NEWS PROVIDED BYSumsub
11 Jun, 2024, 05:00 GMT
The full-cycle verification platform announces the LDP feature for client companies to adhere to local data privacy regulations in MEA store data locally in the chosen region
DUBAI, UAE, June 11, 2024 /PRNewswire/ — Today Sumsub, a global full-cycle verification provider, announced that Local Data Processing capabilities are available in the Middle East and Africa (MEA). This new solution highlights the company’s commitment to ensuring data privacy and regional compliance.
In the past couple of years, the privacy legislation in the Middle East has evolved drastically to incorporate more requirements similar to the European GDPR law. The focus on local data protection remains firm, and companies who operate or are willing to expand to the regional markets should take these requirements into consideration. Sumsub’s new solution is designed to assist businesses in overcoming their compliance challenges in fast-developing MEA economies.
LDP (Local Data Processing) is an infrastructure that enables secure storage and processing of applicant data and transactions within specific regions, ensuring compliance with local data privacy regulations. In other words, this is an advanced data management solution aimed at ensuring a secure, compliant, and user-friendly personal data storage for Sumsub clients in the MEA region.
The key benefits of using the LDP solution for businesses are:
- Regional Compliance: LDP simplifies compliance with local data privacy regulations across MEA.
- Seamless User Experience: Automatic domain redirection eliminates the need for manual navigation, which means that data is stored and processed locally regardless of where the company is headquartered.
- Centralized Access: Firms can access all their applicants-related analytics, statistics, and billing information from any region.
- Global Reach: LDP instills confidence to expand business operations to new markets in full compliance.
“Currently, we are expanding the map to include more regions in the Local Data Processing solution. The Middle East and Africa with their rapid growth of digital businesses was chosen as the forefront region to help our customers who seek compliant user and legal entity verification solutions, as well as monitoring of financial transactions and effective fraud prevention, to ultimately accelerate their business growth there”, says Vyacheslav Zholudev, Co-founder and CTO of Sumsub.
To ask a question about Sumsub’s LDP solution and request a demo, please email us at ldp@sumsub.com
About Sumsub
Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.
Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Lbank, Bitpanda, Wirex, Avis, Bybit, Huobi, Ekar, Kaizen Gaming, Moove and TransferGo.
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