Singapore-headquartered payment institution FOMO Pay is using Sumsub’s identity-verification and transaction-monitoring technology to expand its compliance infrastructure across multiple markets. The integration adds checks for individuals, businesses and ownership structures alongside screening for money-laundering risks, complementing systems FOMO Pay already operates.
The partnership covers both customer onboarding and activity after an account has been opened. Identity and business verification help establish who a customer is and the organization behind a business account. Ownership checks and anti-money laundering screening form part of the same onboarding and compliance workflows.
FOMO Pay also uses Sumsub’s transaction-monitoring tools to review customer transactions and account activity for potential risks. Those checks extend the integration beyond document collection at registration, adding ongoing monitoring to the payment institution’s existing approach to compliance.
FOMO Pay’s business spans Southeast Asia, southern China’s Greater Bay Area and the Middle East and North Africa. Business development director Leona Gan said the partnership adds capabilities to the company’s workflows as its operations and regulatory requirements evolve across those markets.
Sumsub supplies a modular platform connected through application programming interfaces. Its document-verification coverage includes more than 14,000 identity-document types from over 220 countries and territories. Biometric liveness detection provides an additional check during identity verification.
The provider has been expanding its work with payment businesses. Reap selected Sumsub for stablecoin-payments onboarding, including identity and business checks, anti-money laundering screening and transaction monitoring. That integration also uses reusable customer verification to reduce repeated document submissions.
Sumsub separately joined the idOS Consortium, taking a governance role in identity infrastructure designed to support reuse of verification across decentralized services. The consortium work follows integrations with several blockchain attestation systems and extends the company’s identity services into regulated on-chain applications.
Sumsub’s APAC vice president, Penny Chai, said the integration supports compliance operations as payments and digital assets converge across services and markets.
FOMO Pay’s services include FOMO Payment for merchant, corporate and financial-institution payments, FOMO iBiz for businesses’ transactional banking needs, and FOMO Treasury for corporate cash management and investment functions. The company says Sumsub operates as an additional solution within that broader technology infrastructure, rather than replacing its existing compliance systems.
Sources: Sumsub
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By the ID Tech Editorial Team
