Tag: crypto

SINGAPORE – Singapore-based digital payments firm dtcpay has tied up with a verification platform to make it easier to screen new users.

The verification platform called Sumsub, which is headquartered in London and is in the midst of setting up its regional headquarters in Singapore, will integrate its electronic know-your-customer (KYC) feature into dtcpay’s e-wallet.

Such controls typically allow firms to verify identities and profile their customers to assess the potential money laundering and terrorism financing risks, among other things.

With the integration, when dtcpay needs to screen a new user, it will use Sumsub to conduct the checks, with the results available in less than a minute.

The latest move is meant to simplify and smoothen the onboarding process for new dtcpay users who transact with businesses and merchants using the e-wallet, said the payments company.

It added that the integration of the verification platform with the e-wallet is already in place, although additional features like name screening are still pending.

Ms Alice Liu, chief executive of dtcpay, said: “We are in the process of adding supplementary features to our onboarding system and this is broken down into four stages. We are aiming to complete the whole electronic KYC onboarding system in November.”

Set up in 2019, dtcpay deals mainly with cryptocurrency payments but is working to offer more mainstream digital payment options such as Alipay, WeChat Pay and PayPal.

It received the major payment institution licence from the Monetary Authority of Singapore in August 2022. 

Under the terms of the licence, firms have to do customer due diligence, which the KYC requirement falls under.

More businesses in the region, especially those in the under-banked and unbanked segments, are turning to payment service providers for their business operations, said Ms Penny Chai, vice-president of business development for the Asia-Pacific at Sumsub.

The trend makes it more vital for these payment service providers to be secure and regulation-compliant, she said.

Sumsub, which was founded in 2015, counts crypto exchanges, payment providers and non-crypto digital banks as its clients, including Chinese transportation platform Didi, Ms Chai added.

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Link to article:

https://www.straitstimes.com/business/singapore-based-e-payments-firm-dtcpay-introduces-new-customer-verification-feature

Partnership between dtcpay and Sumsub enhances the security and reliability of digital currency transactions in target markets: Singapore, Hong Kong, Dubai, 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 the 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.

The integration will ensure quicker and more user-friendly experiences while guaranteeing adherence to regulatory standards. This partnership aims to empower businesses and merchants to scale and facilitate their integration into the larger digital currency ecosystem
by bolstering compliance and streamlining cross-border transactions and payments.

This collaboration occurs during rising cross-border payments within a dynamic digital currency landscape in dtcpay’s current market, Singapore.

According to research from RFIGlobal, one in five (20%) consumers in Asia hold cross-border banking products. In 2021, McKinsey revealed that Asia accounted for over 40% of more than US$200 billion of global cross-border payments revenues, forecasting the market to grow six to eight per cent annually by 2026.

As dtcpay continues to expand its payment services into diverse markets, the partnership with Sumsub is crucial in facilitating the company’s growth by ensuring compliance with KYC standards across different countries, each with unique regulatory frameworks.

says Penny Chai, vice president of business development in APAC.

adds Alice Liu, chief executive officer at dtcpay.

Link to article – https://cfotech.asia/story/sumsub-partners-dtcpay-to-secure-digital-currency-payments

Penny Chai, VP of business development APAC at Sumsub, commented:

Alice Liu, CEO of dtcpay, stated on the collaboration:

Link to article – https://www.finextra.com/newsarticle/42985/sumsub-teams-up-with-dtcpay-to-streamline-digital-currency-payments

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.”

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Link to article:

Sumsub & dtcpay team to secure digital currency payments for SMEs

Singapore-based digital payments platform dtcpay has tied up with global full-cycle verification platform Sumsub to enhance the security and reliability of digital currency transactions in target markets, including Singapore, Hong Kong, Dubai, the UK, and Europe.

Sumsub’s e-Know Your Customer (KYC) solution will be integrated into dtcpay’s wallet platform to simplify the onboarding process for users.

This applies for customers looking to make multi-currency swap, online payments, in-store payment and PayByLink.

Additionally, this partnership also aims to empower businesses and merchants to scale and facilitate their integration into the larger digital currency ecosystem.

“We see Sumsub’s role as a regtech service provider to simplify compliance processes and support more businesses in participating in the financial ecosystem.

