Sumsub presents Local Data Processing (LDP) capabilities to the Asia-Pacific (APAC) region, including Hong Kong, Singapore, the Philippines, and Indonesia, after a successful embark in June, in the Middle East and Africa (MEA).
The APAC region has seen rapid economic growth and a faster digital transformation process in the data privacy landscape. 81% of APACโs end-users are convinced that privacy loss is inevitable with technological advancements, as per the study by Ipsos. Countries like Hong Kong and Singapore have launched stringent regional data processing requirements, at the same time, the Philippines and Indonesia are also in the process of advancing regulatory frameworks, which shows a broad range of global trends revealing the criticality of data privacy concerns.
Sumsub's LDP solution assists firms in navigating data storage and related compliance challenges as APAC economies continuously evolve with privacy legislation in the region increasingly abiding by strict regulations like the EU GDPR (European Union General Data Protection Regulation). Sumsub's breakthrough data management solution offers user-friendly, secure, and compliant personal data storage for synchronized businesses across APAC.
Regulated companies requiring domestic storage and processing of personal data can now safeguard their end-users and themselves by utilizing Sumsubโs comprehensive suite of verification, compliance, and anti-fraud products. These firms can also secure users and clients during their complete compliance journey, alongside KYC (Know-Your-Customer), KYB (Know-Your-Business), and AML (anti-money laundering) screening processes, along with ongoing Fraud Prevention and Transaction Monitoring capabilities.
โThis launch showcases our unwavering commitment to data privacy and regional compliance across APAC, as we continue our global expansion. With the dynamic growth of digital businesses throughout APAC, we believe it is crucial to support regional companies throughout their compliance processes. LDP offers a secure and user-friendly experience for businesses seeking compliant verification and fraud prevention solutions,โ says Vyacheslav Zholudev, CTO and Co-founder of Sumsub.
To solidify its presence in the APAC region, recently, Sumsub has joined hands with PT Secure Pasifik Teknologi and PT Ogya Tekno Nusantara in Indonesia and Nexus Technology in the Philippines to enhance the reach of its verification solutions in the markets.
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