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Banks join Finnish initiative to build digital identity network

Banks join Finnish initiative to build digital identity network

The Finnish Ministry of Finance has granted the Findynet Cooperative, which includes Nordea Bank and OP Financial Group among its members, a €3 million government grant to build a pilot environment for a self-sovereign identity network.

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

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

Markus Hautala, chairman of the Board of the Findynet Cooperative, says: 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 Findynet Cooperative include nine public and private sector organizations: 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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