Trust Stamp Announces Strategic Growth in Africa

Rhea-AI Summary

Trust Stamp (OTCQX: IDAI) is expanding its operations in Rwanda by doubling its Kigali team from 12 employees to enhance the development of a unique Africa-centric biometric solution. This initiative is aimed at facilitating digital and in-person transactions across the continent, leveraging opportunities presented by the African Continental Free Trade Area (AfCFTA). The company has formed strategic partnerships, including a Memorandum of Understanding with a Rwandan university, and is focused on implementing privacy-preserving biometric technology to ensure data security.

Positive

• Expanding workforce in Rwanda by doubling to accelerate national development.
• Formed strategic partnerships, including with a leading university in Rwanda.
• Focus on privacy-preserving biometric technology enhances data security.

Negative

• None.

KIGALI, RWANDA / ACCESSWIRE / December 15, 2021 / Trust Stamp (OTCQX:IDAI) (Euronext Growth:AIID ID), a global provider of privacy-first, AI-powered trust and identity services, strengthens its presence in Rwanda with additional hiring as well as strategic partnerships and research initiatives to maximise the opportunities created by the African Continental Free Trade Area ("AfCFTA").

Trust Stamp, which established its Rwandan subsidiary in 2021, currently employs 12 people in their Kigali office, and is actively hiring to double the Kigali team to accelerate development of a unique Africa-centric, tokenised biometric solution that will facilitate digital and in-person transactions across the Continent.

Raman Narayanswamy, Chief Innovation Officer of Trust Stamp, comments, "Trust Stamp is committed to delivering equitable, accessible, and secure identity technologies that power inclusion for all races and ethnologies, while prioritising privacy, equity, and security, and respecting cultural practices.

AfCFTA connects 1.3 billion people across 55 countries, but there is a pressing need to refine legacy biometric authentication tools to serve the diverse population of Africa equitably. We intend to do that in partnership with African institutions, and to protect the data generated by those tools by adding a secure tokenisation layer. To that end, we have already agreed to a Memorandum of Understanding with a leading university in Rwanda, and we are inviting additional cooperators from the government, academic, and private sectors."

Trust Stamp Chief Science Officer Dr. Norman Poh joined leading identity experts from around the world on 15 December 2021 for the third and final part of ID4Africa's The Dark Side of Identity: Mitigating the Risks webinar series, which aims to start a diverse dialogue on the risks and harms of identity systems, and building responsible systems that are resistant to exploitation and abuse from potential nefarious actors. A recording of the live broadcast can be viewed here.

Poh discussed innovations in data tokenisation that enable privacy-preserving biometrics, focusing on implementations of Trust Stamp's Irreversibly Transformed Identity Tokens (IT²), including biometric cryptosystems and large-scale identity authentication and deduplication in low-resource environments. In all cases, the irreversibility and revocability of biometric tokenisation technology protects the privacy of individuals and mitigates potential damage due to data loss or compromise.

Enquiries

Trust Stamp	Email: Shareholders@truststamp.ai
Gareth Genner, Chief Executive Officer
Nisha Naik, Executive VP of Communications

About Trust Stamp

Trust Stamp is a global provider of AI-powered privacy-first identity services used in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Trust Stamp technology empowers organisations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and protect a broad base of users worldwide with unique data tokenisation and deduplication capabilities.

Trust Stamp trades on the OTCQX Best Market (OTCQX: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 90 people and is located in seven countries across North America, Europe, Asia, and Africa.

SOURCE: T Stamp Inc.

View source version on accesswire.com:
https://www.accesswire.com/677815/Trust-Stamp-Announces-Strategic-Growth-in-Africa

FAQ

What are Trust Stamp's plans for expansion in Rwanda?

Trust Stamp plans to double its Kigali team to enhance development of a unique biometric solution aimed at facilitating transactions across Africa.

How is Trust Stamp leveraging the African Continental Free Trade Area?

Trust Stamp is leveraging the AfCFTA by developing identity solutions that cater to a diverse population, enhancing digital and in-person transactions.

What partnerships has Trust Stamp established in Rwanda?

Trust Stamp has signed a Memorandum of Understanding with a leading university in Rwanda to collaborate on refining biometric authentication.

What technology is Trust Stamp focusing on in their Rwanda operations?

Trust Stamp is focusing on implementing privacy-preserving biometric technology, specifically using Irreversibly Transformed Identity Tokens (IT2).