AID:Tech and the HBAR Foundation — Merging Digital Identity, Payments & DLT
The team at AID:Tech is thrilled to announce the launch of our new digital wallet solution on the Hedera network. The platform will provide users with digital identities (DIDs) and verifiable credentials, facilitating financial inclusion for the underserved and underrepresented populations in Asia. According to recent reports, there are still a significant number of people in Asia who do not have access to basic banking services. In fact, the World Bank estimates that around 1.7 billion adults worldwide remain unbanked, with almost half of them residing in Asia. As many as 44% of adults in the Philippines and 51% of adults in Indonesia are unbanked.
This lack of access to banking services can have a profound impact on individuals’ financial stability, as they are often excluded from formal financial systems, unable to save or borrow money, and cannot participate in the economy fully. Moreover, it also poses significant challenges for businesses, particularly small and medium-sized enterprises (SMEs), which require financing to grow and expand.
However, the emergence of digital financial services has shown tremendous potential in bridging this gap. By leveraging technologies such as Blockchain, DLT (Distributed Ledger Technology) and mobile money, fintech companies can create innovative solutions that enable individuals and businesses to access financial services without needing a traditional bank account.
This is where AID:Tech’s multi-chain service comes in. By launching a digital wallet on the Hedera Network, we are creating a platform that will enable individuals to manage their financial transactions more securely and efficiently. Our service will provide an opportunity for more people to participate in the economy and access financial services that were previously unavailable to them.
By removing intermediaries, AID:Tech will drive financial inclusion for the underbanked and underserved in Asia, providing access to services such as loans, insurance, and credit-based products. AID:Tech’s commitment to security is reflected in its use of innovative technology, such as zero-knowledge proofs (ZKPs), which encrypts user data without compromising privacy or usability.
Additionally, all transactions are verified by consensus nodes across multiple networks, ensuring that all operations are conducted safely and securely at all times. The enterprise-grade status of the Hedera network, including aBFT security, a trusted Governing Council of global corporations, and low, fixed transaction fees, further supports AID:Tech’s commitment to security.
“We are excited about the launch of our new digital wallet on the Hedera Network,” said Niall Dennehy, Co-Founder, and COO of AID:Tech. “Our goal is to provide underbanked populations around the world with secure access to financial services that were previously unavailable or difficult to obtain.”
“In a mobile-first world, AID:Tech’s Hedera-powered wallet offers a modern and scalable solution to the age-old financial inclusion problem,” said Sabrina Tachdjian, Head of Fintech & Payments at The HBAR Foundation. “We greatly look forward to continuing our work with the team to help AID:Tech make a difference across the region.”
We are honoured to be given the opportunity to launch on the Hedera Network and would like to extend our gratitude to our new partners from the HBAR Foundation, not just for their support of our organization, but for the support they provide the web3 ecosystem in general.
The HBAR Foundation supports the creation of Web3 communities build on the Hedera Network, by empowering and funding builders developing these communities. The Foundation’s six funds, focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy and Female Founders, eash support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem.
The collective power of these funds enables entrepreneurs, developers and enterprises of all sizes to tackle some of the world’s largest problems, and create and control their own economies. For additional information, please visit https://hbarfoundation.org.
We believe this partnership will provide a valuable tool for people who currently suffer due to barriers to banking and finance, giving them access to resources most of us in western countries take for granted.
About AID:Tech
AID:Tech was established in 2015 and was the first company in the world to deliver international aid over blockchain technology. Since then we’ve been merging digital identity with payments and are on a mission to enable people to take back control of their data and participate in the value capture that Web3 promotes.
We do this by enabling users to build an Onchain reputation to capture their time, effort, energy, and contributions in the physical and digital worlds. AID:Tech has had over 500k users and has a core focus of building solutions for non-crypto users and bringing them into Web3.
About The HBAR Foundation
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation’s six funds — focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders — each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem.
The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world’s largest problems, and create and control their own economies, all built on the Hedera public network. Whether you’re building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. For additional information, please visit https://hbarfoundation.org.
