Our mission is to be the world’s trusted identity platform. We want to be the solution to fears around transparency, trust, privacy and control.
To achieve this, we need to build trust, which is not an easy task today for any company. So we’re building Yoti around principles which are regulated by an independent Guardian Council – the antithesis of big tech and data companies. By staying on track to our principles and working in close collaboration with all of our stakeholders including businesses and governments, we can achieve our goal of putting people in control of their data and fixing the broken identity system.
2. Why is trustworthy digital identity critical for existing and emerging markets?
The current identity system is broken – organisations and governments still rely on paper or card-based forms of identity verification, because proving who we are online to a high degree of certainty has been difficult. This process of creating physical forms of identity can take days or weeks instead of seconds, and often results in us sharing excessive amounts of personal information, putting us at great risk of identity theft. Millions of ID documents are lost every year, over 1.1 billion people around the world don’t have any form of identification, and the costs of online scams and fraud are spiralling. Having a trusted digital identity system is critical in fixing these issues.
3. How will digital identity transform the Canadian and global economy? How does Yoti address challenges associated with this transformation?
The ability to seamlessly use digital identities will empower individuals, businesses and government, and help unleash the true potential for a digital economy.
A digital identity lets individuals prove their identity online and in-person in a seamless, simple and secure way. They can share specific identity attributes, such as their name and date of birth, without disclosing their full identity with ID documents; helping to protect them from the ever-growing risks of identity theft. Individuals have a more convenient way to prove their identity across a range of industries and sectors – from financial services, travel, healthcare, dating and retail. More people will be able to take part in society and access essential services such as healthcare, education and finance, without being held back by lack of documentation, geography or wealth.
Companies have a cost-effective and efficient way to verify the identity of their customers, saving time and money, as well as reducing the risks associated with identity fraud. Additionally, governments can be sure that the right person is involved in the transaction, empowering them to offer a greater range of online services with the confidence and certainty that the users are who they say they are; leveraging technology to create a digital ecosystem.
Yoti is a global digital identity platform and free consumer app that gives individuals a simple, fast and secure way of proving who they are, online and in person. Each account is linked to biometrics and an ID document, so businesses and governments can be confident in the details shared with them – creating more trust and transparency. Challenging the existing way of doing things is never easy, but it’s time for a better way to prove who we are.
4. What role does Canada have to play as a leader in the space?
Canada has many advantages in the digital identity space. End-user demand is high for ubiquitous and low-friction access to digital services and information. Canada has highly-evolved financial infrastructure and cybersecurity methods to balance end-user demand with secure identity and authentication. The regulatory environment is demanding. We believe Canada will be harnessing these factors to develop world-leading identity management and authentication processes in the coming years and will likely assume a leadership role in this area.
5. Why did Yoti join the DIACC?
As Yoti expands into Canada, we are seeing active participation in the local Digital ID community being of paramount importance. While we are looking to grow our business and develop opportunities in Canada, we also want to contribute to the development of an ethical, safe and trusted Digital ID framework across the country, as we have done elsewhere in the world.
6. What else should we know about Yoti?
Yoti has achieved some significant milestones and partnerships, including: