In a significant development during the World Economic Forum (WEF) 2026, Sumsub, a prominent name in identity verification and fraud prevention, has entered into a Memorandum of Understanding (MoU) with the Global On-chain Economy Alliance (GOE Alliance). This agreement was formalized during an international networking event aimed at promoting cooperation, which was hosted by the People's Committee of Ho Chi Minh City and co-organized by HCMC C4IR and VIFC-HCMC.
The announcement of this MoU took place at a working session that featured key Vietnamese government officials, representatives from international organizations, and members of both local and global business and innovation sectors. This event is part of broader efforts to articulate a vision for the development of Vietnam’s International Financial Center (IFC) in Ho Chi Minh City, while also fostering collaboration with international partners in the fields of finance and technology.
Paving the Way for Crypto Payments in Tourism
This groundbreaking agreement aims to implement practical, infrastructure-based use cases within the on-chain economy. A major focus is placed on establishing compliant crypto and stablecoin payment solutions specifically for the tourism industry. This sector is known for its high volume and frequency of cross-border transactions, making effective identity verification and fraud prevention crucial.
The proposed crypto payment solutions are targeted at facilitating expenditures by international tourists on various services such as lodging, transportation, dining, shopping, and other tourism-related activities. By leveraging cryptocurrencies and stablecoins, the initiative seeks to diminish currency conversion barriers, reduce foreign exchange costs, and provide a smoother, more convenient payment experience for travelers. This presents a promising and easily implementable application scenario that could significantly enhance tourism and international consumer spending in Vietnam.
The signing of the MoU is part of a larger initiative to develop an on-chain ecosystem showcased at WEF Davos 2026, which brings together public sector entities and private sector infrastructure providers, including the GOE Alliance, the Ho Chi Minh City Government, Sumsub, and Tether, a stablecoin issuer. Their shared goal is to foster the development and implementation of regulated, real-world crypto applications within the framework of Vietnam’s IFC.
During the signing ceremony, Mr. Nguyen Thanh Trung, Chief Executive Officer of Sky Mavis and a founding member of the GOE Alliance, represented the alliance alongside Andrew Sever, Co-Founder and CEO of Sumsub.
Mr. Trung expressed, "The on-chain economy represents a new kind of economic infrastructure rather than merely a new market. Much like how railways transformed trade and the internet revolutionized access to information, it is designed to facilitate value exchange in the 21st century and relies on shared standards and collaboration."
Andrew Sever further noted, "As crypto and stablecoin payments begin to find their footing in tangible use cases, establishing strong compliance infrastructures becomes increasingly critical. This partnership exemplifies how governmental bodies and industries can collaborate to drive innovation while ensuring trust, security, and scalability, particularly in high-volume sectors like international tourism."
In a separate agreement during WEF 2026, the GOE Alliance also finalized an MoU with Crystal Intelligence, Europe’s leading blockchain analytics provider, focusing on the enhancement of cross-border payment infrastructure within the on-chain economy.
About Sumsub
Sumsub stands out as a leading full-cycle verification platform dedicated to enabling fraud-free, scalable compliance. Their adaptable, no-code solution encompasses everything from identity and business verification to ongoing monitoring, swiftly responding to changing risks, regulations, and market demands. Recognized as a leader by Gartner, Liminal, and KuppingerCole, Sumsub merges seamless integration with advanced fraud prevention measures to deliver top-tier performance.
