Ask Sumsubers: What Should Companies Look Out for When Selecting a KYC Platform in the APAC Region?

Sumsub keeps getting questions from our followers about the specifics of regulatory compliance, verification, automated solutions, and everything in between. We’ve therefore decided to launch a bi-weekly Q&A series, where our legal, tech, and other experts answer the most frequently asked questions. Check out The Sumsuber and our social media every other Thursday for new answers, and don’t forget to ask about the things that interest you.

This week, our Vice President of Business Development APAC, Penny Chai, will briefly discuss the factors companies need to consider when choosing a KYC platform in the APAC region.

Follow this bi-weekly series and submit your own questions to our Instagram and LinkedIn.

To start, there are several legal and financial reasons for implementing a proper KYC solution in the first place. Cyber crime is getting more advanced, which means the preventative technologies we use should be ahead of the curve to ensure illegal activity is detected on-time. Plus, KYC requirements are getting more stringent as regulators continue to deter money laundering. At the same time, there is a need to keep the user experience smooth, with low barriers to onboarding and therefore higher ROI on the money spent on the KYC solution. This means finding the perfect balance between regulatory compliance, fraud prevention, and customer onboarding. To do so, there are several considerations that any company working in the APAC region should keep in mind:

• Keep a global business perspective and pick a platform that is secure and compliant with the regulators around the world. Even if your company focuses on APAC customers, you still may need to onboard the foreigners present in the region (e.g., tourists, migrants, etc.).
• Look for experience and proven technology. Experienced KYC platforms are very secure, but balanced enough to offer a good user onboarding experience.
• Pay attention to the duration of the onboarding process and how it affects user experience. There shouldn’t be too many KYC steps, and account sign-up should take just a few minutes. Anything longer leads to customer drop offs.
• Ensure that there is 24/7 support.
• Look out for key enterprise certifications for maximum security and business continuity.
• Check the KYC platform’s roadmap for perpetual improvement.

Penny Chai

Vice President of Business Development APAC