Sumsub’s Post

Hola amigos! 👋 The LATAM digital economy is booming across multiple industries, with a growing number of users joining every day. The region’s e-commerce market alone boasts over 300 million digital buyers, a figure expected to increase by more than 20% by 2027. However, with growth comes challenges. According to Sumsub's internal data, fraud in LATAM increased by 40% between 2022 and 2024. Implementing compliance practices in LATAM comes with its own set of challenges: 📍 High costs 📍 Mixing and matching vendors 📍 Low pass rates 📍 Inconsistent regulations We've prepared a guide in Spanish to help you navigate these challenges. Let's ensure everyone is verified ASAP! Check out our guide in Spanish here ➡️ https://sumsub.link/0sz #LATAM #Ecommerce #iGaming #FraudPrevention #Compliance

Exciting news for digital businesses in the Philippines! The Internet Transactions Act (ITA) has been signed into law (R.A 11967), paving the way for a secure and thriving e-commerce ecosystem. This landmark measure aims to protect consumers, regulate online trade practices, and promote trust in the digital marketplace. Read this short article for more information 👉 https://bitly.ws/36xwo, and let us know your thoughts on how this new law will impact the future of e-commerce in the Philippines! #DigitalBusinesses #InternetTransactionsAct #Philippines #ITA #Better2Know #Babylon2k

The Implementing Rules and Regulations of the Internet Transactions Act of 2023 can be found on DTI Philippines The provide regulatory and developmental guidelines in fostering and maintaining a robust e-Commerce environment in the country by building trust between online merchants and online consumers. See: https://lnkd.in/gdtJpydr #philippines #ecommerce #consumption #gdpgrowth

#FINEXPhils Mark S. Gorriceta and Mica Galvez writes for The Manila Times, "Building trust in e-commerce" The e-commerce market has seen steady yearly growth and is expected to experience the same moving forward, in large part due to the increasing consumer preference for online shopping. Recognizing the need to ensure the sustainability of this thriving market, our legislators enacted Republic Act 11967, or the Internet Transactions Act (ITA). This act is supplemented by the recent issuance of the Department of Trade and Industry (DTI), Department of Information and Communications Technology, National Privacy Commission, Department of Agriculture, Department of Health, and the Bangko Sentral ng Pilipinas — the ITA Implementing Rules and Regulations (IRR), which aim to provide further guidance and protection to the key parties in Internet Transactions. Read more: https://lnkd.in/gseSMVXJ (Photo from Pinterest)

A DOSE OF LAW | Internet Transactions Act (1)   Published 9 February 2024, The Daily Tribune   The internet has revolutionized the conduct of business as it has allowed new platforms for buyers and sellers to meet. Electronic commerce (e-commerce) continues to evolve to provide a more secure, smooth, and fast processing of transactions and a more personalized and convenient user experience. Recognizing the value and potential of the digital economy, the Philippines has enacted a new law seeking to promote and maintain a robust e-commerce environment.   Dean Nilo Divina writes about RA No. 11967 also known as the Internet Transactions Act of 2023 (ITA). Read it here: https://bit.ly/4bzy66U   #DynamicLawyering #ADoseOfLaw #ecommerce #onlinemerchants #eretailers #philippines

In a time when sustainability and transparency are gaining increased focus, the EU is introducing new legislation surrounding the Digital Product Passport. From 2024, this legislation will set new standards for how product information is shared among businesses, consumers, and authorities. Read more about the benefits, objectives and potential challenges for e-commerce businesses regarding the Digital Product Passport in our latest article. https://lnkd.in/eQHrM5Hb #digitalproductpassport #ecommerce #transparentecommerce #transparency #EU

Latin America is experiencing a #digital revolution, with #ecommerce at the forefront of this transformative wave. 🛍 As the region's #internet penetration grows rapidly, businesses have a golden opportunity to tap into a vast market of digitally savvy consumers. 👀 Download Parcel Monitor | E-Commerce Logistics Community's latest #report to learn more about the e-commerce market in #Argentina 🇦🇷, #Brazil 🇧🇷, and #Mexico 🇲🇽: https://lnkd.in/gsYtQjxw #LatAm #datainsights #ecommercelogistics

The e-commerce ecosystem has encompassed various aspects of life, giving rise to legal implications, particularly in the areas of intellectual property and personal data protection, which are now inseparable from Indonesia’s economic system in the digital age. This research aims to elucidate the legal relationship between trade secrets as a crucial form of intellectual property to be safeguarded in the digital era and analyze Indonesia’s legal capability to protect trade secrets amidst the escalating challenges of cybersecurity due to the widespread use of various forms of e-commerce. The research employs a normative legal research method to analyze the protection and legal certainty concerning trade secrets, which can be subject to unauthorized access or theft through cyberattacks. Utilizing a legislative approach, the research relies on secondary data in the form of primary legal sources. The findings of this research reveal political-legal issues and normative shortcomings in regulating e-commerce and trade secrets, often underestimating the digital threats that can harm individuals’ intellectual property rights. (https://lnkd.in/gxSgd74J)

Since entering the European Union market in April of last year, Temu has averaged approximately 75 million monthly active users within the EU as of March 31 of this year. According to the EU's Digital Services Act (DSA), companies with over 45 million users are referred to as Very Large Online Platforms (VLOPs).   Additionally, after entering the US market, Temu's market share rapidly grew to 17% as of last November. Through big data analysis of consumer demands, Temu precisely targets popular product categories and sells goods at lower prices while ensuring quality.   https://lnkd.in/dwdis-rr #WallTech #eTower #Temu #eCommerce #Parceldelivery #Globallogistics

In Georgia, only 3 out of 10 internet users engage with eCommerce, a figure that is lower than what we observe in Eastern European economies. It is particularly curious when looking at the country's high rates of other internet-related activities, dynamic payment market, etc. Therefore, digital trust levels should be also reasonably high. Perhaps the issue is not rooted in the digital world but rather in the physical one, including logistics challenges, particularly in non-urban areas where delivery services are limited. #eCommerce #Georgia #DigitalEconomy