BPNG Initiates ‘YuTru’
Today, the BPNG formalised project support, under special project 23p (SP23p), for the establishment of PNG’s first digital trust framework. The project will help to consolidate and position current projects related to distributed ledger technology, biometrics, and e-KYC into a single project vehicle.
The YuTru project, with support from the Australian Government through the PNG-Australia Partnership facility, will involve the establishment of a set of rules for how digital identity will be established and recognised in the formal financial sector. These rules will be devised by licensed financial institutions and aim to meet existing KYC regulations using digital methods.
This will pave the way for greater financial inclusion, particularly in the case where citizens cannot access formal government-issued documentation. The intent is to work alongside the national ID scheme, among other identity scheme like referrals and vouching, and extend these identification methods into an international standards-driven digital realm.