zCloak’s Digital Identity System Adopted in FinTech Project in Collaboration with Two Central Banks
On November 16, at the Singapore FinTech Festival, the Monetary Authority of Singapore (MAS) and the Bank of Ghana jointly unveiled Project DESFT, a pioneering blockchain-based FinTech solution aimed at fostering inclusive finance.
Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, shared that Project DESFT is a collaborative effort of MAS and the Bank of Ghana. The project was co-designed and incubated by two Chinese blockchain technology teams, Solv Foundation and zCloak Network. Project DESFT is designed to provide digital identities to businesses. Simultaneously, it converts various paper-based documents and invoices involved in international trade into W3C-compliant Verifiable Credentials (VCs). These are then made eligible for tokenization according to the ERC-3525 standards.
The primary objective of DESFT is to strengthen Micro, Small, and Medium Enterprises (MSMEs) in developing regions. The project aims to enhance their participation in global trade and the digital economy by enabling them to establish a credible reputation and credit history in cross-border transactions. This, in turn, provides them with access to fair, precise, and affordable financial services. Furthermore, DESFT promises to offer enhanced data privacy protection for MSMEs. This not only gives them more control over their data assets but also a more significant role in international financial interactions. The first phase of Project DESFT has already achieved considerable success.
zCloak Network is a privacy-first decentralized digital identity and verifiable credential infrastructure. Its product suite includes the privacy-oriented identity data card platform, zkID (zkid.app), the institutional-grade trusted identity PKI, Valid ID (valid3.id), the omni-chain KYC tool, Legit ID (legit3.id), and the zkID wallet which runs a zk-STARK VM for local ZK-computation. zCloak has been consistently dedicated to advocating and integrating Web3 digital identity technology across a multitude of real-world applications. zCloak Network has been unwavering in its commitment to promoting and applying Web3 digital identity technology across various real-world scenarios. The rollout of Project DESFT is a significant milestone in zCloak’s journey, establishing it as one of the rare Web3 initiatives to collaborate with multiple central banks.
About
Solv Foundation is a Singapore based entity established in early 2021. Solv is renowned in the DeFi industry for its innovative contribution in designing the ERC-3525 token standard.
zCloak Network is a real-world identity (RWI) infrastructure for Web3, featuring privacy-first DID powered by zero knowledge proof. It aims to provide user data sovereignty by moving both the storage and computation of data into user device from centralized servers. With zCloak Network, people can use their real-world data for on-chain DeFi, Identity, Biometric applications without disclosing their privacy.
