Following acceptance by the FCA’s Digital Sandbox, My Life Kit and its innovative VioScore™ will start a process to build a case on how to use alternative datasets to create a more rounded index for people, organisations, and governments.
Currently financial data is the key driver of credit scores and identification and fraud prevention.
My Life Kit’s VioScore™ is rapidly building a new verified index build on more factors than just credit. This index can also be used to have a rounder view on health, inclusion, identification etc. After successfully building this index for a few countries and clients in the health and finance industry My Life Kit now is planning to build a verified index in the UK.
Working in the Digital Sandbox is a key element of this process. Utilising our access to nearly 300 synthetic, public and anonymised datasets and with the guidance provided through the platform, this should ultimately lead to a VioScore™ demonstration showcase in Q1 2024.
My Life Kit
With My Life Kit, governments & organisations can safely extract valuable insights from sensitive data and accomplish even the most difficult operational goals, this all with VioScore™ as a verified index to measure against. With the goal of assisting clients in using their data more safely and ethically, My Life Kit was established in 2021.
The Financial Conduct Authority regulates the conduct of nearly 50,000 firms to ensure that UK financial markets are honest, competitive, and fair.
The Digital Sandbox
First piloted in 2020, the Digital Sandbox has shown that collaboration and access to data can stimulate beneficial innovation in the market. The Sandbox hosts a marketplace of nearly 300 synthetic, public or anonymised data sets and over 1,000 APIs for innovators to develop their solutions and data providers to generate interest to their products.