FOMO Pay partners Sumsub to boost compliance checks

FOMO Pay has partnered with Sumsub to add verification and monitoring tools to its compliance systems, supporting the Singapore-based payments group's expansion across multiple markets.

Under the agreement, FOMO Pay is using Sumsub's services for identity verification, business verification, transaction monitoring and anti-money laundering screening as part of its wider technology setup. The tools will support onboarding, transaction reviews and account monitoring across its operations.

FOMO Pay operates in Southeast Asia, the Greater Bay Area, and the Middle East and North Africa, where compliance rules vary, and financial firms face increasingly complex fraud threats.

Sumsub said its platform supports more than 14,000 identity document types from over 220 countries and territories. It added that its liveness detection tool can identify up to 99.98% of deepfake attempts in a single scan.

Data cited by Sumsub points to rising fraud pressure in the regions where FOMO Pay is active. Its Identity Fraud Report 2025-26 found that multi-step attacks using artificial intelligence rose 180% year on year globally in 2025.

The Middle East recorded the fastest regional fraud growth at 19.8%, followed by Asia-Pacific at 16.4%, according to the report. In Singapore, deepfake incidents rose 158% year on year in 2025, while Hong Kong recorded a 147% increase.

Regional growth

FOMO Pay is adding the compliance tools as it expands its broader digital financial infrastructure across global payments, business accounts and digital assets.

Licenced in Singapore, Hong Kong and the Middle East, FOMO Pay operates across payments, banking-style services and digital assets. That mix increases the need for customer checks, ownership verification and ongoing monitoring as businesses move money across borders and between different types of financial services.

Sumsub, which works with more than 4,000 clients, provides tools for financial services, crypto, mobility, trading, marketplaces, education and gaming. Its customers include Bybit, Bitpanda, Wirex, Avis, Vodafone, Duolingo, Kaizen Gaming and Bancaribe.

The partnership comes as payment companies and digital asset businesses face tighter scrutiny over fraud controls and customer due diligence. Firms expanding across jurisdictions often have to adapt their compliance processes to local standards while maintaining consistent internal controls.

Leona Gan, Director of Business Development at FOMO Pay, outlined the company's rationale for the tie-up.

"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," Gan said.

"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," she added.

Fraud pressure

The wider backdrop is a rise in synthetic identity fraud, AI-generated impersonation attempts and more organised attacks on financial platforms. Those trends have pushed payments groups to invest more heavily in automated onboarding checks and ongoing transaction monitoring.

For firms with customers in multiple jurisdictions, that can mean combining document checks, beneficial ownership reviews and transaction surveillance in a single workflow. FOMO Pay said Sumsub's modular platform will serve as an additional solution within its existing infrastructure for different customer segments and markets.

Penny Chai, Vice President, APAC, at Sumsub, said the changing structure of financial services was shaping compliance demands.

"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," Chai said.

"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," she added.