BRUSSELS AND STOCKHOLM – March 15, 2018 – Last year, B-Hive, a European innovative collaboration platform connecting fintech startups and established financial service organizations, announced the launch of TrustHive. The initiative started with a working group with AG Insurance, Belfius, BNP Paribas Fortis, Euroclear and KBC with the endorsement of other partners of B-Hive (AXA, Baloise, Allianz, ING, SWIFT, Bank of New York Mellon, Isabel Group, MasterCard), for the creation of a blockchain platform to simplify identity management (Know Your Customer – KYC) for corporates.
Money laundering and tax evasion are considered to be two of the main crime threats to the EU because they create great damage to the stability and reputation of the financial sector, and even to the economy as a whole. As these types of crime are becoming increasingly complex, sophisticated and dispersed internationally, action on a supranational level is required...
Financial Institutions (FI) invest a lot of effort and hard cash in blockchain projects at the moment. The first real hurdle, slightly tackled by good intentions, is “collaboration”.
The development of banks depends, between other points, of how efficient they are in to deal with the balance that pends between data protection and the need of research sensitive customer’s personal data. How the fintechs are developing KYC tools that are also caring about data privacy?
... and I am whatever you say I am! (Eminem)
Identity is a key legal aspect, next to property. As such, it's of course also a key aspect of our daily life. You have an ID card, a driver's license, a badge from your employer, a bank card,... a whole slew of items to proof who you are, or, as some defend: sufficient evidence to avoid being denied your identity.