Finland’s Ministry of Finance has dished out €3 million to the Findynet Cooperative – a group of fintechs and financial institutions – with the aim of developing a common digital identity network.
The Cooperative has been tasked with building a secure pilot environment for a self-sovereign identity network that ensures interoperability between digital wallets from different service providers.
The Cooperative says the trust network will “promote digital and human-centred data economies” and give end-users more control over their personal data such as electronic receipts, credit information and proof of professional qualifications.
Individuals will have the ability to share and store such electronic documents in a secure manner, while also having the freedom to use any wallet from any vendor to access the network.
It’s hoped the development of the network will peg Finland as a leader in digitalisation and support investment in digital services across the country.
Findynet Cooperative chair Markus Hautala says the government grant “allows us to continue our long-term work with public and private sector actors and build a trust network covering all of society”.
The Findynet Cooperative consists of Finance Finland, Finnish Post, Nixu, Nordea Bank, OP Financial Group, Social Insurance Institution of Finland (Kela), Technology Finland, Tietoevry and Vastuu Group.
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