Metro Manila (CNN Philippines, February 2) — The financial technology (fintech) arm of the Aboitiz Group has developed identity security to allay Filipino consumers’ growing fear of fraud and cybercrimes particularly highlighted in 2022.
With more cybercriminals preying on Filipinos’ sensitive data, Aboitiz’ UBX seeks to lead the decentralized identity management market through AKIN, a digital solution that provides a secure space for individuals to gain full control over their own information.
AKIN allows users to choose companies or entities that can access their digital identity. As this covers the open finance ecosystem, an individual’s existing data processed by a partner bank can be forwarded anytime to an entity following a client’s request or permission, subsequently eradicating redundancies and the need to fill out forms.
Open finance expands consumer data right from banks to non-bank institutions.
UBX said this complements the government’s Philippine Identification System as both simplify transactions and enhance data sharing capability, protecting Filipinos against fraud activities.
“Coopetition, a play on cooperation and competition, is one of the central principles of AKIN. In other words, AKIN encourages institutions to cooperate with each other in the development and operation of the technical system, which would lead to a healthy competition in the development of new products and services based on it,” UBX President and CEO John Januszczak said in a statement on Thursday.
“Now that we are in the digital age, our first and foremost priority is the data security of customers… We ensure full compliance with the data regulation statutes as well as with the rules promulgated by various financial institutions and service providers,” Januszczak added.
