Trust Stamp has taken on board this year’s Science in the City “Engage, Empower, Enable” theme by reasserting its commitment to its biometric and cryptographic identity authentication technology as a means to empower global progress.
In a statement released yesterday, the company, which has headquarters in both the US and the UK, said that billions of people are currently financially and socially excluded from participating in the global market because they are unable to assert their identity.
Trust Stamp is confident that, beyond empowering individual prosperity, enabling the inclusion of this massive population will undoubtedly leave a positive impact in many areas, from political discourse to technical innovation.
It believes that enabling individuals with access to life-changing services can create long-term value that spreads beyond local economies. Such access can be utilised with very high standards of privacy and security, even in the absence of infrastructure for identity or digital finance.
“When we can recognise and address needs on an individual, human level, then society can deliver the most effective and targeted services to create lasting impact around the world in a seemingly paradoxical way,” said Trust Stamp Research Lead, Dr Leanne Attard.
Dr Attard explained that Trust Stamp has subscribed to this year’s Science in the City theme as it revolves around empowering individual advancement to instigate a better world, which is a core concept in Trust Stamp’s cross-industry mission.
Trust Stamp's mission is to create and deploy artificial intelligence solutions to empower financial and societal inclusion. This ranges from providing account access and fraud detection for an American bank with over 60 million customers, to working with Mastercard, to creating identites for 100 million undocumented people throughout Africa to allow access to vaccinations, medical care, and aid.
Trust Stamp recently set up a wholly owned R&D subsidiary in Sliema - now their largest innovation hub with over 20 employees - to advance its biometric and cryptographic identity authentication technology. Through recruiting some of Malta’s brightest young minds in science and technology, and working alongside partners in government and private industry, Trust Stamp continues to make strides in its mission of creating transformational technology that accelerates secure societal and financial inclusion.
The company secured €1 million in funding from Malta Enterprise, consisting of a €200,000 grant and a low-interest loan of up to €800,000 to cover three-quarters of the salaries it will pay Malta-based employees. The loan is repayable through 10 per cent of the Maltese subsidiary’s annual profits.
Trust Stamp’s core technology turns biometric and other identifying data into unique Irreversibly Transformed Identity Tokens, (IT)2s, that are safe to use, store and share as secure identifiers, anywhere in the world.
With growing initiatives in emerging markets, the team works to deliver cutting-edge solutions in biometrics, computer vision, machine learning and cryptography to the most unreached parts of the world.
Trust Stamp envisages a future where every human, regardless of location or connectivity, can prove their identity. Without that barrier to access to essential services, like healthcare, education and humanitarian aid, there are vast opportunities for social and economic mobility that enhance and elevate the quality of life.
Trust Stamp works with forward-thinking partners including financial institutions, fintech platforms, government organisations and NGOs. Through continuously innovating advanced transformation algorithms, deep neural networks and other leading AI, Trust Stamp delivers low-friction, privacy-enhancing identity solutions that enable organisations to serve their customers more effectively and reach a broader base of users worldwide, all while protecting against fraud and data loss.
“At Trust Stamp, we believe that creating a tangible, lasting impact requires a diverse team with multifaceted areas of expertise,” said Trust Stamp CEO, Gareth Genner. “Through our operations in Malta, we continue to positively import knowledge while also engaging local expertise in the exciting fields of biometrics, machine learning, computer vision and cryptography.
As Trust Stamp grows in Malta, we continue to offer educational and professional opportunities to those living in Malta with interest in ground-breaking niche areas as we seek the skills and passion required to develop and support emerging innovations. With this in mind, Trust Stamp is embracing the Science in the City virtual festival initiative alongside the rich community of technical leaders on Malta’s international stage,” continued Gareth Genner.