SINGAPORE, Aug. 15, 2022 /PRNewswire/ -- Affinidi, a decentralised identity solutions provider founded by global investment company Temasek, today announced the signing of a Memorandum of Understanding ("MOU") with Avvanz to jointly establish and issue verifiable credentials ("VCs"), an open standard for tamper-evident digital credentials, to help simplify employment background checks for employers and job candidates in Singapore and the rest of the globe. The partnership aims to simplify the recruitment process by leveraging cryptography and decentralised technology to verify and authenticate job applicants' identities and credentials.
Under the MOU, Affinidi will provide its expertise in digital credentialing through its mobile app and digital wallet Ceal, where job seekers will be able to convert their physical documents into VCs, and store them securely on mobile phones using decentralised technology. Users can also build and manage his or her digital identity on the Ceal platform and control what information to share and when to share it.
Employers can access and verify the VCs easily whenever a job application is submitted. As VCs can be validated digitally as opposed to manually checking hard copy documents and certificates, the verification process is expected to be reduced by at least 50 per cent.
Avvanz will bring its capabilities in human resources consulting and talent management solutions to the partnership, specifically the ability to conduct more than 20 different types of background checks spanning 150+ countries (in other words, the subject to be background checked can be from any part of the world) through Avvanz's flagship product, ScreenGlobal. Verified checks can be stored in Avvanz's Blockchain based ledger – ScreenChain. Avvanz's technologies are expected to be integrated with Affinidi's technologies, and expected to enable employers to view the authenticity of pre-verified checks in seconds.
The MOU was inked against the backdrop of a bullish employment market and a favourable hiring outlook in Singapore. According to the Ministry of Manpower, as many as 128,000 jobs were estimated to be unfilled in the first quarter of 2022, with PMET positions made up of 56 per cent of vacancies.
"As we move closer to the next generation of web technologies and the promises of what Web3 innovations may bring, it is critical to establish trust in the digital world by empowering people to secure and control their digital identities, without falling into the wrong hands," said Glenn Gore, CEO of Affinidi. "Verifiable credentials can help reduce the time and cost for organisations while offering accessibility and convenience to users. Our partnership with Avvanz is poised to offer significant benefits to both employers and employees in the long term."
The hiring process can take as long as 68 days to complete on average, according to a study conducted by Randstad, with employers and recruiters citing manual filtering through candidates applying without the relevant skillsets and long screening times to verify the authenticity of resumes as challenges.
"Technological innovations can help solve problems and detect falsifications during the hiring process," said Kannan Chettiar, CEO and co-founder of Avvanz. "Partnering with Affinidi will allow us to reinforce our capabilities and experience in performing background checks with improved accuracy and precision, which is crucial as Singapore is a global business hub that requires both local and international talent with diverse backgrounds."
Affinidi is a core technology company that enables the creation, sharing, and verification of VCs that are portable and verifiable. Affinidi's solutions empower trusted institutions to issue VCs to users, who can provide consent to share their VCs with other institutions, applications, or service providers, for verification. By sharing these VCs, users can access valuable products and services across platforms and geographies in a trusted, open and interoperable manner.
Avvanz is a multi-award winning HRTech + FinTech company that offers Technology based Background Checks and Company Due Diligence solutions. Avvanz is headquartered in Singapore with global offices and more than 2000 clients across Asia, Americas and Europe. It is led by Kannan Chettiar who has had a successful 26-years career in leadership positions in Technology and Professional Services companies across multiple countries.