Digital asset infrastructure provider Cregis and identity verification platform Sumsub jointly hosted the “Web3 Finance: Powering the Future of Trust” summit on 1 October at MBFC Tower 2 in Singapore.
The event brought together professionals from the banking, payments and crypto sectors for discussions on trust-building and compliance in the Web3 space.
The summit opened with a joint presentation by Cregis Chief Operating Officer Jason Ma and Sumsub’s Ying Li, who introduced their companies and core solutions. Jason Ma explained that multi-party computation (MPC) technology helps reduce asset security risks through private key sharding management.
He noted that Cregis currently manages assets worth hundreds of billions of dollars and provides MPC wallet and payment infrastructure services to over 3,500 enterprises worldwide.
Ying Li shared that Sumsub offers identity verification services to more than 4,000 clients, including Bybit and Huobi, supporting enterprises in meeting compliance requirements across different jurisdictions.
Interactive question-and-answer sessions with prizes followed, engaging attendees in further discussions.
A panel discussion titled “Web3 Trust Stack: Identity, Compliance, and Infrastructure in Action” formed the core of the summit.
Moderated by Eelee Lua, Chief of Staff at xcube.co, the session brought together industry veterans to explore practical approaches to Web3 trust-building.
Cregis APAC Business Development Director Eric Cheung addressed the real-world challenges of enterprise compliance.
He emphasised that companies must acknowledge limited resources and reassess their strategic priorities amid growing regulatory demands.
“Partners with compliance experience and business insights do not just provide services, they bring industry knowledge and resources for mutual benefit. This represents the future direction of our industry: collaborative community development,”
he said.
On development priorities in Web3, Eric stated,
“Identity verification is becoming the foundational infrastructure for the entire industry. Whether it is anti-money laundering, tax compliance or regulatory reporting, everything ultimately comes back to one fundamental question, who is the user? As regulatory frameworks continue to mature, the space for anonymous transactions will shrink, and real-name verification will be the inevitable trend.”
Henry Chan, Head of Strategy and Operations at Interlace, discussed the balance between regulation and innovation.
He acknowledged that while regulatory changes have created challenges, technology can help keep compliance costs manageable.
“When we consider compliance balance, while we cannot change regulatory rules, we can ensure enterprise compliance costs remain manageable through technological innovation,”
he said.
Chan also examined how trust can be built with end users, markets, institutions and governments, offering insights into developing credibility within the Web3 ecosystem.
Sumsub’s APAC Vice President of Business Development, Penny Chai, spoke about emerging fraud risks and user experience challenges.
She highlighted the growing threat of deepfake technology and synthetic fraud, which blends genuine personal information with fabricated data.
“The latter is particularly insidious, mixing real personal information with fake data, making it very difficult for traditional verification methods to detect,”
she said.
Chai also noted user fatigue from repeated verification processes across platforms.
“Enterprise compliance pressure is already enormous, and users are fed up with having to complete KYC everywhere. Every platform requires re-verification, wasting time and increasing costs,”
she explained.
To address this, Sumsub introduced a reusable KYC solution that allows one verification to be used across multiple platforms, reducing both compliance costs and user inconvenience.
On regulation, Chai expressed optimism:
“Regulation is not an obstacle, it is setting boundaries for innovation. When we know where the rules are, we can maximise our innovative potential within those boundaries.”
Participants at the summit agreed that identity verification is now a standard requirement for Web3 projects, that security technology can reduce operational risks, and that compliance processes must balance efficiency and user experience.
Following the event, several enterprises expressed interest in further collaboration on technology services.
Both Cregis and Sumsub confirmed that they plan to continue integrating their products to deliver comprehensive solutions for Web3 businesses, spanning identity verification and asset management.
Featured image credit: Edited by Fintech News Singapore, based on image by suksao via Freepik
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