According to Foresight News, HSBC Lab is developing a prototype of a Decentralized Identity (DID) solution for internal account opening, supported by Polygon ID. When customers open an HSBC account, the bank will perform Know Your Customer (KYC) procedures and create a verified credential, which can then be used for various transactions, including logging into HSBC accounts, making purchases, applying for loans, and carbon credit quotas.
HSBC ID can utilize identity information from various issuers, ranging from government agencies and credit bureaus to telecommunications companies and utility providers. Users can also provide their personal information, such as name, date of birth, address, and passport number, to establish trust, prove eligibility, or complete transactions.