"We're very comfortable using our phones to pay for things, and that took off like wildfire. Nobody thinks twice about paying with their phone anymore. In the US, several states already allow digital driver's licences, and in Estonia and Singapore, digital identity is embedded into daily life. Estonia uses a single card for everything from public transport to banking, while in Singapore, one identifier underpins employment, utilities and onboarding. These examples show how fast adoption can happen when the infrastructure is in place."
"That means fintech's, regulators and government supporting the digital identity ecosystem already built by innovators. If we bring all the puzzle pieces together collaboratively, we will get there faster."
"The UK government must also shift its focus to corporate digital identities, arming organisations with legal identifiers,"
"Financial institutions, fintech's and regulators need to come together and collaborate on a more robust compliance process to prevent financial crime"
The UK government announced a proposed BritCard digital ID to be stored on smartphones and required for right-to-work checks, with rollout planned by 2029. Implementation could occur sooner if industry and government collaborate to support existing digital identity ecosystems. Consumers adopt convenient digital tools rapidly, as demonstrated by mobile payments, digital driver's licences in some US states, and embedded identity use in Estonia and Singapore. Organisations require legal corporate digital identifiers to strengthen compliance. Financial institutions, fintechs and regulators should coordinate to build robust compliance processes that deter financial crime and enable secure, faster adoption.
Read at London Business News | Londonlovesbusiness.com
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