Singaporean digital payments company, dtcpay, has partnered with a verification platform called Sumsub to streamline the user screening process. Sumsub, headquartered in London and establishing its regional headquarters in Singapore, will integrate its electronic know-your-customer (KYC) feature into dtcpay’s e-wallet.
This integration will allow dtcpay to conduct identity verification and customer profiling checks using Sumsub when onboarding new users. The results of these checks will be available in less than a minute. The goal of this collaboration is to simplify and expedite the onboarding process for new dtcpay users who engage with businesses and merchants through the e-wallet.
While the verification platform has already been integrated into the e-wallet, additional features such as name screening are still pending. dtcpay aims to complete the entire electronic KYC onboarding system by November.
Founded in 2019, dtcpay primarily deals with cryptocurrency payments but is expanding to offer mainstream digital payment options such as Alipay, WeChat Pay, and PayPal. The company received a major payment institution license from the Monetary Authority of Singapore in August 2022, which requires them to perform customer due diligence, including the KYC requirement.
Payment service providers are becoming increasingly important to businesses in the region, especially those in underbanked and unbanked segments. This trend underscores the need for payment service providers to prioritize security and regulatory compliance, according to Penny Chai, Vice President of Business Development for the Asia-Pacific at Sumsub.
Sumsub, founded in 2015, serves a range of clients, including cryptocurrency exchanges, payment providers, and non-crypto digital banks, with clients such as Chinese transportation platform Didi.
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