Trust Stamp (NASDAQ:IDAI, EURONEXT:AIID) Inc said it has signed a Memorandum of Understanding (MoU) with Rwanda’s African Institute for Mathematical Sciences (AIMS), outlining a mutual desire for institutional cooperation to focus on education and research aimed at further equity and inclusion for individuals of all races and ethnologies through advancements in biometrics and identity authentication.
Under the MoU, Trust Stamp (NASDAQ:IDAI, EURONEXT:AIID) and AIMS will identify and address systemic inequities resulting from race and ethnicity-based discrepancies in the performance of biometric systems, the company said.
The parties will partner in developing and implementing courses to extend graduate studies programs focused on big data analytics and biometrics, sharing academic research, and jointly exploring national and international funding opportunities to support cooperative agreements.
READ: Trust Stamp inks MOU with Malta Enterprise and Plug and Play Switzerland to form Malta Acceleration Program
Based in Kigali, AIMS is Africa's first and largest network of Centres of Excellence for innovative post-graduate training in mathematical sciences, with locations across five countries, Trust Stamp said.
The organization promotes increased collaboration between the public and private sector to prioritize STEM education in Africa as it leads the continent's socio-economic transformation through innovative scientific training, technological advancement, and public engagement, it noted.
"This institutional cooperation between Trust Stamp and AIMS marks an important milestone in our long-standing commitment to universal financial inclusion,” Raman Narayanswamy, chief innovation officer of Trust Stamp, said in a statement.
“Empirical evidence shows an ongoing need in the biometrics industry for research and investment into machine learning algorithms with a focus on demographically diverse populations,” he said. “Addressing this multifaceted issue is critical to the development of a robust digital infrastructure in Africa while posing wide-reaching implications for equity and inclusion around the world," he added.
Trust Stamp, a global provider of AI-powered identity services, established its Rwandan subsidiary in 2021, and currently employs 16 people out of its Kigali office. The company is actively hiring to double the team as it works to expand strategic partnerships and research initiatives.
Contact the author at jon.hopkins@proactiveinvestors.com