It’s an honour for us to collaborate with MAS-licensed dtcpay, a partner who is also dedicated to driving the growth of businesses and merchants in the region.”

said Penny Chai, VP of Business Development APAC.

“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.

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.”

said Alice Liu, Chief Executive Officer at dtcpay.

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Link to article:

https://fintechnews.sg/78269/regtech/dtcpay-taps-sumsubs-e-kyc-solution-for-secure-digital-currency-transactions/

Global full-cycle verification platform Sumsub has partnered with dtcpay to improve the security and reliability of digital currency payments in target markets.

Following this announcement, Sumsub’s e-KYC service is set to be incorporated into dtcpay’s wallet platform, in order to simplify the onboarding process for customers that are transacting with merchants and businesses using the platform. The companies will focus on target markets, including Singapore, Hong Kong, Dubai, the UK, and Europe. 

dtcpay will integrate Sumsub’s verification platform within its current technology infrastructure, which will allow clients to leverage a comprehensive and secure onboarding solution. Furthermore, dtcpay will be given the possibility to provide an improved onboarding experience for users that look to make multi-currency swaps (meaning to convert digital currencies or fiat assets without high conversion fees), in-store payments, online payments, as well as PayByLink. 

The collaboration aims to ensure a quicker and more user-friendly experience for customers, while also adhering to regulatory standards and requirements. In addition, both of the companies will focus on improving the manner in which businesses and traders scale and facilitate their integration into the overall digital currency ecosystem, in order to bolster compliance and streamline cross-border payments at the same time.

As dtcpay continues its plan to expand its payment solutions into diverse markets around the world, the deal with Sumsub represents an important decision in its development process, through ensuring compliance and Know-Your-Customer (KYC) standards across different countries.

Sumsub’s strategy of development

UK-based security and transaction monitoring solutions provider Sumsub had multiple partnerships and product launches in the last couple of months, covering several geographic areas around the world.

In September 2023, the company announced its collaboration with Canada-based regulatory compliance outsourcing firm AML Incubator, aiming to simplify identity verification processes. Throughout the deal, Sumsub provided AML Incubator with onboarding and monitoring services as a simple incorporation within its platform. This offered AML Incubator’s fintech customers and users improved legal entity verification capabilities. 

Furthermore, the integration was set to allow the companies to simplify the onboarding processes and to make verification flows increasingly efficient and secure, while ensuring anti-money laundering (AML) compliance with regulatory requirements at the same time. 

Earlier in the same month, Sumsub launched a free trial of its crypto Travel Rule solution. The six-month free trial coincided with the United Kingdom’s enforcement of the Crypto Travel Rule legislation, and it focused on countering money laundering and terrorism financing in the worldwide cryptocurrency space. Users were enabled to access a unified console, which allowed the designing of up to 10,000 outbound transactions, complimentary AML checks, unlimited processing of inbound transactions, as well as the setup of an unlimited number of requirements and rules that reflected each customer’s regulatory and business needs.

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Link to article:

https://thepaypers.com/digital-identity-security-online-fraud/sumsub-partners-with-dtcpay–1264509

dtcpay, a Singapore-based payment processor catering to both fiat and cryptocurrencies, has set its sights on expanding into Hong Kong by the end of this year. The company also has plans to establish an office in Dubai, another prominent crypto hub, by 2024.

In an interview with Tech in Asia, Kanny Lee, the group CEO of dtcpay, expressed optimism about the North Asia market, citing clear regulations and rules for digital assets and the recent opening up to retail participants. Lee believes that the region holds significant potential for growth over the course of the coming years.

dtcpay generates revenue through crypto conversion rates on transactions and has already acquired approximately 12 merchants. The company aims to onboard up to 100 merchants by the end of 2023. Since the beginning of this year, the firm has experienced a fourfold increase in transaction volume.

Lee acknowledged that most consumers view tokens primarily as investments. Dtcpay’s objective is to unify various payment methods across different countries, including Indonesia, Malaysia, India, Vietnam, and Singapore, providing a seamless experience for both merchants and consumers.

As an example, dtcpay enables users to purchase cars using cryptocurrencies, significantly reducing transaction fees from approximately 4% to just 0.5% compared to cash payments. Notable partnerships in Singapore include Cars and Coffee and DM Autohaus.

