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Estonia’s Cybernetica and Japan’s Sumitomo Mitsui Trust Bank are developing a next-generation data management platform

Sumitomo Mitsui Trust Bank Limited (SMTB) in Japan is working with Estonian company Cybernetica to create an innovative information bank solution that will connect service providers from various sectors from financial and e-health services to local governments. It’s a groundbreaking approach to digital services that incorporates interoperability, while giving control over data usage directly to the individual owning the data.

Cybernetica has worked together with SMTB and NEC, who are the Japanese development partners, since 2018 and this is the third proof of concept to research the application and potential of the UXP data exchange platform for SMTB. In this latest part of the collaboration, Cybernetica has focused on the scalability of the platform as well as adding a new consent management layer.

Oliver Väärtnõu, the CEO of Cybernetica, said the company is pleased with the way the collaboration with SMTB has progressed. “We’re happy to have reached the third pilot in this series. In this step we showed the live potential of the UXP data exchange platform, and created a new groundbreaking and market-specific consent management system. Together this will form the basis for the full extent of the live service,” explained Väärtnõu.

SMTB is the largest trust bank in Asia-Pacific region and is well known as a principal provider of Japanese equity products for corporate and governmental pension funds. The platform is expected to go live in the near future with Cybernetica providing the technology as well as support and maintenance.

Cybernetica is an Estonian company building mission critical systems for a smart and secure world and one of the companies deeply involved in creating and developing Estonia’s e-state and e-society. One of the most recent breakthroughs for the company has been the creation of a new digital identity technology called the SplitKey. This is a totally unique technology in the world, which turns end-user mobile devices into secure authentication devices, equipping online service providers with a reliable and secure end user access management tool. The platform also enables end-users to digitally sign documents in accordance with European Union regulation.In Estonia and the other Baltic countries, the SplitKey technology backs the Smart-ID service and enables 3 million people to use it as a means of secure authentication with digital service providers.

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