Financial Mydata
The financial system is a set of systems that allow a large number of individuals to facilitate the circulation of goods and capital based on mutual trust. The history of credit or finance has existed since the Middle Ages, and in the modern era, it is implemented as a system of financial institutions such as banks within the framework of national laws and institutions.
In practice, the wealth of individuals in a country is mostly embodied in the form of financial information in the system established by state-authorized financial institutions, and most financial institutions provide online financial information access services to facilitate individual access to information.
In recent years, many financial institutions have begun to aggregate financial data for business purposes, and the GPF is working on ways to ensure that financial data is circulated for the rights and interests of individuals, rather than for the business interests of financial institutions.
Global Account
Individuals need to open a financial account in a country or domain in order to start financial transactions and financial services. A financial account is the basic foundation for storing, transferring, and utilizing financial assets, such as payments, and is usually issued through a bank.
In recent years, account opening has become increasingly available online, and financial activities after opening can be conducted online or contactlessly. This comes with its own set of security issues, but it is constantly expanding in scope as a convenience.
The need for financial transactions that cross borders and transcend national boundaries has arisen. The recent emergence of blockchain wallet accounts that are not tied to a single country, along with Bitcoin and Ethereum transactions, is an example of this, and GPF is conducting research on creating and utilizing global accounts as a way to bridge the existing financial system internationally.
Anti-moneylaundering
Throughout history, individuals have sought to accumulate illicit wealth and keep it hidden from the outside world through wealth creation, criminal proceeds of crime, and tax crimes. States have also made institutional efforts to actively prevent individuals from doing so from a crime prevention and equity perspective.
Efforts to combat money laundering have accumulated a number of techniques and policies, with a common thread being the establishment of procedures to identify and verify personal information at each stage of the creation, distribution, and storage of an individual's funds, and the monitoring of those procedures.
The GPF has designed an international personal financial information distribution platform that complies with the Financial Action Task Force (FATF) standards, allowing national or financial authorities to verify the identity of individuals in real-time without making unreasonable requests for personal information, and enabling individuals to free themselves from any financial transactions that could lead to criminal activity.