In June, dtcpay secured a pre-series A funding round, raising $16.5 million from Kwee Liong Tek. Tek, the chairperson of the Pontiac Land Group, which owns renowned hotels such as the Ritz-Carlton and Conrad Hotels in Singapore, has enabled dtcpay to target the hospitality sector. At the time Lee said that there are an increasing number of businesses expressing interest in collaborating with regulated entities in the digital assets space and combined with an increase in the adoption of digital payments, that’s turbocharging dtcpay’s business.

That focus on digital payments led to the company rebranding back in April from Digital Treasures Center to dtcpay. It appears that Hong Kong was already on the company’s radar back then as Lee stated at the time that “in Asia, particularly the key tier 1 financial capitals such as Singapore, Hong Kong and Tokyo, [they] have experienced a rapid rate of digital adoption primarily due to transparent regulatory frameworks for digital financial inclusion.”

Additionally, dtcpay obtained a major payment institution license from the Monetary Authority of Singapore (MAS) in August 2022. The company plans to launch a debit card in Q4 2023. That product will allow cardholders to convert their cryptocurrencies into multiple currencies without incurring foreign exchange fees.

The company was co-founded in 2019 by Sam Lin, Band Zhao, and Alice Liu, with Lee joining the company earlier this year with a view towards expanding its area of operations beyond Singapore.

With its expansion plans into Hong Kong and its focus on innovation, dtcpay is certainly aiming to establish itself as a leading player in the crypto payment services industry, catering to the evolving needs of merchants and consumers alike.

Link to article – https://coinness.com/en/news/1909

Dtcpay, a Singapore-based payment processor that supports both fiat and cryptocurrencies, is planning to enter Hong Kong by the end of this year.

It also aims to set up an office in Dubai – another crypto hotspot – by 2024.

“We see the North Asia market to be very lucrative in the coming years, the regulations and rules for digital assets are becoming more and more clear, they just opened up to retail participants,” Kanny Lee, group CEO of Dtcpay, told Tech in Asia in an interview.

Dtcpay generates revenues from crypto conversion rates on transactions. It has acquired around 12 merchants and is expecting to onboard up to 100 by the end of 2023. Dtcpay said it has grown its transaction volume by 4x since the beginning of this year.

Lee noted that most consumers see tokens only as investments.

“What we’re looking to do here is to unify all the different payment methods – whether from Indonesia, Malaysia, India, Vietnam or Singapore – to consolidate them into a single seamless experience that makes it easy for the merchants and the consumers to connect,” he added.

For example, Dtcpay allows users to buy cars with crypto, which brings transaction fees down to 0.5% from around 4% for consumers using cash, according to Lee. In Singapore, the company has partnered with Cars and Coffee and DM Autohaus.

Dtcpay raised US$16.5 million in its pre-series A from Kwee Liong Tek in June. Tek is the chairperson of the Pontiac Land Group, which owns the Ritz-Carlton and Conrad Hotels in Singapore. This investment allowed Dtcpay to start targeting the hospitality sector.

In August 2022, Dtcpay secured a major payment institution license from the Monetary Authority of Singapore. The company aims to launch a debit card by the fourth quarter of 2023, allowing holders to cash out their crypto into multiple currencies without paying for foreign exchange rates.

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Link to article:

https://www.techinasia.com/sg-based-dtcpay-eyes-hk-expansion-for-crypto-payment-services

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• They’ll also set up offices in Hong Kong and Dubai.

6月21日，新加坡加密支付提供商dtcpay（原Digital Treasures Center）完成1650万美元融资，新加坡邦典置地（Pontiac Land）董事长Kwee Liong Tek领投，凯雷投资集团（Carlyle Group）前董事总经理兼合伙人David Tung、Burgess亚洲主席Jean-Marc Poullet以及前毕马威新加坡及亚太区主席Tham Sai Choy参投。新资金将用于产品开发，加强其营运和基础设施能力，并扩大其全球影响力。此前3月份消息，新加坡金管局批准Digital Treasures Center提供加密货币服务；4月消息，Digital Treasures Center更名为dtcpay。

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Link to article:

https://m.mpaypass.com.cn/news/202306/21181521.html