Sumsub's verification, monitoring, and risk solutions support FOMO Pay in scaling its compliance operations while adapting to evolving regulatory requirements.

SINGAPORE, Oct. 5, 2026 /PRNewswire/ -- Sumsub, the first AI-powered trust infrastructure for compliance operations at scale, is partnering with FOMO Pay, a leading Singapore-headquartered payment institution, as FOMO Pay continues to expand its existing technology infrastructure alongside its growth across markets. Sumsub's solutions form part of this broader technology infrastructure, adding capabilities across areas including identity and business verification and transaction monitoring to support evolving regulatory and operational requirements.

FOMO Pay's business currently spans Southeast Asia, the Greater Bay Area, and the Middle East and North Africa, where compliance requirements can vary significantly between economies. 

Financial institutions are facing increasingly sophisticated and coordinated fraud threats across global markets. Sumsub's Identity Fraud Report 2025-26 found that multi-step, resource-intensive attacks powered by AI rose 180% year-on-year globally in 2025. The Middle East (19.8%) recorded the fastest regional fraud growth year-on-year in 2025, followed by APAC (16.4%). AI-enabled deepfakes remain a particular concern in APAC, with incidents rising 158% in Singapore and 147% in Hong Kong year on year in 2025. These evolving risks, alongside local regulatory requirements, highlight the importance for scalable, connected compliance infrastructure that can support FOMO Pay's operations across different global markets.

"As financial services become increasingly interconnected across markets, businesses need technology and compliance infrastructure that can evolve alongside their operations. At FOMO Pay, we continuously develop our processes and technology to support our expanding footprint and changing regulatory requirements," said Leona Gan, Director of Business Development at FOMO Pay. "Our partnership with Sumsub adds further capabilities to our verification and compliance workflows, complementing the broader infrastructure we have in place as we scale across markets."

FOMO Pay uses Sumsub's modular, API-first platform as an additional solution within its existing technology infrastructure, further optimizing relevant workflows across different customer segments and markets. Sumsub supports more than 14,000 identity document types from over 220 countries and territories, and its proprietary Liveness detection technology serves as an additional layer of safeguard, being capable of identifying up to 99.98% of deepfake attempts in a single scan.

The platform also provides capabilities for business verification, ownership verification and AML screening as part of FOMO Pay's onboarding and compliance workflows.

Beyond onboarding, FOMO Pay uses Sumsub's transaction monitoring tools to further strengthen its existing approach to reviewing customer transactions and account activity for potential risks. This ensures end-to-end compliance coverage for FOMO Pay's global operations.

"Payments and digital assets are converging, and customers increasingly move between services, platforms, and markets. For highly regulated sectors like financial services, trust and compliance must keep pace with these developments," said Penny Chai, Vice President, APAC at Sumsub. "Our partnership with FOMO Pay reflects the growing need for scalable compliance operations, enabled by trust infrastructure that can adapt to evolving regulations and emerging fraud risks as financial services become more interconnected."

Looking ahead, FOMO Pay will continue developing its digital financial infrastructure across global payments, global business accounts, and digital assets while exploring how AI and automation can play a greater role across its products and services.

About Sumsub

Sumsub is the first AI-powered trust infrastructure for compliance operations at scale. It connects identity and business verification, fraud prevention, transaction monitoring, and risk workflows, helping teams reduce manual work and enter new markets.

Trusted by over 4,000 clients across financial services, crypto, mobility, trading, marketplaces, education, and iGaming, including  Bybit, Bitpanda, Wirex, Avis, Vodafone, Duolingo, Kaizen Gaming, and Bancaribe.

About FOMO Pay

Founded in 2015, FOMO Pay is a payment institution licensed in Singapore, Hong Kong and the Middle East. The firm has become a leading one-stop digital payment, digital banking, and digital asset solution provider. It is currently building Asia's fully licensed financial platform, helping institutions and businesses connect between traditional and next-generation financial services. The firm offers its three flagship products:

• FOMO Payment – One-stop digital payment solution for merchants, corporates and financial institutions
• FOMO iBiz – Facilitate businesses' everyday requirements for transactional banking needs
• FOMO Treasury – Corporate cash management and investment solutions for liquidity optimisation and earning yield

Visit www.fomopay.com for more information.