans to introduce additional features like name screening in the near future. Ms. Alice Liu, the CEO of dtcpay, explained that they are in the process of enhancing their onboarding system, which comprises four stages. The objective is to complete the entire electronic KYC onboarding system by November. Although dtcpay primarily focuses on cryptocurrency payments, it is expanding its offerings to include mainstream digital payment options such as Alipay, WeChat Pay, and PayPal. The company holds a major payment institution license from the Monetary Authority of Singapore, which requires compliance with customer due diligence and KYC requirements.
An increasing number of businesses, particularly those in under-banked and unbanked segments, are turning to payment service providers for their operations, making security and regulatory compliance paramount, according to Ms. Penny Chai, Vice President of Business Development for the Asia-Pacific at Sumsub. Founded in 2015, Sumsub serves a diverse range of clients, including crypto exchanges, payment providers, and non-crypto digital banks like Didi, the Chinese transportation platform.
(Source: The Straits Times)
