Sumsub announced the availability of Local Data Processing (LDP) capabilities in the Asia-Pacific (APAC) region, specifically in Singapore, Hong Kong, Indonesia, and the Philippines. The new LDP features aim to help APAC companies comply with local data privacy regulations, enabling more secure data storage within local and regional markets.
LDP solution
The solution aims to help firms address data storage and compliance challenges as privacy legislation across the region is evolving significantly. Its advanced data management solution also ensures the security, compliance, and user-friendliness of personal data storage for regulated businesses across APAC.
It claims to have capabilities for AML (anti-money laundering) screening, KYC (Know-Your-Customer) and KYB (Know-Your-Business) processes, and ongoing Transaction Monitoring and Fraud Prevention capabilities.
Key benefits
Sumsub claims LDP simplifies compliance with local data privacy regulations across APAC, offers seamless user experience, centralised access to applicant-related analytics, statistics, and billing information from any region, and the confidence to expand business operations to new markets in full compliance.
“This 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,” says Vyacheslav Zholudev, co-founder and CTO of Sumsub.
