September 22, 2018
Emergent Technology to introduce identity verification across platforms
SANTA CLARA--Emergent Technology Holdings LP has made a strategic investment in T Stamp, Inc to allow introduction of the technology across their payment platforms.
Trust Stamp develops artificial intelligence and biometric hashing technology for identity verification and portability. EmTech is deploying Trust Stamp's technology across its Emergent Payments, G-Coin, and Responsible Gold businesses.
Trust Stamp's core application combines state of the art facial biometrics and proof of life tests to create unique and secure digital identities. Using a mobile phone or computer, an individual captures a video or still image of their face. Biometric data is recorded and matched with a photo-ID, public records or social media to verify identity. The data is translated into a proprietary hash, which can be used to analyze and attach trust or preferences to business interactions.
"Across our business, we strive to facilitate greater financial inclusion in emerging markets and identity is a central component," said EmTech's Chief Commercial Officer Mitch Davis. "Over one billion people worldwide cannot officially prove their identity. This needs to be solved to bring more people into the global financial system, forcing us to think beyond government-issued IDs to biometrics and proof of life.
"We see an opportunity to not only provide an identity to the financially excluded of the world, but also to link their digital identities to our global payments ecosystem. With G-Coin, we offer a payment and wealth preservation platform, and with Emergent Payments, we connect these consumers to digital merchants with local payment methods they are familiar with. We are excited to extend our capabilities with Trust Stamp's groundbreaking hashing technology."
The Trust Stamp hash is in operation across multiple industries including, banking, fintech, KYC/AML compliance, real estate, and law enforcement. It is being piloted to fight human trafficking by the Attorneys General of New Mexico and Guanajuato, Mexico, with further rollout in additional U.S. states to come. Trust Stamp applications are used by members of the National Association of Realtors® in the U.S. to verify client identity and by members of the National Association of Estate Agents in the U.K. to perform full KYC/AML and onboarding functions.
"We are excited to bring an identity solution to EmTech, its clients and partners. Trust Stamp's technology will make EmTech's compliance and customer authentication processes even stronger across their G-Coin and Emergent Payments offerings," said Trust Stamp co-founder Andrew Gowasack.
EmTech will also implement Trust Stamp technology across its Responsible Gold platform for the gold supply chain, which uses blockchain technology to track conflict-free gold from mine, to refinery, to vault. Trust Stamp's imaging technology will be used to verify the authenticity, provenance, and uniqueness of each gold kilobar registered on EmTech's Responsible Gold blockchain.
"In the same way Trust Stamp's technology is used for facial recognition, it can be used to create a unique gold kilobar identity that is immutable and universally accessible in a matter of seconds," said Mr. Davis. "Users can validate the provenance and authenticity of gold regardless of location and age. This reduces the risk of accepting counterfeit bars, identifies non-compliance and streamlines physical gold trading."
Based in Santa Clara, California, Emergent Technology Holdings LP ("EmTech") owns and operates Emergent Payments®, the Responsible Gold™ platform, and G-Coin™. The company provides blockchain-based technology solutions that track responsibly-sourced gold from mine, to refinery, to vault, and then digitizes that gold into secure G-Coin tokens for investing, sending and spending globally. EmTech operates in more than 70 high-growth markets across Asia-Pacific, Latin America, Africa, and the Middle East.