Digital identity is becoming increasingly important and in my view, now is the time for our sector to pay even closer attention, especially considering the recent legislation announcement. Looking ahead, we need to consider the opportunities for our sector.
The Digital Identity Services Trust Framework Bill (DISTF) aims to establish a framework for trustworthy and inclusive digital identities that prioritise privacy and security. Ultimately, this could lead to a user-owned, permission-based, transferable digital identity, but this is still in the early stages. The legislation could also lead to digital identity being used to establish trust and mitigate risk in a number of use cases. Options for the likes of AML/KYC (anti-money laundering/know your customer), for example, are probably quite a way off as there would need to be some fundamental changes to (inter)national practice. It could also potentially address issues of financial exclusion by providing a transferable proof of identity that could be used across approved providers and sectors. Regardless, as we have seen with Open Banking, the market value and opportunities are likely to accelerate when legislation comes into force. What does this mean for FinTechs now and in the future? I’m looking forward to joining the conversation with our Tech Alliance friends at the Digital Trust Hui Taumata on 1 August in Wellington. It’s the annual must-attend event for the digital identity ecosystem and this year they’re exploring growth opportunities in finance and retail.
FinTech for FinTechs
One of the post-event insights from our recent FinTech Hui was the need to focus more specifically on early stage FinTechs. At the Hui, we saw strong support for our pitching and innovation alley, but we’re now asking if there is potential to do more?
We’re exploring the concept of a mini-conference specifically focused on the interests, issues and needs of early stage fintechs. This would be a half day event for up to 60 people and likely hosted in Auckland or Wellington in late July/August. It’s an ideal opportunity to create valuable connections and share insights. The format may include facilitated roundtable discussions, ongoing development, production demos, developing an action plan, and more. If you’re interested in attending, please complete this quick multi-choice survey to help us determine the best options. We’ll also require a venue and support, so if you’re interested in partnering with us please contact me.
In other member news, Akahu says open banking could help tackle banking mistakes and scams, but New Zealand is lagging. Read more. Plus, it’s great to see DOSH New Zealand featured on a global map of digital wallet providers.