Tuesday June 27, 2017 - Money20/20 Europe, COPENHAGEN, DENMARK.
B-Hive, a European enabler of innovative collaboration for fintech startups and established financial service organizations, announced today that financial institutions AG Insurance, Belfius, BNP Paribas Fortis, Degroof Petercam, Euroclear, KBC and SWIFT are working together on the creation of a blockchain-powered platform to simplify customer on-boarding for individuals and legal entities.
Today, legal entities (and, to a lesser degree, individuals) are confronted with lengthy, and often paper-based, non-standardized on-boarding processes. Furthermore, customers do not always have a clear view on how their identity data is managed further on after the on-boarding process.
The new platform “Trust-Hive” – in collaboration with other initiatives such as “Itsme” – will provide individuals and legal entities with a single connection point to manage their identity data. In line with the requirements of the European General Data Protection Regulation (GDPR), customers will be able to control how and until when their identity data is shared with each organization they trust through a user-friendly interface. Likewise, corporates will be able to process significant statutory changes through a single contact point.
The platform will enable financial institutions and other participating organizations to benefit from identity verification done by other connected organizations, with customer consent, thereby enabling substantial operational cost reductions compared to existing processing.
The group of financial institutions (AG Insurance, Belfius, BNP Paribas Fortis, Degroof Petercam, Euroclear, KBC and SWIFT) started working on the initiative last year and, if the proof-of-concept is successful, B-Hive intends to initiate a phased launch in 2018, ultimately eyeing a pan-European rollout.
Commenting on the initiative:
Alexander De Croo, deputy prime minister and Minister of Development, Cooperation, Digital Agenda, Telecom and Postal Services: “The Belgian government welcomes and supports this initiative, which enables selective control of digital identity for individuals and legal entities. The recent launch of the Belgian Mobile ID (which enables citizens to have one secure digital login for registering, doing transactions or signing documents) is another example of how committed we are in becoming a frontrunner in the digital landscape in Europe. ”
Johan Van Overtveldt, Belgium’s minister of finance: “This initiative further underlines the vibrant innovative culture of our financial community in Brussels as a gateway to the rest of Europe, taking advantage of its presence close to the decision-making centers of Europe. Earlier this year, we created B-Hive as a platform for collaboration between pioneering fintech startups, major financial infrastructure players and financial institutions. B-Hive is establishing offices in London, Tel Aviv, New York and Singapore to build bridges to other fintech hubs, giving it an undisputable international reach. It is the result of a recommendation of the high-level expert group of the financial sector which I put in place in 2015. Therefore, I welcome this latest project and offer it my full support."
Johan Thijs, chairman of Febelfin, the Belgian Financial Sector Federation, and CEO of KBC Group: “Digitization and useful applications of blockchain technology are on top of our agenda. We are proud to launch this joint initiative in the Belgian market."
B-Hive - successor of Eggsplore founded by Jurgen Ingels and Wim De Waele - is a Belgian collaborative innovation platform in which 13 major financial players (banks, insurers and market infrastructure players) work together on common innovation challenges and build bridges to the global start-up and scale-up community to:
Increase the competitiveness and leverage the opportunities offered by the digital
transformation for the financial services industry;
Build a strong startup and scale-up ecosystem in Belgium, and by extension continental Europe, that exports its products and services;
Attract foreign smart technology companies to Brussels and have the Belgian capital city act as a hub for, and gateway to, the Eurozone;
Build bridges to other fintech hubs globally to share expertise and networks;
Develop common initiatives around cybersecurity, infrastructure, regulation and technologies for the platform economy;
Enable “seamless fintegration.”
With its headquarters in the Brussels area functioning as a fintech hub and enabling a gateway to and from the Eurozone, B-Hive will establish a global presence to bridge and share expertise and networks. B-Hive has recently set up shop in London and Tel Aviv. Other satellite offices are planned in major hubs such as New York and Singapore.
The investors in the platform are financial institutions AXA, BNP Paribas Fortis, ING, KBC, Belfius, Euroclear, SWIFT, AG Insurance, Baloise Insurance, Allianz, Isabel, BNY Mellon, Mastercard and the Belgian government - by means of the federal investment fund and existing partners from B-Hive, Cresco Law, Ingenico, McKinsey&Company, Proximus and Time.lex.
CEO: Wim De Waele
Executive Chairman: Fabian Vandenreydt
Spokesperson Trust-Hive: Dave Remue email@example.com
B-Hive is currently present at Money20/20 Europe, represented by Fabian Vandenreydt (Executive Chairman), Niek De Taeye (COO) and Caroline Sedda (Head of Community, B-Hive Europe) - Booth H4.