We believe every person should have access to financial services that are right for them - regardless where they are in the world. Finance should be open and interoperable, just like open-source software.
This requires establishing trust between several parties in a situation where meeting face-to-face isn't an option. We're building Fractal ID to enable trusted relationships between people and organizations across borders and languages based on reliable and verifiable information.
I see it as a massive opportunity for financial inclusion - breaking down barriers to services that were previously simply unavailable to certain groups, be it because of a lack of infrastructure or of legal uncertainties and risks.
Removing the legal uncertainties from the equation is exactly what we set out to do with Fractal ID - we're fostering trust between companies and their users all over the world, so they can establish sound business relationships that were previously simply impossible.
We've observed that the emerging wave of "Finance 3.0" companies struggle to find suitable providers for their compliance needs. These companies have a highly international user base from the start, yet the vast majority of vendors can only process a limited set of identity documents and languages. As a result, they need to juggle multiple vendors across the globe.
Our approach is different - Fractal ID was conceived as a global solution from its inception. We make sure our processes and terminology are easily understandable for everyone, provide hands-on support in multiple languages to not exclude anyone.
Our clients don't have to worry about integrating several providers and maintaining complex setups - we take care of everything for them and provide them with unified reporting. This really is the only approach that makes sense to us in this new world where barriers are rapidly breaking down.
Without a proven identity, you are locked out of a broad range services in the digital space - i.e. insurance, lending and investing, and many more, even if there are no real legal barriers, but just lacking processes and structures. When we founded Fractal, we realized that by providing users with a trusted identification method that is portable, we can remove a massive roadblock in the transition to a more open and interoperable financial ecosystem, so we set out to close that gap in the infrastructure of the decentralized web.
I want to enable a whole marketplace for identification and additional services like AML providers, credit report services, and related services so our clients can mix and match the signals they deem the most powerful to understand their users, and vendors can compete in real-time. That idea really excites me.
Managing Director, Machine-Economy Strategy Lead
Author ERC20, ERC725
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