Finland backs Findynet Cooperative to develop self-sovereign identity network


Finland’s Ministry of Finance has granted the Findynet Cooperative a three-million euro grant to build a pilot environment for a self-sovereign identity network.

According to Findynet, the aim of this public-private cooperation is to strengthen Finland’s leading position in digitalisation and support the emergence of investments in new digital services.

The Findynet Cooperative aims to develop a network that ensures that digital wallets developed by different service providers are interoperable and work seamlessly for both organisations and individuals.

The funding will enable the Findynet Cooperative to develop a common and secure self-sovereign identity network, which can be used to ensure the correctness of information in electronic interactions.

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 founding members of the Cooperative include nine public and private sector organisations, namely Finance Finland, Finnish Post, Nixu, Nordea Bank, OP Financial Group, Social Insurance Institution of Finland, Tietoevry, Vastuu Group and Technology Finland.

Finnish RegTech company iconicchain, which leverages blockchain to improve compliance, previously collected €1m in funding.

The investment was led by OXO Technologies, an investor listed on the Budapest Stock Exchane, with it committing €700,000 to the round, according to a report from Helsinki Fintech Farm. A group of unnamed angel investors suppled the remaining €300,0000.

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