Trust Stamp signs MoU with the African Institute for Mathematical Sciences

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company, has signed a Memorandum of Understanding (MoU) with the African Institute for Mathematical Sciences (AIMS) in Kigali, Rwanda. This partnership aims to enhance education and research focusing on equity in biometrics and identity authentication. The MoU includes developing courses on big data analytics and biometrics and exploring funding opportunities for collaborative projects. Trust Stamp, established in Rwanda in 2021, is expanding its team to strengthen partnerships and research initiatives.

Positive

• Establishment of a partnership with AIMS to enhance educational and research capabilities.
• Focus on addressing systemic inequities in biometric systems through advanced research.
• Active hiring to expand the workforce and strengthen strategic partnerships.

Negative

• None.

Kigali, Rwanda, May 10, 2022 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI, Euronext Growth: AIID ID), the Privacy-First Identity Company^TM, announces that it has signed a Memorandum of Understanding (the “MoU”) with the African Institute for Mathematical Sciences, Kigali, Rwanda (“AIMS”), underlining a mutual desire for institutional cooperation with a focus on education and research aimed to further equity and inclusion for individuals of all races and ethnologies through advancements in biometrics and identity authentication.

AIMS is Africa’s first and largest network of Centres of Excellence for innovative post-graduate training in mathematical sciences, with locations across five countries. The organization promotes increased collaboration between the public and private sector to prioritize STEM education in Africa as it leads the continent’s socio-economic transformation through innovative scientific training, technological advancement, and public engagement.

The MoU highlights a shared motivation to further research in identifying and addressing systemic inequities resulting from race and ethnicity-based discrepancies in the performance of biometric systems. Trust Stamp and AIMS will partner in developing and implementing courses to extend graduate studies programs focused on big data analytics and biometrics, sharing academic research, and jointly exploring national and international funding opportunities to support cooperative agreements.

Raman Narayanswamy, Chief Innovation Officer of Trust Stamp, comments, “This institutional cooperation between Trust Stamp and AIMS marks an important milestone in our long-standing commitment to universal financial inclusion. Empirical evidence shows an ongoing need in the biometrics industry for research and investment into machine learning algorithms with a focus on demographically diverse populations. Addressing this multifaceted issue is critical to the development of a robust digital infrastructure in Africa while posing wide-reaching implications for equity and inclusion around the world.

Trust Stamp looks forward to working with AIMS to further identify and mitigate biases in artificial intelligence models that affect accuracy and performance of biometric technologies across different demographic groups as we continue innovating and delivering accurate, user-centric, and responsible identity solutions that address global needs.”

Trust Stamp established its Rwandan subsidiary in 2021, which currently employs 16 people out of its Kigali office. The Company is actively hiring to double the team as it works to expand strategic partnerships and research initiatives.

Enquiries

Trust Stamp                                                                        Email: Shareholders@truststamp.ai

Gareth Genner, Chief Executive Officer                      

Nisha Naik, Executive VP of Communications

Davy (Euronext Growth Advisor)                                 Tel: +353 1 679 6363

Barry Murphy

Investor Relations                                                            Tel: +1 212-671-1021

Crescendo Communications                                           Email: idai@crescendo-ir.com

About Trust Stamp

Trust Stamp, the Privacy-First Identity Company^TM, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.

Located in seven countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 100 people.

Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events based on information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. 

FAQ

What is the significance of the MoU between Trust Stamp and AIMS?

The MoU signifies a commitment to enhance education and research in biometrics, aiming to address equity and inclusion issues.

How does Trust Stamp plan to mitigate biases in biometric technologies?

Trust Stamp intends to identify and mitigate biases in AI models affecting biometric accuracy through collaborative research with AIMS.

When was Trust Stamp established in Rwanda?

Trust Stamp established its subsidiary in Rwanda in 2021.

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

Trust Stamp is actively hiring to double its team in Rwanda as part of expanding strategic partnerships.

What sectors does Trust Stamp's technology serve?

Trust Stamp's technology serves multiple sectors, including banking, finance, government, and humanitarian services.