Sumsub Collaborates with MENA Fintech Association to Boost Innovation and Combat Identity Fraud
Mokshita P.
10x Industry

Sumsub Collaborates with MENA Fintech Association to Boost Innovation and Combat Identity Fraud

Sumsub joins MENA FinTech Association, contributing expertise in KYC, KYB, and anti-fraud measures to boost innovation and compliance in the Middle East and North Africa.

Sumsub, the global full-cycle verification platform, has officially become a member of the MENA FinTech Association. The collaboration aims to drive business growth, raise awareness about identity fraud, and raise innovation within the fintech sector in the MENA region.

Founded in 2018, the MENA FinTech Association is globally recognised as one of the top-four fintech groups worldwide. The association serves as a not-for-profit organisation, bringing together fintech companies, startups, investors, regulators, influencers, and academia across the Middle East and Africa. It acts as a hub facilitating connections between different stakeholders in the industry and creating a conducive environment for growth, innovation, and inclusivity.

As part of the partnership, Sumsub, which was recently honoured as the winner in the RegTech of the Year category at the 2023 MENA FinTech Awards, will contribute its expertise in KYC, KYB, and transaction monitoring. This collaboration will further strengthen the development of the entire fintech community in the MENA region, driving innovative solutions and projects.

Sumsub's role within the MENA FinTech Association will extend to leading conversations within the Policy and Regulations Working Group. The company will actively engage in discussions, host panel sessions, workshops, and contribute to reports aimed at advancing industry standards and compliance.

Nameer Khan, Chairman of the MENA Fintech Association, and Founder of FILS, expressed his satisfaction with Sumsub joining the association, stating, "We are pleased to welcome Sumsub to the MENA Fintech Association. Their expertise in KYC, KYB, and transaction monitoring will be invaluable in our efforts to strengthen the fintech ecosystem in the MENA region."

Andrew Sever, co-founder and CEO of Sumsub, emphasised the significance of the partnership, stating, "For Sumsub, partnering with the MENA Fintech Association marks a new level of presence in the region. We believe that our expertise and years of experience in the verification, anti-fraud, and compliance sector will be valued by other MFTA members."

Sumsub's active participation in policy discussions aligns with the MENA FinTech Association's mission for collaboration and innovation, aiming to create a more secure and compliant environment for fintech to thrive in the Middle East and Africa.