Today, we’re excited to announce the launch of a new digital wallet solution on the Hedera network created by AID:Tech, a leader in blockchain-based digital identity solutions. The platform will provide users with digital identities (DIDs) and verifiable credentials, in turn helping drive financial inclusion to the underserved and underrepresented in Asia.
Currently, a significant amount of people in Asia are without access to basic financial services. As per recent statistics, as many as 44% of adults in the Philippines and 51% of adults in Indonesia are unbanked.
The AID:Tech platform features a Hedera-based digital wallet with a back office to manage users and wallets, as well as business and transaction reporting. The digital wallet also includes DID services for issuing users with secure verifiable credentials. This allows users to build up an on-chain credit profile in order to gain access to financial services more easily.
As a wallet, the platform provides a secure way for users to store their funds without having to rely on traditional banking systems or third-party intermediaries. It will also offer advanced features such as multi-signature transactions, account recovery options, and support for multiple cryptocurrencies. Users can also easily link their bank accounts or debit cards in order to transfer funds quickly and securely.
Through this on-chain credit profile and removal of intermediaries, AID:Tech is actively driving financial inclusion for the underbanked and underserved in Asia through access to services such as loans, insurance, and credit-based products.
AID:Tech's commitment to security is reflected in its use of innovative technology such as zero knowledge proofs (ZKPs) which encrypts user data without compromising privacy or usability. Additionally, all transactions are verified by consensus nodes across multiple networks ensuring that all operations are conducted safely and securely at all times.
In line with their commitment to security, AID:Tech cited the enterprise-grade status of the Hedera network as reasoning for building. This includes aBFT security, a trusted Governing Council of global corporations, and low, fixed, transaction fees.
"We are excited about the launch of our new digital wallet on the Hedera Network," said Niall Dennehy, Co-Founder, and COO of AID:Tech. "Our goal is to provide underbanked populations around the world with secure access to financial services that were previously unavailable or difficult to obtain."
“In a mobile-first world, AID:Tech’s Hedera-powered wallet offers a modern and scalable solution to the age-old financial inclusion problem,” said Sabrina Tachdjian, Head of Fintech & Payments at The HBAR Foundation. “We greatly look forward to continuing our work with the team to help AID:Tech make a difference across the region.”
About The HBAR Foundation
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation’s six funds - focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders - each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem.
The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world’s largest problems, and create and control their own economies, all built on the Hedera public network. Whether you’re building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. For additional information, please visit https://hbarfoundation.org.
AID:Tech was established in 2015 and was the first company in the world to deliver international aid over blockchain technology. Since then they've been merging digital identity with payments and are on a mission to enable people to take back control of their data and participate in the value capture that Web3 promotes.
They do this by enabling users to build an Onchain reputation to capture their time, effort, energy, and contributions in the physical and digital worlds. AID:Tech has had over 500k users and has a core focus of building solutions for non-crypto users and bringing them into Web3.