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Why Do We Need Digital Identity Systems in the Financial Services Industry?

The idea of a universal, tamper-proof digital identity becomes increasingly relevant in the face of political, economic and other uncertainties around the world. Massive groups of the global population are undocumented nowadays with numbers growing at a blink of an eye. In fact, some estimates suggest that there are more than 232 million undocumented migrants internationally.

Since many of those people do not have a formal identification document at the new place of residence, they are often victimized and hold a disadvantageous position in the financial system and beyond. Digital identity will not only give undocumented people a chance for financial inclusion in new places but bears a range of other important benef ...

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