Finland

Findynet Gets €3 Million Grant to Develop Finland’s Digital Identity Network

by Fintechnews Nordics September 6, 2022

The Finnish Ministry of Finance has awarded the Findynet Cooperative a three million euro government grant to build a pilot environment for a self-sovereign identity network to ensure the correctness of information in electronic interactions.

The Findynet Cooperative aims to develop a network that ensures that digital wallets developed by different service providers are interoperable, and work seamlessly for both organisations and individuals.

End-users will manage their own data and can decide for themselves what information they share about themselves with different parties to preserve their privacy. For example, this could involve electronic receipts, credit information, and proof of professional qualifications.

Markus Hautala

“We are very happy to have received this government grant, which allows us to continue our long-term work with public and private sector actors and build a trust network covering all of society,”

comments Markus Hautala, Chairman of the Board of the Findynet Cooperative.

The Findynet Cooperative is a public-private cooperation that aims to strengthen Finland’s position in digitalisation and support the emergence of investments in new digital services.

Its founding members include nine public and private sector organisations; Finance Finland, Finnish Post, Nixu, Nordea Bank, OP Financial Group, Social Insurance Institution of Finland (Kela), Technology Finland, Tietoevry and Vastuu Group.