DUBLIN, SINGAPORE, NEW YORK NOVEMBER 3rd , 2021 - The Algorand Foundation and AID:Tech have partnered for the creation of an Algorand native, digital identity protocol together with a digital wallet, designed to promote financial inclusion.
In an agreement finalized last month, the Algorand Foundation provided AID:Tech with a significant grant for the development of a digital wallet that integrates a new digital identity protocol (did:algo) in support of global payments, remittances and related services. The wallet merges identity with payments and is designed for use in a broad variety of environments, with an eye towards provision of additional financial services tailored to enhance financial inclusion and equality of opportunity in wealth creation, from remittances, to micro-finance and insurance. The first use of this new white labelled wallet will be in partnership with Women’s World Banking as part of their innovative digital economy pilot in the Philippines.
Sean Lee, CEO of the Algorand Foundation, notes “the Foundation is working toward a vision of an equitable, borderless, digital economy for all and this partnership with AID:Tech and Womens World Banking plays particularly well to that vision by providing a wallet infrastructure that enables equality of opportunity for wealth creation around the world.”
Since 2015, AID:Tech has promoted the potential of blockchain and digital currencies to enhance financial inclusion. AID:Tech was the first company in the world to deliver international aid using blockchain technology. Working in partnership with leading governmental bodies, development banks, corporates and charities, including Women's World Banking and St. Vincent de Paul Disaster Services Corporation, AID:Tech’s blockchain technology enables accessible, seamless and transparent delivery of data and payments directly to those in need.
AID:Tech CEO, Joseph Thompson stated “Algorand was the platform of choice for this project, with the speed, micro-costs and security we need coupled with the ability to deliver a sustainable, scalable infrastructure. We’re looking forward to getting the wallet into field trials as soon as possible. Another very important consideration for AID:Tech is to build upon a carbon neutral protocol and Algorand is perfectly suited.”
Women’s World Banking, COO, Tom Jones says “What I love most about this initiative is the potential to put the essential technology and security in the hands of those who need it most – extremely vulnerable, low-income women. Providing these individuals with uncompromising digital identities will open new channels of financial access, strengthening their micro-businesses and care for their families.”
The new digital identity that AID:Tech have designed to support the global rollout of this wallet technology will be known as did:algo and will provide an official digital identity standard for the Algorand platform. The Philippines wallet rollout will be the first use case of this new identity standard. AID: Tech will submit did:algo to the W3C standards body to enable for the widespread adoption of this standard.
At AID:Tech, we believe that the future of finance is borderless, accessible, private and personalised. In line with that vision, our mission is to reduce inequality and increase opportunity by making identity and payment services seamless and accessible to all. Since 2015, AID:Tech solutions have helped organisations like Women's World Banking, the UK and German Governments, and the Society of St. Vincent de Paul Disaster Services Corporation in their efforts to deliver assistance to those most in need and to leverage new digital tools to reduce financial exclusion. Today, the company finds itself positioned at the intersection of digital identity, digital payments, and blockchain-powered transparency. Looking forward, AID:Tech is focused on deploying next generation crypto and blockchain solutions, bringing the power of traditional finance and DeFi to people all over the world.
Learn more at https://aid.technology
About the Algorand Foundation
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public, and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy.
Learn more at https://algorand.foundation
For the Algorand Foundation