Using a Trust Framework Approach for Digital Identity in Pacific Islands Countries
Our Pacific region is losing correspondent banking relationships at the fastest rate of any region in the world (RBNZ 2021). This means that our costs of banking are increasing and the pathways that our money has to take, in order for us to transact with others abroad, is becoming more circuitous taking longer. A working paper by Neocapita Security: “Using a Trust Framework Approach for Digital Identity in Pacific Island Countries” explores the idea of using YuTru’s approach to improve the integrity of identification in the Pacific region.
The trend represents a deeper underlying problem with our region – the lack of trust other countries have in Pacific systems of identity and verification. More specifically, banks overseas don’t want to hold bank accounts for our businesses and financial institutions in the Pacific, for the purposes of international transfers in and out of the region, because they are viewed as being at greater risk of money laundering, terrorist financing, and tax evasion. Applying for a visa in other countries now requires us to deposit our biometrics in other places as there is no home-grown system trusted sufficiently for other countries to rely on.
This is because our underlying identity documents can be easily forged and tampered with. Everything from a paper-based passport, to a laminated driver’s license, to a national ID card with duplicates turning up from time to time, represents low integrity identity documentation.
YuTru was designed to beat this problem once and for all. YuTru offers citizens a world-class digital identity, equivalent to that used in other mature countries internationally. An approach like YuTru also removes most of the cost citizens face to get identified: travel, time, documentation; because the system uses the latest in biometric and digital identification standards and techniques and can be obtained online.
Talk to us at info@yutru.org today to be part of our exciting journey.