National Savings Bank (NSB), Sri Lanka’s premier financial services provider and 3rd largest bank in the country, marked a milestone by unveiling South Asia’s first Self Sovereign Identity (SSID) solution on blockchain for its customers, in partnership with PayMedia and Bridge Advisory and Consulting, powered by FlexID.
FlexID, a layer 2 network blockchain solution has reimagined a protocol for the issuance, storage and sharing of verified digital identity credentials in a fully decentralized, user managed network environment, built on the Algorand Blockchain.
The solution was facilitated by Bridge Advisory and Consulting, the authorized partner for FlexID in Sri Lanka and emerging markets in Southeast Asia.
The future of digital identity is evolving rapidly due to the adoption rate of SSID solutions which offer users the ability to share their digital credentials securely with multiple service providers such as financial institutions, healthcare providers and educational institutions.
FlexID Director/COO Sanjay Mendis said: “Our focus is to provide a solution to bank the unbanked population of the world, which stands at over 2.1 billion. We are excited to work with NSB, PayMedia and Bridge to launch the first SSID solution in South Asia, in Sri Lanka.”
National Savings Bank CIO Dr. Amal Illesinghe said: “At NSB, we are delighted to have been the first financial institution in South Asia to implement an SSID solution that enables us to provide top of the range e-KYC services for our customers across online and offline channels.
This move is aligned with our positioning as a forward-thinking bank with our customer’s satisfaction with their banking experience at the heart of what we do.
The implementation is truly a milestone in Sri Lanka’s journey towards accelerated digitization and NSB will continue to innovate by building more capabilities through this platform
For NSB, the implementation of the SSID solution will offer a host of benefits including an enhanced digital experience for customers, cost savings, and interoperability with the latest, emerging class of web 3.0 technology products and services.
Furthermore, following the implementation of the solution, NSB will be able to maintain a singular view of its customer identities across products and services provided to them which simplifies seamless e-KYC based on-boarding and verification processes.
Bridge Advisory & Consulting Director Michael Sathasivam said: “Bridge was formed with a singular vision of assisting in the modernization and technology transformation of the private and public sectors in Sri Lanka.
The SSID solution implemented for NSB is the first in many transformative projects in our agenda, and we are looking ahead with a lot of excitement and optimism towards the impact we can create in the local landscape.”
NSB SSID implementation is one of the many projects undertaken by Bridge towards supporting this shared vision and driving a ‘new digital economy’ in Sri Lanka.
PayMedia Ltd. Founder and CEO Kanishka Weeramunda said: “Adopting blockchain technology for the first time is a ground breaking initiative that is set to transform Sri Lanka, heralding a new era of digital finance.
Through the implementation of blockchain-based digital identity, financial institutions can seamlessly and confidently authenticate users in the digital realm, effectively thwarting fraud and other security risks.