Pakorn and Sarawuth went to pitch for a multi-factor authentication project at one of Thailand’s largest banks. A more prominent and well-known company won the pitch and that sparked curiosity for Pakorn and Sarawuth of the proposed solution. They wondered why the authentication process requires a hardware when almost everyone owns an extremely intelligent device as if it’s become human’s 33rd organ a smartphone.
With their problem-solving spirit
they didn’t leave this matter hanging. They started what turned into multiple years of research on authentication and digital identity technology. They read all the documents, studied every project, and joined as many communities about decentralized identity as they could.
they founded Finema and launched the first MVP of their self-sovereign identity architecture on Ethereum blockchain. They were one of the first in Thailand to work on decentralized identifiers and verifiable credentials. Back then, W3C was still exploring this technology and had just published its very first paper.
2018 was an exciting period for Finema
Aware of the potential and significance of this technology, Finema launched the self-sovereign identity technology on its own Blockchain. The product was built on Tendermint, offering decentralized certificate authority, SDK, digital signature, and a decentralized identity access mapper (DIAM). This technology had gotten Finema an MOU with Electronic Transactions Development Agency (ETDA) under the Ministry of Digital Economy and Society. Finema joined the most significant conferences in the industry since 2005, The Internet Idenity Workshop in San Francisco.
Continuing this incredible journey in 2019
Finema joined the Decentralized Identity Foundation with other three self-sovereign identity companies in Asia. They also kicked off a project with the second largest university in Thailand in terms of annual graduates, Khon Kaen University. The goal of this project is to implement self-sovereign identity technology across all the critical areas, including digital student cards, digital transcripts, digital signature, and online academic record. This project will be ready for launch by Q2 2020.
Footprint Abroad and Investment Incentives
Finema was incorporated in Singapore. In Thailand, the company joined the so-called “BOI Program”, in which the Board of Investment of Thailand (BOI) provides a start-up with tax incentives and other benefits to help spur the initial growth. As a result, Finema’s net profit derived from software development in the area of information and cyber security would be exempt from corporate income tax for a period of 8 years from 2020 onwards.
More Certification
Finema became certified in accordance with ISO/IEC 27001:2022. To further bolster the current and prospective clientele’s confidence in the company's capability, Finema commenced yet another round of company-wide process improvement in accordance with CMMI Level 3.
Finema became certified in Capability Maturity Model Integration level 3 (CMMI 3)
Our certification in CMMI Level 3 reflects a dedication to excellence in process management, continual improvement, and delivering high-quality solutions. This recognition contributes to building trust with clients and stakeholders, showcasing Finema's commitment to maintaining and improving its processes to meet or exceed industry standards.
Finema is enabling digital transformation for citizen services with a focus on privacy, trust, and interoperability to create impactful solutions that have the potential to positively shape the way public services are delivered and experienced across diverse industries.
We shall continue to create solutions that go beyond incremental improvements, aiming for transformative changes in the way citizen services are delivered.
