As everyone knows, financial inclusion is one of the challenges that many financial institutions are now addressing in a big way, and the latest to jump into it is Fractal, the identification management company, which is based out of Singapore and Berlin, is looking to promote a financial ecosystem that helps open transactions and to that end, it has partnered with Gnosis. Gnosis is a highly innovative company that has made a wide range of highly specialized products in recent times.
One of the more important ones is the product named Sight, a platform on which users can make predictions on a wide variety of events in the financial markets. To that end, Gnosis has created its token standard, and the new platform seems to have the promise to become something bigger. However, platforms of that nature also need to be vigilant and need to know the identity of all the users that use the particular platform in question. It is where the product created by Fractal comes in. It is going to help Gnosis in completing KYC (know your customer) formalities and also help it in enforcing anti-money laundering rules n the platform.
It is believed that the digital identity service that is being provided by Fractal is going to provide a quick and easy solution to the problem. According to a report by consultancy giant McKinsey, as many as 4.4 billion people in the world do not possess a form of identification, and in such a situation, digital identification could well prove to be the solution. It is a bold move by both companies to come together over the Sight project, and it remains to be seen how the whole thing works out once Fractal starts with its work.