Trust Stamp facial biometrics added to EmTech fintech platforms
Emergent Technology Holdings (EmTech) has announced a strategic investment in Trust Stamp, and will deploy artificial intelligence and biometric hashing technology from Trust Stamp across its fintech platforms.
EmTech’s Emergent Payments, G-Coin, and Responsible Gold businesses will all use the facial recognition and liveness detection of Trust Stamp’s core application to provide identity verification and portability. Biometric data is recorded, matched with an image from an ID, public records, or social media, and translated into a proprietary hash. The hash can be used to analyze and attach trust or preferences to interactions, according to the announcement.
“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.”
In addition to being used in banking, fintech, and KYC/AML compliance applications, Trust Stamp’s biometric hash has been deployed for real estate and law enforcement systems. Trust Stamp recently announced the development of a system to identify human trafficking victims with facial recognition, which is being piloted in the Southwestern U.S. and Mexico.