Trust Stamp and VIVA Finance Team up to Drive Financial Inclusion
Partnership leverages the firms’ solutions to support financial systems as the foundation for global inclusion
- Written by Banking Exchange staff
Trust Stamp, a global provider of AI-powered identity services, has partnered with VIVA Finance, a mobile-first fintech lending platform, in a united effort to tackle global financial inclusion.
Working together to combine their innovations, Trust Stamp and VIVA are looking to provide underserved individuals with an entry point to take part in the “digital-first” future of finance, breaking the barrier to achieving societal and financial inclusion.
The introduction of AI to the finance industry offers many opportunities that could lead to a more fair, efficient, and resilient financial system. The realization of AI potential in financial services is highly dependent on access to personal data and model training.
Through its data transformation and comparison capabilities, Trust Stamp supports organizations with biometric identity solutions to reduce fraud, protect personal data privacy and increase operational efficiency.
Trust Stamp chief commercial officer, Kinny Chan, said: “Trust Stamp’s vision for global inclusion has driven our work to provide secure, privacy-first identity solutions for the billions of people around the world whose lack of verifiable data prevents them from accessing financial services. VIVA’s transformative work highlights the need for equitable services and greater consumer choice, even in highly-developed economies.”
VIVA enables individuals with thin credit histories to improve their financial wellbeing through its affordable lending program, underwritten by employment history rather than credit score.
VIVA’s CEO and co-founder, Jack Markwalter, commented: “We are thrilled to partner with Trust Stamp to further our mission of building an inclusive financial system. This partnership will allow us to prevent would-be identity thieves from using our application while not adversely affecting honest people who may have thin or no credit history.”
VIVA’s technology services thousands of working Americans traditionally met with complex and often predatory lenders. Encouragingly, a recent study from the US Bank revealed millennial women are taking a more active role in their finances.
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