With the National Day celebration in Singapore on 9th August, Penny Chai, Vice President, APAC, Sumsub, shares her perspective on the evolving role of trust in the digital economy.
As Singapore celebrates 60 years of independence this August, it is a moment to reflect on the nation’s remarkable progress from a trading port to a global innovation hub and also look ahead to the ideas, policies and technologies that will share what comes next.
At the heart of this next phase of growth is Singapore’s digital economy, a strategic pillar that promises growth, inclusion, and global leadership.
With its position as a regional leader in fintech, innovation, and smart infrastructure, Singapore’s ambitions are bold, but so are the threats that come with digitization. Recent developments, including the rise of cyberthreats and increased attacks on critical infrastructure signal a growing challenge that could erode the very foundation of a thriving digital economy: trust.
Whether it is digital banking, payments, investments, or identity verification platforms like Singpass, Singaporeans are increasingly reliant on digital systems to navigate daily life. And as our lives become increasingly digital, so do fraud tactics – and public confidence in these platforms risks being undermined.
AI-powered deepfakes and synthetic identity documents are being weaponized to exploit trusted systems. In fact, Sumsub data shows that, in Singapore alone, synthetic identity document fraud rose by 184% year-on-year, while deepfake cases spiked by an alarming 1500% in the first quarter of this year.
For businesses, the impact of fraud goes beyond operational disruption; it comes with financial consequences and reputational damage. This is particularly pressing for fintechs, where security and speed are both expected by design.
As Singapore looks ahead to its next digital chapter, trust will be the cornerstone of progress and it is critical that fraud prevention and regulatory compliance evolve hand-in-hand with innovation. Businesses and the government alike must double down on collaboration, innovation, and vigilance.
At Sumsub, we are proud to be at the intersection of business and regulation working closely with policymakers and enterprises to protect individuals and build a resilient digital ecosystem.
Singapore has long excelled at balancing innovation with governance. In the next decade, that balance will be more important than ever. Building digital trust is central to safeguarding progress and preserving the promise of what is to come.
