Findynet Cooperative has received a funding round of €3m from Finland’s Ministry of Finance to pilot a digital identity network which promotes the interoperability between digital wallets from different vendors.
The Findynet Cooperative is a private-public partnership comprised of financial institutions and enterprises with the objective to build a digital identity ecosystem in Finland.
The trust network have a decentralised approach towards allowing end-users to have more control over their personal information and will be interoperable with digital wallets from multiple vendors, as Finland seeks to increase its position as a digital economy and accelerate its digital transformation.
The goal of the network is to facilitate both individuals and organisations being able to share their information electronically and securely in business situations.
In response, Findynet said, “The trust network, which will now be built, promotes digital and human-centered data economies. This means that end-users manage their own data and can decide for themselves what information they share about themselves with different parties to preserve their privacy. For example, this exchange of information could involve electronic receipts, credit information, and proof of professional qualifications.”
The substantial investment comes after Finland’s finance ministry also proposed draft legislation for a national digital identity programme, in tune with the U.S. and the U.K. in looking to establish a state-issued digital identity system.
Finnish nationals would be able to verify themselves to access a number of services both online and in-person, from government functions, to managing bank accounts, with a second digital ID systems being made available to foreign nationals.
Riitta Partala, Director of Digital Identity at the Finnish Digital Agency mitigated the concerns over privacy invasions, saying the system would protect the rights of users over information privacy and allowing them to have freedom over what data they share.
Users of the digital ID network which the Findynet Cooperative will trial can use their chosen wallet from any vendor to access the network.