Johannesburg, 24 Nov 2023
Omnisient, the privacy-preserving data collaboration platform company protecting the privacy of over 150 million consumers, was selected as one of the three finalists for the IAPP’s 2023 Privacy Innovation Awards – EMEA/APAC region.
Based in Cape Town, South Africa, Omnisient was selected as the only finalist representing African innovation in privacy out of nearly 75 international entries.
Omnisient enables over 80 large organisations in Africa and the Middle East to analyse, extract insights and build predictive models from each other’s consumer data while protecting consumer privacy and complying with global privacy regulations. Consumer data is never exchanged and consumers’ personal information is never shared.
The ability to share consumer data while protecting consumer privacy enables businesses to draw insights on consumer behaviour that deliver positive results for business, individuals and greater society. Case in point is the collaboration between banks and retailers to predict repayment of a loan based on credit applicants’ shopping behaviour, which has enabled South African banks to qualify 3.2 million consumers for credit who would have previously been declined due to lack of a credit history.
“It’s incredible recognition to have been selected as one of the three Privacy Innovation award finalists by members of the world’s largest global community of privacy professionals,” said Jon Jacobson, CEO and co-founder of Omnisient. “It further validates our platform’s ability to protect consumer privacy and create customer trust through use of our platform for data collaborations.”
EU Cloud Code of Conduct – Privacy Innovation award winner EMEA/APAC
The winner for the EMEA/APAC region is EU Cloud Code of Conduct and SCOPE Europe, for the joint development of the Third Country Transfers Module, developed in response to challenges surrounding international data transfers to make sure that when personal data is sent from the EU to other countries, it is still protected according to the high standards of the GDPR.
For more information and to see the Privacy Innovation Award finalists, please visit: iapp.org/connect/annual-awards/iapp-privacy-innovation-awards/.
The International Association of Privacy Professionals is the largest and most comprehensive global information privacy community and resource. Founded in 2000, the IAPP is a not-for-profit organization that helps define, promote and improve the privacy profession globally.
More information about the IAPP is available at iapp.org.
The IAPP Privacy Innovation Awards
The IAPP Privacy Innovation Awards celebrates the best ideas in privacy innovation including products, processes and services to help build customer trust.
Finalists are selected based on the successful implementation of ideas to safeguard the privacy of consumer, citizen, supplier and/or employee data.
Omnisient is on a mission to help grow financial inclusion by enabling ethical, secure, and regulatory-compliant data collaboration and monetization between financial services and consumer businesses.
More than 1.7 billion people globally lack access to formal financial services that can financially protect them and unlock access to housing, education, healthcare, and even capital to start a business. This is because banks and insurers lack behavioural information on these individuals, and therefore cannot confidently offer them access to their services at low risk.
Our technology is changing this by enabling them to access new sources of consumer information in a secure and privacy-compliant way.
Omnisient’s privacy-preserving data collaboration platform enables financial services businesses to easily and securely collaborate with the other business their consumers engage with to better understand and predict consumer behaviour – while ensuring that consumer privacy and company IP are always protected.
Our US-patented Crypto-IDs replace personal information in datasets with a unique series of hashes that allow for anonymised matching of the same consumer profile across other datasets. Only then do companies upload the anonymised data with the Crypto-IDs into our secure, neutral third-party environment. This ensures no one ever takes possession of the data, and no data is ever shared or exchanged.
Established in South Africa in 2019, Omnisient is enabling more than 80 leading banks, insurers, retailers, and health and wellness organisations in Africa and the Middle East, to build Consumer Data Ecosystems that grow their businesses exponentially through new revenue streams and consumer understanding while driving positive change for individuals and society.
In June 2023, Omnisient was invited to join the World Economic Forum as a Tech Pioneer to contribute to the Forum’s work in growing financial inclusion.