18

May


KFA Team

Team Focus: Ego Identity

As our world becomes more and more connected digitally people and their information becomes more vulnerable. Meet Ego Identity, the team enabling secure digital identities that will be verifiable for organisations and easily manageable by each individual.

Q&A:

So, what is Ego ID working on?

Ego is a self-sovereign identity solution that smooths the path to Anti Money Laundering compliance by eliminating unnecessary physical visits to financial services providers and other reporting entities. Customers experience less friction when purchasing multiple financial services. Existing reporting entities reduce costs by leveraging each other’s efforts. New reporting entities overcome a barrier to entry and develop new lines of business to the benefit of all reporting entities.

Why is it important?

Anti money laundering measures are necessary to reduce financial crimes and terrorism financing. However, the cost of compliance is exorbitant. New Zealand’s second phase of AML compliance, brought in from July this year, is expected to total to more than a billion dollars over the next 10 years.

What are you looking forward to during KFA?

(Craig) Personally, I didn’t really have time to form any expectations… I turned up not knowing what I was going to do other than it would be something with digital identity!

What are you aiming for?

Trusted identity for all New Zealand on which we can build a world-leading digital economy.

 

Are you part of an organisation that finds the cost of AML challenging – or a consumer who frequently needs to verify your identity? 

Help trial identity verification and create a trusted digital economy for New Zealand with Ego Identity.