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 company’s 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.