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Question for Sumsubers: What Key Considerations Should Firms Focus on While Choosing a KYC Solution in the APAC Territory?

Companies in the APAC region should consider best practices when choosing a KYC platform for identity verification and anti-money laundering (AML) purposes. The Sumsuber provides guidance on what companies should look out for when making their selection.

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What Companies Need to Consider When Choosing a KYC Service Provider in the APAC Area?
What Companies Need to Consider When Choosing a KYC Service Provider in the APAC Area?

Question for Sumsubers: What Key Considerations Should Firms Focus on While Choosing a KYC Solution in the APAC Territory?

In the ever-evolving world of business, choosing a Know Your Customer (KYC) platform that is secure, compliant, and tailored to the unique needs of the APAC region is of utmost importance. Penny Chai, the Vice President of Business Development APAC, recently shared her insights in a bi-weekly Q&A series hosted by Sumsub.

According to Chai, companies should focus on several critical factors when selecting a KYC platform in the APAC region. These include:

  1. Technical Fit (30%): The ease and speed of integration, quality of API and SDK features for mobile and web are crucial to ensure seamless deployment within existing systems.
  2. Compliance Coverage (25%): The KYC platform should support the specific regulatory requirements of target APAC markets, stay current with regulatory updates, and provide comprehensive audit trails to meet local legal standards.
  3. Performance Metrics (20%): Consider the KYC provider’s accuracy in identity verification, processing speed, system availability, and their rates of false positives or negatives to minimize customer friction and false alarms.
  4. Business Factors (15%): Evaluate the total cost of ownership, flexibility in pricing models, and contract terms to ensure alignment with strategic growth and budget plans.
  5. Support Quality (10%): Strong technical support responsiveness, implementation assistance, and long-term account management are essential for successful ongoing operations.

Chai emphasizes piloting the platform with real customer data and requesting demos tailored to specific use cases in APAC as part of the decision-making process. She also advises seeking references from similar-sized regional peers to validate vendor suitability.

Experience and proven technology are key factors in a secure KYC platform that offers a good user onboarding experience. Maximum security and business continuity can be ensured by looking for key enterprise certifications. The KYC platform's roadmap should indicate a focus on perpetual improvement.

Lastly, Chai stresses the importance of an efficient onboarding process with minimal steps to avoid customer drop offs. A reliable KYC platform should offer 24/7 support to ensure maximum security and uninterrupted operations.

The Q&A series encourages followers to submit their own questions on Instagram and LinkedIn. This week's discussion will be led by Penny Chai, Vice President of Business Development APAC, and new answers will be posted every other Thursday.

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