The solution’s function is to assist Financial Institutions (FIs) in identifying and evaluating fintech companies for collaboration and development opportunities. Created in collaboration with Boston Consulting Group Fintech Control Tower (BCG FCT) and Temasek-founded Affinidi, the registry is set to go live on the 1 December 2021.
ChekFIN is built using internet Web 3.0 services, and will provide a decentralised, open standard, and trust-based solution helping financial institutions to reduce the amount of time spent searching for and assessing a suitable partner firm.
The platform includes features such as a comprehensive taxonomy and tagging system to facilitate easy search, easy access to aggregated and relevant information on firms in a single place, and the ability to assess their digital reputation and credibility using Verifiable Credentials (VCs).
When ChekFIN is launched, every fintech will be allowed to share three specific credentials to start with. This includes business references from existing financial institution customers, hackathon and other technical awards, and funding support and grants obtained. The platform will use BCG Fintech Control Tower’s assets, which tracks 27,000 fintech firms globally, providing insights to the fintech ecosystem at large.
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