Sumsub, a London-based identity verification and compliance firm, said on October 5 it had partnered with Singapore-based payment institution Fomo Pay to add identity checks, transaction monitoring, and risk tools across Fomo Pay’s operations in Southeast Asia, the Greater Bay Area, and the Middle East and North Africa.

Fomo Pay is using the tools for customer and business verification, ownership checks, anti-money laundering screening, and account monitoring as part of its existing compliance systems.

Sumsub said its Identity Fraud Report 2025-26 found that multi-step AI-powered attacks rose 180% globally year on year in 2025. The report also said deepfake incidents in Singapore rose 158% over the same period.

The partnership comes after the Monetary Authority of Singapore has issued guidance on cyber risks linked to deepfakes for financial institutions, pointing to closer regulatory scrutiny of such threats.

🔗 Source: Sumsub