UBX Delivers Open Ecosystem for Decentralized Identity Management
UBX, the leading open finance platform in the Philippines, has
delivered its open ecosystem for decentralized identity management called AKIN
to provide individuals with full control over their personal information,
allowing them to transact freely and securely through one digital identity.
AKIN realizes the concept of self sovereign identity (SSI) - a digital
movement that recognizes an individual’s power to own and control his or her
identity without any intervening administrative authorities. SSI allows people
to interact in the digital world with the same freedom and capacity for trust
as they do in the offline world.
SSI allows users to manage their own information and decide who gets
access, anytime, anywhere. This shifts identity and credential management from
the client-server model to a peer-to-peer model.
In layman’s terms, SSI provides individuals more control over their
data, allowing them to choose companies or entities or individuals that can use
their data.
For instance, a customer with an SSI processed through a partner bank
can use their existing SSI to apply for a postpaid line with a local telco,
removing the need to fill out forms and reducing friction and duplication
inherent in companies’ know-your-customer (KYC) process.
By streamlining the users’ information and simplifying transactions,
AKIN complements the Philippine Identification System (PhilSys), a project of
the Philippine government. According to Republic Act No. 11055, the PhilSys is
also motivated by financial inclusion, the same goal which is at the heart of every
endeavor by UBX.
The primacy of sovereignty is also present in the national ID or the
Philippine Identification ID (PhilID). PhilSys will give users the ability to
determine who sees their data when transacting using Philsys.
“Coopetition, a play on cooperation and competition, is one of the
central principles of AKIN. In other words, AKIN encourages institutions to
cooperate with each other in the development and operation of the technical
system, which would lead to a healthy competition in the development of new
products and services based on it,” said UBX President and CEO John Januszczak.
Much like the PhilID, AKIN is expected to enhance the integrity of
services and reduce fraud because it uniquely identifies each registered person
according to a given set of data, making it difficult for others to gain access
to the same set of credentials.
“Now that we are in the digital age, our first and foremost priority is
the data security of customers. As the country’s leading open finance platform,
we ensure full compliance with the data regulation statutes as well as with the
rules promulgated by various financial institutions and service providers,”
Januszczak explained.
The Philippine Postal Corporation
(PhilPost) is one of the first organizations integrating AKIN into its system.
Through its partnership with GRP Mobile Solutions Inc. and UBX, PhilPost is
developing a mobile app that will feature digital financial solutions that will
complement its existing postal services.
“As part of our innovation efforts and digitalization
initiatives comparable to the best postal service in the world, we are proud to
partner with UBX, the leading open finance platform in the Philippines as well
as GRP Mobile Solutions Inc. for our PHLPost App. This is part of our bid to
not only improve our postal services, but to also promote financial and social
inclusion. Integrating AKIN into our mobile app, which will be launched within
the year, enables our users to further leverage open finance solutions that fit
their needs,” Postmaster General Norman Fulgencio said.”
With AKIN, users can digitize cards in their respective wallets to
identify themselves online. By simply downloading one of the partner wallet
apps to their mobile phones, they can receive, store, and manage their data
accordingly.
Security is ensured through encryption to prevent third parties from
creating bogus user profiles. Since the wallet serves as an all-around platform
where people can manage their personal data, transparency is guaranteed not
just to customers but to companies and institutions as well.
“This digital transformation powered by UBX allows us to truly elevate
the Filipino standard of living beyond just the digitization of finance. UBX
constantly innovates to assist the public sector in providing quality services
for all. With AKIN, we are definitely several steps closer to achieving true
financial inclusion as we accelerate towards a digital economy,” Januszczak
said.
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