MEETING_NOTES.md

TBD — Trust Framework Kickoff

Monday, 10/07/2024

Attendees

Community

• Ankur Banerjee, Co-founder at cheqd (filling in for Alex Tweeddale) — [email protected]
• Amit Sharma, CEO & Co-founder, Finclusive & TBD advisor — [email protected]
• Austin Cornell, Director of Revenue, Zero Hash — [email protected]
• Cameron Gray, CTO at SmileID (biggest KYC provider in Africa) — [email protected]
• Chris Sutton, Product at Zero Hash — [email protected]
• Christopher Ostrowski, Product and operations at FinClusive — [email protected]
• Samee Zahid, Engineering Lead, Chipper Cash (inhouse KYC stack) — [email protected]
• Patrick Triest, CTO Chipper Cash — [email protected]

Not in attendance

• Dustin Strydom, SmileID — [email protected]
• Adam Lemmon, BD Americas at MATTR — [email protected]
• Oliver Terbu, MATTR — [email protected]
• Fraser Edwards, cheqd — [email protected]
• Maijid Moujaled, CEO, Chipper Cash — [email protected]

TBD

• Will Wilkinson, Head of Policy — [email protected]
• Gabe Cohen, Open Standards — [email protected]
• Andrew Lee Rubinger, Head of Open Source — [email protected]
• Jay Li, Compliance — [email protected]
• Wilson Tsang, Solutions Engineer — [email protected]
• Aaron Suplizio, Head of BD — [email protected]
• Kendall Weihe, SDK developer — [email protected]
• Andres Uribe, ML and Risk developer — [email protected]
• Jack Sutton, Product Counsel — [email protected]
• Lam Chau. ML and trust risk systems — [email protected]

Agenda

1. Welcome
2. Background & goals for the work ahead
3. Group discussion
4. Close—out & next steps

Notes

• Amit walked us through the need for regulation and regulatory framework

  • Frameworks too siloed today

  • Reliance agreements

  • Mostly centralized systems today

  • Hard to share process and outcomes of those compliance KYC processes

  • Lots of duplication in the system

  • Sharing of the right data, and assurance that the right processes have been followed

  • Common frameworks and tooling to show regulators how the industry thinks about efficiencies and increased data privacy

• Gabe walked through the foundation of trust Frameworks

  • How we go from closed to open (which is the mission but we are not there yet)

  • How does the trust framework enable a network?

    • Governance is important

  • We do not work in isolation

  • Framework should be compatible with the rest of the ecosystem

  • GAN is an interesting potential collaboration opportunity — we could influence the financial services sub group in GAN — https://gan.foundation/

  • TBD’s approach to credentialize a KYC process — flexible and extensible — https://github.com/TBD54566975/known—customer—credential

• Round Table across all participants

  • Share a high level pitch of your business (Name, What your main product or service addresses, experience with Open Source Forums)

  • Desired outcomes:

    • What would you like to be able to do with tbDEX?

    • What does success in this effort look like for you?

    • What do you plan to contribute?

  • SmileID — Mission is for every African to prove their identity to get access to financial services — started seven years ago

    • Customers want to interoperability with each other

    • Want to verify a credential that has been issued elsewhere

    • Customers that issue credentials

    • Cameron open to give his time and expertise specifically for Africa

  • Patrick Triest from Chipper Cash

    • Chipper provides payments globally

    • About five years

    • IDV is super inefficient for both the users and the payments companies

    • Chipper wants to see a more efficient onboarding and credentialing process

    • Payments system could be more efficient if value transfer is on a common protocol

    • Compliance should be very streamlined and decentralized (in different countries)

      • Ideally there is a consistent guideline

    • What they want to bring:

      • They have seen a number of trust issues as they rolled out their technology

      • Bring insights from technical implementations

  • Austin — Zero Hash — Crypto as a service — onramp and offramp infrastructure (Dollars to stablecoin and crypto)

    • They are excited about the sharing abilities (same language, sharing proof of KYC) without the risk of data breaches

    • Mostly in the US (customer base)

    • Want to build standards that can meet compliance requirements

  • Amit — Finclusive

    • Privacy and consumer protection

    • Marketplace to enable financial institutions to find control and credential solutions

  • CheqD — Ankur

    • Decentralized ways

    • Also part of GAN

    • Frauenhofer institute — on hybrid trust framework

      • How do various credentials interop with one another

Action Items

1. Share slides (Will Wilkinson)
2. Share notes (Will Wilkinson)
3. Setup meeting series (Andrew Lee Rubinger)
   1. Doodle poll for meeting time
4. Invite to Slack channel (Gabe Cohen)

Next Meeting Agenda Items

• Details on the trust framework
• Getting started on the standards work
• Details on how to interact with regulators