🏁 The Importance of Building a #CircularFinancialIdentity In today's digital age, financial transactions have become increasingly complex, with various intermediaries and third-party institutions. While these institutions play a crucial role in facilitating financial services, they often lack a holistic view of an individual's financial life, leading to potential biases and exclusion. This is where the concept of a Circular Financial Identity (#CFI) comes into play, offering a #selfsovereign and comprehensive approach to managing one's financial identity. Built on #Cardano protocol, Defy's CFI infrastructure allows users to selectively share personal and financial information with financial institutions, helping the latter to paint a more accurate and inclusive picture of an individual's financial capabilities and #creditworthiness. In other words, Defy's CFI infrastructure facilitates the development of new financial products and services tailored to individual needs and preferences, and fosters #RealFi #innovation within the financial sector. Cardano Foundation │ Universal ID Council │ WIN - World Identity Network #DiD #SelfSovereignIdentity #FinancialInclusion #Defiant4Good
🚨We live in a world where BILLIONS of people are struggling to get basic financial services like loans or even something as essential as opening a bank account simply because they lack traditional "proper" documentation. Introducing Circular Financial Identity (CFI) - a solution that directly addresses this issue. At its core, CFI is based on the principles of self-sovereign identity, privacy, data decentralization, data minimization, and consent. This encompasses a holistic and self-sovereign view of an individual's financial life, going beyond just credit scores and payment histories maintained by third-party institutions. Curious to learn more about CFI? https://lnkd.in/gUxgg2vs #banking #CFI #financialinclusion #Web3 #kyc
Chief of Staff at xcube.co | Accredited Board Director | WIA Chapter Lead | SFA Women-in-FinTech | Fintech65 Leader
3moBeing in the #KYC and space for years, I truly believe #CFI will be the effective enabler for financial inclusion. Looking forward to continue building this up through Defy for the benefits of all stakeholders in the financial services ecosystem.