November 21, 2019
Vietnam Blockchain Corporation (VBC) presented Blockchain-based Financial Profile Solution, named Trustless Credentials, at Singapore Fintech Festival 2019. Three-day Conference & Exhibition at Singapore Fintech Festival will take place from 11 to 13 November 2019 at the Singapore Expo. The Conference will feature for the first time the theme of sustainability, and cover Financial Services; Industry 4.0 – Artificial Intelligence, Blockchain, Cloud and Cybersecurity; Financial Inclusion; Green Finance; and Technology Beyond Finance.
Trustless Credentials, developed by Vietnam Blockchain Corporation (VBC), is a blockchain-based Financial Profile solution. Each user is provided an identification code, in the form of a QR code. All the identification information, bank loan records, insurance documents, payment history, are immutably recorded on blockchain and easily accessible on smartphones and computers connected to the Internet.
Information on each transaction process is presented transparently and clearly, making it easy to detect immediately if there is fraud or confusion. In particular, once the information is recorded on Blockchain, it is impossible to edit or change. The information will become a reliable reconciliation to help borrowers and banks verify the accuracy and protect their rights when an incident occurs. Financial transaction history stores safely and confidentially. The data is stored in a decentralized system and only the holder of the Secret Key is able to conduct legal transactions with its data as well as being allowed to send information to the blockchain nodes on the system. Blockchain will help speed up processing, reduce the complexity of paperwork and lower the cost of credit application processing.
Trustless Credentials, for the first time, is presented at Singapore Fintech Festival 2019. This is the only Fintech solution that represents Vietnam joins the event, among 400+ exhibitors in about 40 countries. Trustless Credentials receives many interests and inquiries from attendees.
Mr. Do Van Long, General Director of Vietnam Blockchain Corporation, shared, “Fintech is considered the new trend of future banking system. The cooperation between Banks and Fintech companies have been strongly promoted around the world in recent years, and have become a tendency in Vietnam. Blockchain technology, thanks to its advantage of sharing data information transparently in real-time, saving storage space and guaranteeing high security, will certainly be one of the indispensable development strategy in the future of banks and fintech institutions.”
Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and Technology (SWITCH) would come together as SFF x SWITCH to synergize across the themes of FinTech and Deep Tech. SFF x SWITCH will bring insights from global thought leaders, showcase innovative solutions, and engage entrepreneurs, investors and innovators from around the world. It will also provide rich networking opportunities for participants to collaborate on technological innovation across five key sectors – FinTech, Urban Solutions and Sustainability, Health and Biomedical Sciences, Advanced Manufacturing and Engineering, and Digital Services. Participants can look forward to the following key events. The Exhibition will feature country pavilions, industry exhibitors, financial industry showcase booths, and a startup zone.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The Singapore FinTech Festival is the world’s largest FinTech gathering and a marquee event for the global FinTech community. Our partnership with SWITCH this year allows us to engage technology ecosystems beyond FinTech, and to present a comprehensive showcase of innovations that benefit all segments of society. We look forward to welcoming players from the FinTech and wider technology community from all over the world to Singapore, to connect, collaborate, and celebrate innovation.”
Singapore FinTech Festival is organized by The Monetary Authority of Singapore (MAS), Enterprise Singapore and the National Research Foundation (NRF), and in collaboration with SingEx Holdings. SWITCH is organized by Enterprise Singapore, NRF, and Intellectual Property Intermediary (IPI).